SUBJECT:

PURPOSE:

Refund anticipation loans (RALs) are short-term, high-cost loans secured by and repaid from the proceeds of a customer’s tax refund from the Internal Revenue Service. RAL customers are enticed by the opportunity to receive their tax refunds "instantly," and in the process they often overlook the extent to which RAL fees and finance charges erode the full refunds they are due. This hearing will examine the impact that RALs have on the public, and also will address the protections offered in Assembly bills A.1971 (Nolan), A.1366 (Nolan), and A.6880 (Nolan).

Persons wishing to present pertinent testimony to the Committee at the above hearing should complete and return the enclosed reply form as soon as possible. It is important that the reply form be fully completed and returned so that persons may be notified in the event of emergency postponement or cancellation.

Oral testimony will be limited to 10 minute durations. In preparing the order of witnesses, the Committee will attempt to accommodate individual requests to speak at particular times in view of special circumstances. These requests should be made on the attached reply form or communicated to Committee staff as early as possible. In the absence of a request, witnesses will be scheduled in the order in which reply forms are postmarked.

Ten copies of any prepared testimony should be submitted at the hearing registration desk. The Committee would appreciate advance receipt of prepared statements.

In order to further publicize these hearings, please inform interested parties and organizations of the Committee’s interest in hearing testimony from all sources.

In order to meet the needs of those who many have a disability, the Assembly, in accordance with its policy of non-discrimination on the basis of disability, as well as the 1990 Americans with Disabilities Act (ADA), has made its facilities and services available to all individuals with disabilities. For individuals with disabilities, accommodations will be provided, upon reasonable request, to afford such individuals access and admission to Assembly facilities and activities.

PUBLIC HEARING REPLY FORM

Persons wishing to present testimony at the public hearing on Refund Anticipation Loans are requested to complete this reply form as soon as possible and mail it to:

Renée Skorupski
Committee Assistant
Assembly Committee on Banks
Room 520 - Capitol
Albany, New York 12248
Email: skorupr@assembly.state.ny.us
Phone: (518) 455-4928
Fax: (518) 455-5182

I will address my remarks to the following subjects:

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