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Department of Consumer Affairs
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News from DCA - Press Release

FOR IMMEDIATE RELEASE
Wednesday, April 6, 2011

MEDIA CONTACT:
Kay Sarlin / Abigail Lootens, (212) 487-4283


COMMISSIONER MINTZ URGES LENDERS TO ENSURE REFUND ANTICIPATION LOAN PROVIDERS ARE COMPLYING WITH THE LAW

“Last week, I joined Mayor Bloomberg to announce that during our 2011 Tax Time Sweep, the Department of Consumer Affairs issued violations to one in three tax preparers in New York City, principally for deceptively advertising Refund Anticipation Loans (RALs). After our enforcement sweep announcement, Republic Bank contacted us to request a list of all of the tax preparers who had received RAL violations to 'take corrective actions with the offending offices.' Particularly given how dangerous and costly these sometimes 500 percent interest rate loans can be, I await the results of Republic Bank’s and other lenders' who partner with RAL providers efforts to ensure that those tax preparers offering these loans comply with the law.”