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Alternative Rapid Anticipation Loan Law

The Alternative Rapid Anticipation Loan law was recently passed in New Jersey. The law cracks down on companies that charge too much for tax preparation and high-interest Refund Anticipation Loans (RALs). Tax preparers can no longer insist that a taxpayer enter into a RAL. If taxpayers do want to enter into a RAL, they must be told about the preparation, filing, and loan fees. This new law also permits free tax preparation centers, known as VITA sites, to offer Alternative Refund Anticipation Loans (A-RALs) to low-income New Jersey taxpayers without high fees or interest charges.

This article is from the March 2008 issue of Looking Out for Your Legal Rights®.

This information last reviewed 11/2/11.


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