(a) At the time a consumer applies through a facilitator for a refund anticipation loan, the facilitator orally shall inform the consumer:
(1) That the product is a loan that lasts 1 to 2 weeks;
(2) That if the consumer’s tax refund is less than expected, the consumer is liable for the full amount of the refund anticipation loan and must repay any difference;
(3) The amount of the refund anticipation loan fee; and
(4) The annual percentage rate payable on the refund anticipation loan.
(b) At the time a consumer applies through a facilitator for a refund anticipation check, the facilitator orally shall inform the consumer:
(1) Of the amount of the refund anticipation check; and
(2) That the consumer may receive a tax refund in the same amount of time without paying a fee if the consumer’s tax return is filed electronically and the consumer direct deposits the tax refund into the consumer’s own bank account.
(c) The disclosures required by this section shall be provided in the language primarily used for oral communication between the facilitator and the consumer.