,,ii  #aad? ,,congress  #a/ ,session    
,s4 #ice  ,,9 ,,! ,,s5ate ,,( ,,!       
,,unit$ ,,/ates  ,april #ad1 #bjae,mr4  
,book] introduc$ ! foll[+ bill2 :i* 0   
read twice & ref]r$ to ! ,committee on  
,f9ance  ,a ,,bill  ,to am5d ! ,int]nal 
,rev5ue ,code ( #aihf & ! ,consum]      
,f9ancial ,protection ,act ( #bjaj to   
regulate tax return prep>]s & refund    
anticipation paym5t arrangem5ts1 & = o!r
 purposes4  #a4 ,%ort title ,?is ,act   
may be cit$ z ! ,tax ,refund ,protection
 ,act ( #bjae4  #b4 ,regulation ( tax   
return prep>]s  7a7 ,9 g5]al ,sub*apt]  
,a ( *apt] #hj ( ! ,int]nal ,rev5ue     
,code ( #aihf is am5d$ by add+ at ! end 
! foll[+ new section3  #ghab4           
,regulation ( tax return prep>]s  7a7 ,9
 g5]al ,! ,secret>y %all-- 7#a7 e/abli% 
a program to lic5se or c]tify tax return
 prep>]s subject to ?is section1  7#b7  
regulate su* tax return prep>]s1 &  7#c7
 be=e lic5s+ or c]tify+ a p]son z a tax 
return prep>] subject to ?is section1   
require t ! p]son demon/rate--  7,a7    

good "*1  7,b7 good reputation1  7,c7   
necess>y qualifications to enable !     
p]son to provide to taxpay]s valuable   
s]vice z a tax return prep>]1 &  7,d7   
compet5cy to p]=m ! functions ( a tax   
return prep>]4  7b7 ,au?ority ,to impose
 a fee ,! ,secret>y %all require tax    
return prep>]s subject to ?is section to
 pay a reasonable fee = lic5s+ or       
c]tification "u ?is section4  7c7       
,disclosure requirem5ts ,! ,secret>y    
%all1 by rule1 require tax return       
prep>]s subject to ?is section to       
provide a disclosure /atem5t to taxpay]s
 t %all conta9 /atem5ts--  7#a7 id5tify+
 ! am\nt ( fees su* tax return prep>]   
*>ges = prep>+ a ,f$]al income tax      
return1 fil+ a ,f$]al income tax return1
 or execut+ a refund anticipation paym5t
 arrangem5t1 &  7#b7 id5tify+ ! av]age  
am\nt ( "t 9 :i* a taxpay] :o files a   
,f$]al income tax return electronically 
c expect to receive a refund by mail1   
accord+ to in=mation provid$ by !       
,int]nal ,rev5ue ,s]vice4  7d7          

,discipl9>y proc$ures ,aft] notice &    
opportunity = a he>+1 ! ,secret>y may   
take any en=cem5t action aga9/ a tax    
return prep>] subject to ?is section    
:o--  7#a7 is incompet5t1  7#b7 is      
disreputable1  7#c7 violates regulations
 prescrib$ "u ?is section1 or  7#d7 )   
int5t to defraud1 willfully & kn[+ly    
misleads or ?reat5s a taxpay]4  7e7 ,tax
 return prep>] subject to section ,a tax
 return prep>] is subject to ?is section
 if su* prep>] is n subject to section  
#ccj ( title #ca1 ,unit$ ,/ates ,code4  
7f7 ,def9itions ,= purposes ( ?is       
section-- 7#a7 ,tax return prep>] ,see  
section #ggja7;a77#cf7 = ! def9ition ( a
 tax return prep>]4  7#b7 ,refund       
anticipation paym5t arrangem5t ,! t]m   
refund anticipation paym5t arrangem5t   
has ! mean+ giv5 su* t]m by section     
#ajbi;,b7d77#b7 ( ! ,consum] ,f9ancial  
,protection ,act ( #bjaj4  4  7b7       
,cl]ical am5dm5t ,! table ( sections =  
sub*apt] ,a ( *apt] #hj ( ! ,int]nal    
,rev5ue ,code ( #aihf is am5d$ by ins]t+

 aft] ! item relat$ to section #ghaa !  
foll[+ new item3  ,sec4 #ghab4          
,regulation ( tax return prep>]s4  4    
7c7 ,effective date ,! am5dm5ts made by 
?is section %all apply ) respect to     
returns fil$ aft] ,decemb] #ca1 #bjae4  
#c4 ,regulation ( refund anticipation   
paym5t in/rum5ts  7a7 ,9 g5]al ,subtitle
 ,b ( ! ,consum] ,f9ancial ,protection  
,act ( #bjaj 7#ab ,u4,s4,c4 #eeaa et    
seq47 is am5d$ by add+ at ! end !       
foll[+3  #ajbi;,b4 ,regulation ( refund 
anticipation paym5t arrangem5ts  7a7 ,9 
g5]al ,! ,bureau %all regulate refund   
anticipation paym5t arrangem5ts4  7b7   
,disclosure requirem5ts ,! ,bureau %all1
 by rule1 require tax return prep>]s to 
provide a disclosure /atem5t to a       
consum] t %all conta9 /atem5ts--  7#a7  
id5tify+ ! am\nt ( fees = execut+ a     
refund anticipation paym5t arrangem5t2  
7#b7 describ+1 9 ! case ( a refund      
anticipation paym5t arrangem5t involv+ a
 depository acc\nt n controll$ by !     
consum]1 ! diff]5ce 9 days betwe5 !     

av]age am\nt ( "t by :i* a consum]      
receives ! tax refund 79 :ole or 9 "p7 f
 a refund anticipation paym5t arrangem5t
 & ! av]age am\nt ( "t by :i* a consum] 
:o files a ,f$]al income tax return     
electronically receives ! tax refund    
deposit$ directly to t consum]'s deposit
 acc\nt by ! tax+ au?ority2  7#c7 t a   
refund anticipation paym5t arrangem5t is
 n necess>y to receive a tax refund2 &  
7#d7 t1 if a consum] does n receive a   
tax refund or ! am\nt ( ! tax refund is 
less ?an ! am\nt anticipat$ "u ! refund 
anticipation paym5t arrangem5t1 !       
consum] may be responsible = pay+ any   
fees & int]e/ associat$ ) a refund      
anticipation paym5t arrangem5t4  7c7    
,requirem5ts "u ,,tila ,! ,bureau %all  
promulgate regulations t1 to ! ext5t    
practicable1 require tax return prep>]s 
t ent] into a refund anticipation paym5t
 arrangem5t to comply ) section #abh ( !
 ,tru? 9 ,l5d+ ,act 7#ae ,u4,s4,c4      
#afch7 to ! same ext5t z a cr$itor mak+ 
a consum] cr$it transaction o!r ?an "u  

an op5 end cr$it plan4  7d7 ,def9itions 
,9 ?is section3 7#a7 ,refund            
anticipation paym5t arrangem5t ,! t]m   
refund anticipation paym5t arrangem5t   
means an arrangem5t "u :i*1 9 ex*ange = 
,f$]al income tax prep>ation s]vices1 a 
consum] agrees to pay a fee or int]e/ ^u
 receipt ( ! consum]'s tax refund to a  
tax return prep>]1 l5d]1 or o!r         
affiliat$ l5d] by--  7,a7 reque/+ !     
,f$]al ,gov]nm5t to deposit su* tax     
refund1 9 :ole or 9 "p1 directly into a 
depository acc\nt designat$ by ei!r !   
consum] or ! tax return prep>]1 l5d]1 or
 o!r affiliat$ l5d]2 or  7,b7 directly  
pay+ ! fee or int]e/ to ! tax return    
prep>]1 l5d]1 or o!r affiliat$ l5d]4    
7#b7 ,tax return prep>] ,! t]m tax      
return prep>] means a tax return prep>] 
7z def9$ 9 section #ggja7;a7 ( !        
,int]nal ,rev5ue ,code ( #aihf7 :o is n 
subject to regulation "u section #ccj ( 
title #ca1 ,unit$ ,/ates ,code4  4  7b7 
,te*nical & con=m+ am5dm5t ,! table (   
cont5ts ( ! ,dodd-,frank ,wall ,/reet   

,re=m & ,consum] ,protection ,act 7#ab  
,u4,s4,c4 #ecja et seq47 is am5d$ by    
ins]t+ aft] ! item relat+ to section    
#ajbi;,a ! foll[+3  ,sec4 #ajbi;,b4     
,regulation ( refund anticipation paym5t
 arrangem5ts4  4  7c7 ,exclusion = c]ta9
 tax prep>]s  7#a7 ,9 g5]al ,section    
#ajbg7;d7 ( ! ,consum] ,f9ancial        
,protection ,act ( #bjaj 7#ab ,u4,s4,c4 
#eeag7;d77 is am5d$ by /rik+ p>agraph   
7#a7 & ins]t+ ! foll[+3  7#a7 ,9 g5]al  
,except z p]mitt$ 9 p>agraph 7#b71 !    
,bureau may n ex]cise any rulemak+1     
sup]visory1 en=cem5t1 or o!r au?ority   
ov] any p]son t is a c]tifi$ public     
acc\ntant1 p]mitt$ to practice z a      
c]tifi$ public acc\nt+ firm1 or c]tifi$ 
or lic5s$ = su* purpose by a ,/ate1 or  
any individual :o is employ$ by or holds
 an own]%ip int]e/ ) respect to a p]son 
describ$ 9 ?is subp>agraph1 :5 su* p]son
 is p]=m+ or (f]+ to p]=m--  7,a7       
cu/om>y & usual acc\nt+ activities1     
includ+ ! provision ( acc\nt+1 tax      
7except z relat$ to tax return prep>]s  

pursuant to section #ajbi;,b71 advisory1
 or o!r s]vices t are subject to !      
regulatory au?ority ( a ,/ate bo>d (    
acc\ntancy or a ,f$]al au?ority2 or     
7,b7 o!r s]vices t are incid5tal to su* 
cu/om>y & usual acc\nt+ activities1 to !
 ext5t t su* incid5tal s]vices are n    
(f]$ or provid$--  7i7 by ! p]son       
sep>ate & ap>t f su* cu/om>y & usual    
acc\nt+ activities2 or  7ii7 to consum]s
 :o are n receiv+ su* cu/om>y & usual   
acc\nt+ activities4  4  7#b7 ,con=m+    
am5dm5ts ,section #ajbg7;d7 ( ! ,consum]
 ,f9ancial ,protection ,act ( #bjaj 7#ab
 ,u4,s4,c4 #eeag7;d77 is am5d$-- 7,a7 9 
! subsection head+1 by /rik+ & tax      
prep>]s2 &  7,b7 9 p>agraph 7#b7-- 7i7 9
 subp>agraph 7,a7--  7,i7 by /rik+      
p>agraph 7#a77;,a7 or 7#a77;,b7 & ins]t+
 t p>agraph2 &  7,,ii7 by /rik+ p>agraph
 7#a77;,a7 ea* place x appe>s & ins]t+  
p>agraph 7#a72  7ii7 9 subp>agraph      
7,c7-- 7,i7 by /rik+ ,= purposes (      
subp>agraphs 7,a7 & 7,b71 a p]son       
describ$ 9 p>agraph 7#a77;,a7 & ins]t+  

,a p]son describ$ 9 p>agraph 7#a72 &    
7,,ii7 by /rik+ clause 7i7 or 7ii7 (    
p>agraph 7#a77;,a7 & ins]t+ subp>agraph 
7,a7 or 7,b7 ( p>agraph 7#a72 &  7iii7 9
 subp>agraph 7,d71 by /rik+ p>agraph    
7#a77;,a7 or 7#a77;,b7 & ins]t+ t       
p>agraph4  #d4 ,split refunds may       
include tax return prep>]  7a7 ,9 g5]al 
,section #fdjb ( ! ,int]nal ,rev5ue     
,code ( #aihf is am5d$ by add+ at ! end 
! foll[+3  7m7 ,split refunds ,an income
 tax refund reque/$ on a return ( ,f$]al
 income tax prep>$ by an income tax     
prep>] may be split betwe5 ! prep>] & ! 
taxpay] 9 accordance ) ! split reque/$  
by ! taxpay] on ! return1 except t !    
am\nt designat$ = ! prep>] may n exce$ !
 am\nt prescrib$ by ! ,secret>y by      
regulation or o!r guidance4 ,a split (  
an individual income tax return "u ?is  
subsection %all n be treat$ z           
disreputable conduct m]ely because !    
taxpay] reque/$ su* split4  4  7b7      
,effective date ,! am5dm5t made by      
subsection 7a7 %all apply ) respect to  

returns = taxable ye>s end+ aft] ! date 
( ! enactm5t ( ?is ,act4  #e4           
,regulations ,regulations issu$ "u      
section #ghab ( ! ,int]nal ,rev5ue ,code
 ( #aihf1 z add$ by section #b1 &       
regulations issu$ "u section #ajbi;,b ( 
! ,consum] ,f9ancial ,protection ,act ( 
#bjaj1 z add$ by section #c1 %\ld be    
coord9at$ to ! ext5t practicable4