All small loan licensees engaged in the business of making refund anticipation loans shall not:

1. A. directly or indirectly represent a refund anticipation loan as a refund or tax credit;
2. B. require a borrower to enter into a loan agreement in order to complete a tax return;
3. C. engage in a transaction, practice, or course of business that operates a fraud upon a borrower in connection with a refund anticipation loan, including making oral statements contradicting any of the information required to be disclosed pursuant to 12.18.9.7 NMAC - Mandatory Disclosure of Loan Information;
4. D. take or arrange for a creditor to take possession of or a security interest in any property of the consumer other than the proceeds of the consumer's tax refund or tax credit to secure payment of a refund anticipation loan; and

5. E. withhold from a consumer, or from a dependent of a consumer, original personal identification documents.

   HISTORY of 12.18.9 NMAC: [RESERVED]

[12.18.9.9 NMAC - N, 09/15/2018]