Virginia State Corporation Commission Proposes Regulations on Consumer Finance Companies Conducting Tax Filing Services

The Virginia State Corporation Commission Oct. 12 proposed regulations on certain conditions applicable to consumer finance companies conducting tax filing services for individual income, corporate income, sales and use, excise, property, and trust income tax purposes. The proposal includes measures to: 1) provide for additional conditions applicable to conducting the business of tax preparation, electronic tax filing services, or facilitating third party tax preparation or electronic tax filing services, from a licensee’s consumer finance offices; and 2) provide for additional conditions applicable to conducting the business of facilitating or arranging tax refund anticipation loans or tax refund payments from a ...