ALBANY - New York State Commissioner of Taxation and Finance Robert Megna and New York State Consumer Protection Board Chairwoman and Executive Director Mindy Bockstein, Tuesday advised state taxpayers to consult The Consumer Bill of Rights Regarding Tax Preparers (Bill of Rights) when selecting a preparer for their personal income tax returns, and be especially cautious of preparers who offer instant tax refunds that are actually high-interest loans.

The Bill of Rights was added to the state's General Business Law this year. It is designed to increase consumer protection in the paid income tax preparer industry and imposes requirements on certain preparers.

The law cautions against what is known as a Refund Anticipation Loans (RAL). All tax preparers, including those exempted in the new law, are prohibited from advertising RALs as refunds, and must state conspicuously that a RAL is in fact a loan and that a fee or interest will be charged by the lending institution, which must be identified in the advertisement.