The economy likely has many people eager for a tax refund this year.

As Action News reporter Gabe Osterhout tells us, New York wants to make sure you understand understand the costs of refund anticipation loans.

New York State wants to protect people in line for an income tax refund.

Tax preparers must now give you a copy of a new consumer bill of rights.

It's a list that tells a customer exactly what to expect when filing their tax returns.

Wendy Loomis says one of the most important sections deals with Refund Anticipation Loans.

"What these refund loans are and what they can't be anymore is advertised as a loan against your refund," Loomis said. "It is simply a loan and you're responsible to repay that loan even if you don't get enough in your refund to do it."

Loomis says many times people are in a hurry to get their refund.

They may sign up for a loan offered by their tax preparer without knowing the true cost.

She says the loans usually come with high interest rates and administrative fees that may add up to more than the refund itself.

The bill of rights now requires tax preparers to put all of that information in writing.

"We're trying to protect the consumer," Loomis said. " This is a very vulnerable time in people's life, especially now with the economy the way it is, people need every penny they get back in their refund."

Loomis says the best way to get your full refund fast is to electronically file your return.

Have your refund directly deposited into your bank account.

She says it may take slightly longer than getting a refund anticipation loan, but it will also save you hundreds of dollars in the long run.

The New York Consumer Bill of Rights for Tax Preparers went into affect on January 1st.

Loomis says it takes as little as 10 days to get a refund through e-filing with direct deposit.

It could as little as 14 days to get your check by mail.