reglab/housing_qa huggingface dataset:
AL Code § 5-13B-27 (2021)
2021 Code of Alabama|Title 5 - Banks and Financial Institutions.|Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching.|Article 2 - Interstate Bank Mergers and Branching.|Section 5-13B-27 - Enforcement.

Section 5-13B-27Enforcement. If the superintendent determines that a branch maintained by an out-of-state state bank in this state is being operated in violation of any provision of the laws of this state, or that such branch is being operated in an unsafe and unsound manner, the superintendent shall have the authority to take all such enforcement actions as he or she would be empowered to take if the branch were an Alabama state bank; provided that the superintendent shall promptly give notice to the home state regulator of each enforcement action taken against an out-of-state state bank and, to the extent practicable, shall consult and cooperate with the home state regulator in pursuing and resolving the enforcement action. (Acts 1995, No. 95-115, p. 134, §19.)
AL Code § 5-13B-28 (2021)
2021 Code of Alabama|Title 5 - Banks and Financial Institutions.|Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching.|Article 2 - Interstate Bank Mergers and Branching.|Section 5-13B-28 - Regulations.

Section 5-13B-28Regulations. The superintendent may promulgate such regulations as he or she determines to be necessary or appropriate in order to implement the provisions of this article. (Acts 1995, No. 95-115, p. 134, §20.)
AL Code § 5-13B-29 (2021)
2021 Code of Alabama|Title 5 - Banks and Financial Institutions.|Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching.|Article 2 - Interstate Bank Mergers and Branching.|Section 5-13B-29 - Notice of Subsequent Merger, Etc.

Section 5-13B-29Notice of subsequent merger, etc. Each out-of-state state bank that has established and maintains a branch in this state pursuant to this article, or the home state regulator of such bank, shall give at least 30 days' prior written notice to the superintendent, or, in the case of an emergency transaction, such shorter notice as is consistent with applicable state or federal law, of any merger, consolidation, or other transaction that would cause a change of control with respect to such out-of-state state bank or any bank holding company that controls such bank, with the result that an application would be required to be filed pursuant to the federal Change in Bank Control Act of 1978, as amended, 12 U.S.C. §1817(j), or the federal Bank Holding Company Act of 1956, as amended, 12 U.S.C. §§1841 et seq., or any successor statutes thereto. (Acts 1995, No. 95-115, p. 134, §21.)
AL Code § 5-17-1 (2021)
2021 Code of Alabama|Title 5 - Banks and Financial Institutions.|Chapter 17 - Credit Unions.|Article 1 - General Provisions.|Section 5-17-1 - "Credit Union" Defined.

Section 5-17-1"Credit union" defined. A credit union is a cooperative society, incorporated for the twofold purpose of promoting thrift among its members and creating a source of credit for them at legitimate rates of interest, particularly among groups of industrial workers and farmers, fraternal and religious organizations, and in those communities where the citizens of the state are distantly removed from convenient centers of business or easy access to financial agencies now provided for by laws of Alabama. (Acts 1927, No. 597, p. 696, §1; Code 1940, T. 28, §282; Acts 1975, No. 561, §1; Acts 1977, No. 210, p. 282, §3; Acts 1978, No. 469, p. 492, §5.)
AL Code § 5-17-3 (2021)
2021 Code of Alabama|Title 5 - Banks and Financial Institutions.|Chapter 17 - Credit Unions.|Article 1 - General Provisions.|Section 5-17-3 - Use of Words "Credit Union" in Name or Title.

Section 5-17-3Use of words "credit union" in name or title. It shall be a misdemeanor for any person, association, copartnership, or corporation, except corporations organized in accordance with the provisions of this chapter, credit unions incorporated under the laws of the United States, the trade associations of credit unions doing business in this state, and other organizations as approved by the administrator, to use the words "credit union" in their name, title, or in advertising. A credit union organized under the provisions of this chapter shall include in its corporate name or title the words "credit union." Any violation of this prohibition shall subject the party chargeable therewith to a penalty of five hundred dollars ($500) for each day, with a maximum amount of fifty thousand dollars ($50,000), during which the violation is committed or repeated. The penalty may be recovered by the administrator by an action instituted for that purpose, and, in addition to the penalty, the violation may be enjoined and the injunction enforced as in other cases. If the directors, officers, or those persons performing similar functions as corporate directors or officers of any entity shall knowingly and willfully violate or knowingly and willfully permit any of the officers, agents, employees, or those persons performing similar functions of the entity to violate any of the provisions of this section, each director, officer, or other person engaging in the violation shall be liable in his or her personal and individual capacity for all damages which the entity or any other person shall have sustained in consequence of the violation. Provided, however, that a credit union organized in another state may conduct business as a credit union in this state with the prior approval of the Administrator of the Alabama Credit Union Administration provided all of the following criteria are met: (1) It is organized under laws similar to Alabama credit union laws. (2) It is financially solvent. (3) Alabama credit unions are allowed to do business in the other state under conditions similar to these provisions. (4) It maintains member account insurance comparable to that required for Alabama credit unions. (5) It agrees to submit to the administrator an annual examination report from its supervising agency. (6) The interest rate on loans made in Alabama does not exceed that allowed by Alabama law. (7) It complies with the same consumer protection provisions that are applicable to Alabama credit unions. (8) It designates and maintains an agent for the service of process in Alabama. (Acts 1927, No. 597, p. 696; Code 1940, T. 28, §284; Acts 1975, No. 561, p. 1267, §3; Acts 1983, No. 83-772, p. 1407, §1; Acts 1985, No. 85-457, p. 425, §6; Act 2014-317, p. 1122, §1.)
AL Code § 5-17-5 (2021)
2021 Code of Alabama|Title 5 - Banks and Financial Institutions.|Chapter 17 - Credit Unions.|Article 1 - General Provisions.|Section 5-17-5 - Membership.

Section 5-17-5Membership. Credit union membership shall consist of the incorporators and such other persons as may be elected to membership and who subscribe to at least one share and pay the initial installment thereon and the entrance fee. Organizations, incorporated or otherwise, composed for the most part of the same general group as the credit union membership may be members. Credit union organization shall be limited to groups, of both large and small membership, having a common bond of occupation or association or to groups within a well- defined neighborhood, community or rural district. (Acts 1927, No. 597, p. 696; Code 1940, T. 28, § 286.)
AL Code § 5-17-6 (2021)
2021 Code of Alabama|Title 5 - Banks and Financial Institutions.|Chapter 17 - Credit Unions.|Article 1 - General Provisions.|Section 5-17-6 - Withdrawal of Members; Expulsion for Cause; Termination of Membership; Readmission.

Section 5-17-6Withdrawal of members; expulsion for cause; termination of membership; readmission. (a) Any member may withdraw from the credit union at any time, but notice of withdrawal may be required. All amounts paid on shares or as deposits of an expelled or withdrawing member, with any dividends or interest accredited thereto to the date thereof shall, as funds become available and after deducting all amounts due from the member to the credit union, be paid to the individual. The credit union may require 60 days' notice of intention to withdraw shares and 30 days' notice of intention to withdraw deposits. A credit union may reserve in its bylaws the right to pay out not more than one half of its monthly receipts to withdrawing members and depositors. (b) The board of directors may expel a member for cause by a majority vote of a quorum of directors, pursuant to a written policy adopted by the board. For the purposes of this section, cause includes a loss to the credit union, a violation of the membership agreement or any policy or procedure adopted by the board, or inappropriate behavior such as physical, sexual, or verbal abuse of credit union members or staff. All members shall be provided written notice of such policies. Any person expelled by the board shall have the right to file a written appeal to the board to reconsider the expulsion. (c) A credit union may terminate the membership of any member who withdraws his or her shares to less than one par share. (d) Persons whose membership has been terminated, whether by withdrawal or expulsion, shall have no further rights in the credit union, but are not released from any obligation owed to the credit union. (e) A member who has been expelled may not be readmitted to membership except upon approval by a majority vote of the board after application and proof that the applicant remains within the credit union's field of membership, has adequately explained, addressed, or remedied the conditions leading to expulsion, and will abide by the terms and conditions of membership. Not more than one such application for readmission may be made within any 12-month calendar period. (Acts 1927, No. 597, p. 696; Code 1940, T. 28, §299; Act 2014-317, p. 1122, §1; Act 2016-133, §1.)
AL Code § 5-17-9 (2021)
2021 Code of Alabama|Title 5 - Banks and Financial Institutions.|Chapter 17 - Credit Unions.|Article 1 - General Provisions.|Section 5-17-9 - Fiscal Year; Meetings of Members; Amendment of Bylaws.

Section 5-17-9Fiscal year; meetings of members; amendment of bylaws. The fiscal year of all credit unions shall end December 31. Special meetings may be held in the manner indicated in the bylaws. At all meetings a member shall have but a single vote whatever his share holdings. The bylaws may be amended as provided in the bylaws. Amendments to the bylaws shall be submitted to the administrator who shall approve or disapprove the amendments within 60 days provided that the administrator shall not disapprove an amendment which corresponds with the form of bylaws which the administrator furnishes for the guidance of the incorporators of a credit union. There shall be no voting by proxy, a member other than a natural person casting a single vote through a delegated agent. (Acts 1927, No. 597, p. 696; Code 1940, T. 28, §288; Acts 1985, No. 85-457, p. 425, §10.)
AL Code § 5-17-10 (2021)
2021 Code of Alabama|Title 5 - Banks and Financial Institutions.|Chapter 17 - Credit Unions.|Article 1 - General Provisions.|Section 5-17-10 - Election of Board of Directors, Credit Committee, and Supervisory Committee.

Section 5-17-10Election of board of directors, credit committee, and supervisory committee. At the annual meeting (the organization meeting shall be the first annual meeting), members of the credit union shall elect a board of directors of not less than five members, may elect a credit committee of not less than three members, and shall elect a supervisory committee of not less than three members, all to hold office for such terms respectively as the bylaws provide and until successors qualify. A record of the names and addresses of the members of the board and committees and the officers shall be filed with the Administrator of the Alabama Credit Union Administration not later than 10 calendar days after their election. If, however, the bylaws so provide, the board of directors shall carry out the functions and duties of the credit committee or may appoint a credit committee, in which case the credit union shall not elect a credit committee. (Acts 1927, No. 597, p. 696; Code 1940, T. 28, §289; Acts 1983, No. 83-772, p. 1407, §1; Acts 1985, No. 85-457, p. 425, §11; Act 2016-133, p. 315, §1; Act 2019-130, §1.)
AL Code § 5-17-12 (2021)
2021 Code of Alabama|Title 5 - Banks and Financial Institutions.|Chapter 17 - Credit Unions.|Article 1 - General Provisions.|Section 5-17-12 - Powers and Duties of Credit Committee.

Section 5-17-12Powers and duties of credit committee. The credit committee shall have the general supervision of all loans to members. Applications for loans shall be on a form prepared by the credit committee and all applications shall set forth the purpose for which the loan is desired, the security, if any offered, and such other data as may be required. At least a majority of the members of the credit committee shall pass on all loans, and approval must be unanimous; except, that the credit committee may appoint one or more loan officers and delegate to the officer or officers the power to approve loans in accordance with loan policies approved by the board of directors of the credit union. (Acts 1927, No. 597, p. 696; Code 1940, T. 28, §291; Acts 1971, No. 2294, p. 3698; Acts 1977, No. 210, p. 282, §2; Acts 1983, No. 83-772, p. 1407, §1; Act 2016-133, §1.)
AL Code § 5-17-13 (2021)
2021 Code of Alabama|Title 5 - Banks and Financial Institutions.|Chapter 17 - Credit Unions.|Article 1 - General Provisions.|Section 5-17-13 - Powers and Duties of Supervisory Committee.

Section 5-17-13Powers and duties of supervisory committee. (a) The supervisory committee shall make or cause to be made a comprehensive annual audit of the books and affairs of the credit union and shall submit a report of that audit to the board of directors and summary of that report to the members at the next annual meeting of the credit union. It shall make or cause to be made such supplementary audits or examinations as it deems necessary or as are required by the Administrator of the Alabama Credit Union Administration or by the board of directors and submit reports of these supplementary audits to the board of directors. (b) The supervisory committee shall cause the accounts of the members to be verified with the records of the credit union from time to time and not less frequently than every two years. (c) The administrator may define the scope of any audit and may set out what procedures must be followed for an audit to qualify as the required annual audit. He or she may prescribe procedures to be followed in the verification of records required not less frequently than every two years. (d) Whenever the supervisory committee shall fail to make a comprehensive annual audit or shall fail to verify the accounts of members not less frequently than every two years, the administrator by written order may direct the supervisory committee to perform these duties within a reasonable period of time. Upon failure of the committee to perform these duties as directed by the administrator, the administrator may employ, engage, or contract with a firm with requisite expertise to perform them, and the cost of such audit shall be borne by the credit union. (e) The supervisory committee, by a unanimous vote, may suspend any officer, director or member of any committee and call the members together to act on such suspension within 30 days after such suspension. The members at the meeting shall consider such suspension and vote to either remove such officer, director, or member of the committee permanently or to reinstate the officer, director, or member of the committee. By majority vote the supervisory committee may call a special meeting of the members to consider any matter submitted to it by such committee. The committee shall fill vacancies in its own membership until the next annual meeting. (Acts 1927, No. 597, p. 696; Code 1940, T. 28, §292; Acts 1975, No. 561, p. 1267, §7; Acts 1985, No. 85-457, p. 425, §12; Act 2016-133, §1.)
AL Code § 5-17-14 (2021)
2021 Code of Alabama|Title 5 - Banks and Financial Institutions.|Chapter 17 - Credit Unions.|Article 1 - General Provisions.|Section 5-17-14 - Capital; Lien on Shares and Deposits of Members; Entrance Fee.

Section 5-17-14Capital; lien on shares and deposits of members; entrance fee. The capital of a credit union shall consist of the payments that have been made to it by the several members thereof on shares. The credit union shall have a lien on the shares and deposits of a member for any sum due to the credit union from said member or for any loan endorsed by him. A credit union may charge an entrance fee as may be fixed by the bylaws; provided, that such entrance fee shall not exceed $1.00. (Acts 1927, No. 597, p. 696; Code 1940, T. 28, §293; Acts 1971, No. 2300, p. 3711.)
AL Code § 5-17-16 (2021)
2021 Code of Alabama|Title 5 - Banks and Financial Institutions.|Chapter 17 - Credit Unions.|Article 1 - General Provisions.|Section 5-17-16 - Disposition of Shares or Deposit Account of Deceased Person.

Section 5-17-16Disposition of shares or deposit account of deceased person. Whenever a person shall die leaving a share or deposit account in a credit union not exceeding ten thousand dollars ($10,000), the credit union having the share or deposit account may discharge itself from liability thereafter by paying the funds in the share or deposit account to the widow or surviving husband of the deceased or, if there is no widow or surviving husband, to the persons having the actual custody or control of the minor child or children of the deceased; provided, that such person, if not the legal guardian, shall execute to the probate judge of the county a bond in the penal sum of double the amount of such deposit for the faithful accounting of the money so received, which shall be approved by the probate judge, or, if there is no minor child or children, to the person or persons who under the laws of Alabama are the heirs and inherit the personal property of the deceased. No such payment is to be made before the lapse of 60 days from the date of the death of the deceased, and no such payment must be made by the credit union under this section if letters testamentary or of administration have been issued to a personal representative or a proceeding is pending to probate a will of the deceased, or if a petition of letters of administration on the estate of the deceased is pending in the court in this state which would have jurisdiction of the administration of the estate. The amount or amounts of the share or deposit account, together with the other personal property of the deceased, shall not exceed the amount of exemption allowed by law, and the credit union shall be fully protected and discharged from further liability by paying such funds to the person or persons set forth above if the credit union obtains an affidavit of some reputable citizen as to such facts. (Acts 1967, No. 222, p. 591; Acts 1983, No. 83-772, p. 1407, §1; Act 2014-317, p. 1122, §1.)
AL Code § 5-17-17 (2021)
2021 Code of Alabama|Title 5 - Banks and Financial Institutions.|Chapter 17 - Credit Unions.|Article 1 - General Provisions.|Section 5-17-17 - Loans to Members, Directors, Officers, Etc.

Section 5-17-17Loans to members, directors, officers, etc. Loans are made subject to the conditions contained in the bylaws. A borrower may repay his loan in whole or in part any day the office of the credit union is open for business. Provided that loans to directors, officers or members of a committee are not prohibited in the bylaws, it shall be the duty of the board of directors to establish a written policy concerning loans to a director, officer or member of a committee. If it is the policy of the credit union to make directors, officers and members of a committee eligible for loans, such loans will be made under the same terms, conditions and rules as similar loans to other members. In no case may the credit committee make a loan to a director, officer or member of a committee under the terms more favorable than the terms of similar loans to other members. The credit committee shall at least monthly submit to the board of directors a listing of all loans made to directors, officers and credit committee members. Unless it is the policy of the credit union to make loans to directors, officers and members of a committee: (1) No such person may borrow or guarantee any loan from that credit union in an amount in excess of his shares and deposits in that credit union; and (2) No loan or endorsement made more than 90 days prior to his election shall prohibit any person from being elected as a director, officer or member of a committee, but a new or additional loan or guaranty in excess of such person's shares and deposits shall not be made after such person's election and during his term of office; and (3) Any person who has, less than 90 days prior to election, borrowed or guaranteed loans from the credit union in excess of his shares and deposits shall, within 15 days after his election, fully pay or secure such loans with shares and deposits, including any shares and deposits held by such person. (Acts 1927, No. 597, p. 696; Code 1940, T. 28, §295; Acts 1971, No. 2300, p. 3711; Acts 1975, No. 561, p. 1267, §8; Acts 1978, No. 469, p. 492, §9.)
AL Code § 5-17-18 (2021)
2021 Code of Alabama|Title 5 - Banks and Financial Institutions.|Chapter 17 - Credit Unions.|Article 1 - General Provisions.|Section 5-17-18 - Interest Rates and Finance Charges on Loans; Late Charge.

Section 5-17-18Interest rates and finance charges on loans; late charge. State chartered credit unions may charge such rates of interest and other finance charges as are authorized for other financial institutions pursuant to the Alabama Consumer Credit Act or other applicable law and may charge a late charge in an amount authorized by the Alabama Consumer Credit Act, provided that such late charge may only be assessed on simple interest loans and simple interest open-end credit plans. As used herein, "simple interest" means charging an interest rate on the unpaid balances of the amount outstanding from time to time for the actual time such balance is outstanding. (Acts 1927, No. 597, p. 696; Code 1940, T. 28, §296; Acts 1989, No. 89-632, p. 1241, §2.)