reglab/housing_qa huggingface dataset:
AL Code § 5-25-8 (2021)
2021 Code of Alabama|Title 5 - Banks and Financial Institutions.|Chapter 25 - Mortgage Brokers Licensing Act.|Section 5-25-8 - License Requirements.

Section 5-25-8License requirements. (a) Each license issued under this chapter shall state the address of the licensee's principal place of business and the name of the licensee. (b) A licensee shall post the license in a conspicuous place in each place of business of the licensee. (c) A license may not be transferred or assigned. (d) No licensee shall transact business under any name other than that designated in the license. (e) Each licensee shall notify the department in writing of any change in the address of its principal place of business or of any change in the address of any licensed location 15 days prior to such change, and any change of officers, directors, or principal of the licensee, not later than 30 business days after the change is effective. (f) Within 15 days of the occurrence of any one of the following events, a licensee shall file a written report with the supervisor describing the event and its expected impact on the activities of the licensee in this state: (1) The filing for bankruptcy or reorganization by the licensee. (2) The institution of revocation or suspension proceedings against the licensee by any state or governmental authority. (3) Any felony indictment of the licensee or any of its directors, executive officers, or principals. (4) Any felony conviction of the licensee or any of its directors, executive officers, or principals. (Act 2001-692, p. 1439, §8; Act 2009-624, p. 1891, §1.)
AL Code § 5-25-10 (2021)
2021 Code of Alabama|Title 5 - Banks and Financial Institutions.|Chapter 25 - Mortgage Brokers Licensing Act.|Section 5-25-10 - Annual Report.

Section 5-25-10Annual report. (a) Each licensee shall annually, on or before May 1, file a written report with the department containing that information the department may require concerning the licensee's business and operations during the preceding calendar year, including financial statements. (b) Reports shall be made under oath and shall be in the form prescribed by the department. Any licensee who fails to prepare and file with the department by May 1 the report required by this section shall pay the department a late penalty of one hundred dollars ($100) for each day after May 1. The department may, in its discretion, relieve any licensee from the payment of any penalty, in whole or in part, if good cause is shown. If a licensee fails to pay a penalty from which it has not been relieved, the department may, through the Attorney General, maintain an action at law to recover the penalty. (Act 2001-692, p. 1439, §10.)
AL Code § 5-25-11 (2021)
2021 Code of Alabama|Title 5 - Banks and Financial Institutions.|Chapter 25 - Mortgage Brokers Licensing Act.|Section 5-25-11 - Principal Place of Business; Branch Office.

Section 5-25-11Principal place of business; branch office.  A licensee may transact business from both a principal place of business and one or more branch offices provided each is licensed under this chapter. A principal place of business or branch office shall consist of at least one enclosed room or building of stationary construction in which negotiations of mortgage loan transactions may be conducted and carried on in privacy and in which all of the books, records, and files pertaining to mortgage loan transactions are maintained. Each principal place of business and branch office shall also be in compliance with local zoning ordinances and have posted any occupational licenses required by local government agencies. It is the responsibility of the licensee to meet local zoning ordinances and obtain the required occupational licenses; however, zoning for the principal place of business or the branch office shall not be residential. (Act 2001-692, p. 1439, §11; Act 2009-624, p. 1891, §1.)
AL Code § 5-25-12 (2021)
2021 Code of Alabama|Title 5 - Banks and Financial Institutions.|Chapter 25 - Mortgage Brokers Licensing Act.|Section 5-25-12 - Disclosure by Licensee; Prohibited Activities.

Section 5-25-12Disclosure by licensee; prohibited activities.  (a) Licensees shall: (1) Prior to the collection of a mortgage broker fee from a borrower, disclose to the borrower in writing the nature of the mortgage broker's relationship to the borrower and the method by which the mortgage broker will be compensated for services. (2) Comply with applicable federal and state laws, rules, and regulations. (b) Licensees shall not: (1) Intentionally misrepresent or conceal a material fact, term, or condition of the transaction to which he or she is a party, pertinent to an application for a mortgage loan or a borrower. (2) Fail to use due diligence and make reasonable efforts to procure a mortgage loan on behalf of the borrower. (3) Fail to disburse funds in accordance with a written commitment to make a mortgage loan. (4) Delay closing of a mortgage loan for the purpose of increasing interest rate, costs, fees, or other charges payable by the borrower. (5) Collect any mortgage broker fees before a conditional commitment is obtained from the lender by the mortgage broker. (Act 2001-692, p. 1439, §12; Act 2009-624, p. 1891, §1.)
AL Code § 5-25-14 (2021)
2021 Code of Alabama|Title 5 - Banks and Financial Institutions.|Chapter 25 - Mortgage Brokers Licensing Act.|Section 5-25-14 - Denial, Suspension, or Revocation of License.

Section 5-25-14Denial, suspension, or revocation of license.  (a) The department may suspend or revoke a license on any ground on which it might refuse to issue an original license, or for a violation of any provision of this chapter or any rule or regulation issued under this chapter or for failure of the licensee to pay, within 30 days after it becomes final and nonappealable, a judgment recovered in any court within this state by a claimant or creditor in an action arising out of the licensee's business in this state as a mortgage broker. In these actions, the hearing and appeal procedures provided for in those sections shall be the only procedures required under this chapter. (b) Notice of the department's intention to enter an order denying an application for a license under this chapter or of an order suspending or revoking a license under this chapter shall be given to the applicant or licensee in writing, sent by registered or certified mail addressed to the principal place of business of the applicant or licensee. Within 20 days of the date of the notice of intention to enter an order of denial, suspension, or revocation under this chapter, the applicant or licensee may request in writing a hearing to contest the order. If a hearing is not requested in writing within 20 days of the date of the notice of intention, the department shall enter a final order regarding the denial or suspension. Any final order of the department denying, suspending, or revoking a license shall state the grounds upon which it is based and shall be effective on the date of issuance. A copy of the final order shall be forwarded promptly by registered or certified mail addressed to the principal place of business of the applicant or licensee. (c) A decision of the department denying, suspending, or revoking a license shall be conclusive, except that a licensee aggrieved by an order of the department under this section may obtain judicial review of the order and the department may obtain an order of the court for enforcement of its order in the circuit court. The proceedings shall be governed by the provisions of Section 5-25-15. (d) A revocation, suspension, or surrender of a license shall not impair or affect the obligation of a preexisting contract between the licensee and another person entered into prior to the effective date of the license revocation, suspension, or surrender. (Act 2001-692, p. 1439, §14.)
AL Code § 5-25-15 (2021)
2021 Code of Alabama|Title 5 - Banks and Financial Institutions.|Chapter 25 - Mortgage Brokers Licensing Act.|Section 5-25-15 - Appeal.

Section 5-25-15Appeal.  (a) Any interested party or intervener may appeal an order of the department to the Circuit Court of Montgomery County or to the circuit court of the county in which such party has its principal place of business in Alabama by filing notice of appeal with the department and with the register or clerk of the circuit court within 30 days from the date of said final order. The department's findings shall be prima facie correct, but the circuit court may hear such appeal according to its own rules and procedures, including the taking of additional testimony and staying the order. In the circuit court, the trial shall be de novo. The court may, if it decides that the department has erred to the prejudice of appellant's substantial rights in its application of the law or that the order was based upon findings of fact contrary to the substantial weight of the evidence, remand the proceeding to the department for further action in conformity with the direction of the court or may enter such order as the court deems appropriate. (b) Either party may appeal from the circuit court to the Supreme Court of Alabama within 42 days from the date of entry of the order of the circuit court. (Act 2001-692, p. 1439, §15.)
AL Code § 5-25-16 (2021)
2021 Code of Alabama|Title 5 - Banks and Financial Institutions.|Chapter 25 - Mortgage Brokers Licensing Act.|Section 5-25-16 - Enforcement and Penalties.

Section 5-25-16Enforcement and penalties.  (a) Whenever it appears to the supervisor that any person required to be licensed or registered under this chapter has violated any law of this state or any order or regulation of the department, the supervisor after notice and hearing may order such person or an affiliate acting on behalf of such person to cease and desist from the unauthorized practices. (b) Any person required to be licensed under this chapter or an affiliate of such person who is found by the supervisor after notice and hearing to have violated this chapter or the terms of any order issued pursuant to this section may be ordered by the supervisor to pay a civil penalty of not more than three thousand dollars ($3,000) in the aggregate for all violations of a similar nature or, where violations are knowing violations, not more than fifteen thousand dollars ($15,000), in addition to any other penalties provided by law, including, but not limited to, revocation of any licenses issued under this chapter. (c) Violations shall be of a similar nature if the violations consist of the same or substantially the same course of action or practice irrespective of the number of times the course of action or practice occurred. All civil penalties collected shall be paid into the special fund provided by Section 5-2A-20, and used in the supervision and examination of licensees. At the hearing, the person or affiliate of a person shall be entitled to be represented by counsel. A person or affiliate of a person aggrieved by an order of the supervisor under this section may obtain judicial review of the order and the supervisor may obtain an order of the court for enforcement of its order in the circuit court. The proceedings shall be governed by the provisions of Section 5-19-26. (Act 2001-692, p. 1439, §16.)
AL Code § 5-25-17 (2021)
2021 Code of Alabama|Title 5 - Banks and Financial Institutions.|Chapter 25 - Mortgage Brokers Licensing Act.|Section 5-25-17 - Violations of Chapter.

Section 5-25-17Violations of chapter.  Any person who willfully violates any of the provisions of this chapter shall be guilty of a misdemeanor and shall be punished by imprisonment for not more than one year or by a fine of not more than one thousand dollars ($1,000), or by both fine and imprisonment. (Act 2001-692, p. 1439, §17.)
AL Code § 5-25-18 (2021)
2021 Code of Alabama|Title 5 - Banks and Financial Institutions.|Chapter 25 - Mortgage Brokers Licensing Act.|Section 5-25-18 - Disposition of Funds.

Section 5-25-18Disposition of funds.   All fees and administrative penalties collected shall be paid into the special fund provided by Section 5-2A-20 and used in the supervision and examination of licensees. (Act 2001-692, p. 1439, §18.)
AL Code § 5-26-1 (2021)
2021 Code of Alabama|Title 5 - Banks and Financial Institutions.|Chapter 26 - Alabama Secure and Fair Enforcement for Mortgage Licensing Act of 2009.|Section 5-26-1 - Short Title.

Section 5-26-1Short title. This chapter may be cited as the Alabama Secure and Fair Enforcement for Mortgage Licensing Act of 2009 or Alabama S.A.F.E. Mortgage Licensing Act of 2009. (Act 2009-627, p. 1907, §1.)
AL Code § 5-26-2 (2021)
2021 Code of Alabama|Title 5 - Banks and Financial Institutions.|Chapter 26 - Alabama Secure and Fair Enforcement for Mortgage Licensing Act of 2009.|Section 5-26-2 - Legislative Findings.

Section 5-26-2Legislative findings. The activities of mortgage loan originators and the origination or offering of financing for residential real property have a direct, valuable, and immediate impact upon Alabama's consumers, Alabama's economy, the neighborhoods and communities of Alabama, and the housing and real estate industry. The Legislature finds that accessibility to mortgage credit is vital to the state's citizens. The Legislature also finds that it is essential for the protection of the citizens of Alabama and the stability of Alabama's economy that reasonable standards for licensing and regulation of the business practices of mortgage loan originators be imposed. Therefore the Legislature establishes within this chapter: (a) SYSTEM OF SUPERVISION AND ENFORCEMENT. An effective system of supervision and enforcement of the mortgage lending industry, including: (i) The authority to issue licenses to conduct business under this chapter, including the authority to write rules or regulations or adopt procedures necessary to the licensing of persons covered under this chapter. (ii) The authority to deny, suspend, condition, or revoke licenses issued under this chapter. (iii) The authority to examine, investigate, and conduct enforcement actions as necessary to carry out the intended purposes of this chapter, including the authority to subpoena witnesses and documents, enter orders, including cease and desist orders, order restitution and monetary penalties, and order the removal and ban of individuals from office or employment. (b) BROAD ADMINISTRATIVE AUTHORITY. That the supervisor shall have the broad administrative authority to administer, interpret, and enforce this chapter, and promulgate rules or regulations implementing this chapter, in order to carry out the intentions of the Legislature. (Act 2009-627, p. 1907, §2.)
AL Code § 5-26-6 (2021)
2021 Code of Alabama|Title 5 - Banks and Financial Institutions.|Chapter 26 - Alabama Secure and Fair Enforcement for Mortgage Licensing Act of 2009.|Section 5-26-6 - Issuance of License.

Section 5-26-6Issuance of license.  The supervisor shall not issue a mortgage loan originator license unless the Supervisor makes at a minimum the following findings: (1) NO LICENSE REVOCATION. The applicant has never had a mortgage loan originator license revoked in any governmental jurisdiction, except that a subsequent formal vacation of such revocation shall not be deemed a revocation. (2) NO FELONY CONVICTION. The applicant has not been convicted of, or pled guilty or nolo contendere to, a felony in a domestic, foreign, or military court: (a) During the seven-year period preceding the date of the application for licensing and registration; or (b) At any time preceding such date of application, if such felony involved an act of fraud, dishonesty, or a breach of trust, or money laundering; (c) Provided that any pardon of a conviction shall not be a conviction for purposes of this subsection. (3) CHARACTER AND FITNESS. The applicant has demonstrated financial responsibility, character, and general fitness such as to command the confidence of the community and to warrant a determination that the mortgage loan originator will operate honestly, fairly, and efficiently within the purposes of this chapter. The supervisor shall not base a license denial, in whole or in part, on an applicant's credit score, nor shall the supervisor use a credit report as the sole basis for license denial. (a) For purposes of this subsection a person has shown that he or she is not financially responsible when he or she has shown a disregard in the management of his or her own financial condition. A determination that an individual has not shown financial responsibility may include, but not be limited to: (i) Current outstanding judgments, except judgments solely as a result of medical expenses; (ii) Current outstanding tax liens or other government liens and filings; (iii) Foreclosures within the past three years; (iv) A pattern of seriously delinquent accounts within the past three years. (4) PRE-LICENSING EDUCATION. The applicant has completed the pre-licensing education requirement described in Section 5-26-7. (5) WRITTEN TEST. The applicant has passed a written test that meets the test requirement described in Section 5-26-8. (6) NET WORTH, SURETY BOND, OR STATE FUND REQUIREMENT. The applicant has met the surety bond requirement as required pursuant to Section 5-26-14. (Act 2009-627, p. 1907, §6.)
AL Code § 5-26-7 (2021)
2021 Code of Alabama|Title 5 - Banks and Financial Institutions.|Chapter 26 - Alabama Secure and Fair Enforcement for Mortgage Licensing Act of 2009.|Section 5-26-7 - Pre-Licensing Education of Loan Originators.

Section 5-26-7Pre-licensing education of loan originators. (1) Minimum educational requirements. In order to meet the pre-licensing education requirement referred to in Section 5-26-6(4) a person shall complete at least 20 hours of education approved in accordance with subsection (2), which shall include at least: (a) Three hours of federal law and regulations; (b) Three hours of ethics, which shall include instruction on fraud, consumer protection, and fair lending issues; and (c) Two hours of training related to lending standards for the nontraditional mortgage product marketplace. (2) Approved educational courses. For purposes of subsection (1), pre-licensing education courses shall be reviewed and approved by the Nationwide Mortgage Licensing System and Registry based upon reasonable standards. Review and approval of a pre-licensing education course shall include review and approval of the course provider. (3) Approval of employer and affiliate educational courses. Nothing in this section shall preclude any pre-licensing education course, as approved by the Nationwide Mortgage Licensing System and Registry, that is provided by the employer of the applicant or an entity which is affiliated with the applicant by an agency contract, or any subsidiary or affiliate of such employer or entity. (4) Venue of education. Pre-licensing education may be offered either in a classroom, online, or by any other means approved by the Nationwide Mortgage Licensing System and Registry. (5) Reciprocity of education. The pre-licensing education requirements approved by the Nationwide Mortgage Licensing System and Registry in subsections (1)(a), (b), and (c) for any state shall be accepted as credit towards completion of pre-licensing education requirements in Alabama. (Act 2009-627, p. 1907, §7.)
AL Code § 5-26-8 (2021)
2021 Code of Alabama|Title 5 - Banks and Financial Institutions.|Chapter 26 - Alabama Secure and Fair Enforcement for Mortgage Licensing Act of 2009.|Section 5-26-8 - Testing of Loan Originators.

Section 5-26-8Testing of loan originators. (1) In general. In order to meet the written test requirement referred to in Section 5-26-6(5), an individual shall pass, in accordance with the standards established under this subsection, a qualified written test developed by the Nationwide Mortgage Licensing System and Registry and administered by a test provider approved by the Nationwide Mortgage Licensing System and Registry based upon reasonable standards. (2) Qualified test. A written test shall not be treated as a qualified written test for purposes of subsection (1) unless the test adequately measures the applicant's knowledge and comprehension in appropriate subject areas, including: (a) Ethics; (b) Federal law and regulation pertaining to mortgage origination; (c) State law and regulation pertaining to mortgage origination; (d) Federal and state law and regulation, including instruction on fraud, consumer protection, the nontraditional mortgage marketplace, and fair lending issues. (3) Testing location. Nothing in this section shall prohibit a test provider approved by the Nationwide Mortgage Licensing System and Registry from providing a test at the location of the employer of the applicant or the location of any subsidiary or affiliate of the employer of the applicant, or the location of any entity with which the applicant holds an exclusive arrangement to conduct the business of a mortgage loan originator. (4) Minimum competence: (a) PASSING SCORE. An individual shall not be considered to have passed a qualified written test unless the individual achieves a test score of not less than 75 percent correct answers to questions. (b) INITIAL RETESTS. An individual may retake a test three consecutive times with each consecutive taking occurring at least 30 days after the preceding test. (c) SUBSEQUENT RETESTS. After failing three consecutive tests, an individual shall wait at least six months before taking the test again. (d) RETEST AFTER LAPSE OF LICENSE. A licensed mortgage loan originator who fails to maintain a valid license for a period of five years or longer shall retake the test, not taking into account any time during which such individual is a registered mortgage loan originator. (Act 2009-627, p. 1907, §8.)
AL Code § 5-26-9 (2021)
2021 Code of Alabama|Title 5 - Banks and Financial Institutions.|Chapter 26 - Alabama Secure and Fair Enforcement for Mortgage Licensing Act of 2009.|Section 5-26-9 - Standards for License Renewal.

Section 5-26-9Standards for license renewal. (1) In general. The minimum standards for license renewal for mortgage loan originators shall include the following: (a) The mortgage loan originator continues to meet the minimum standards for license issuance under Section 5-26-6(1) to (6), inclusive. (b) The mortgage loan originator has satisfied the annual continuing education requirements described in Section 5-26-10. (c) The mortgage loan originator has paid all required fees for renewal of the license. The fee related to the renewal of the license shall be seventy-five dollars ($75). This license renewal fee shall be in addition to the fees required to renew through the Nationwide Mortgage Licensing System and Registry. (2) Failure to satisfy minimum standards of license renewal. The license of a mortgage loan originator failing to satisfy the minimum standards for license renewal shall expire. The supervisor may adopt procedures for the reinstatement of expired licenses consistent with the standards established by the Nationwide Mortgage Licensing System and Registry. (Act 2009-627, p. 1907, §9.)