reglab/statecodes huggingface dataset:
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 6 - Securities. › Article 6 - Uniform Transfer on Death Security Registration Act. › Section 8-6-150 - Short Title; Construction.

Section 8-6-150
Short title; construction.
(a) This article shall be known as and may be cited as the Uniform TOD Security Registration Act.
(b) This article shall be liberally construed and applied to promote its underlying purposes and policy and to make uniform the laws with respect to the subject of this article among states enacting it.
(c) Unless displaced by the particular provisions of this article, the principles of law and equity supplement its provisions.
(Acts 1997, No. 97-703, p. 1451, §11.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 6 - Securities. › Article 6 - Uniform Transfer on Death Security Registration Act. › Section 8-6-151 - Application.

Section 8-6-151
Application.
This article applies to registrations of securities in beneficiary form made before or after August 1, 1997, by decedents dying on or after August 1, 1997.
(Acts 1997, No. 97-703, p. 1451, §12.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 6 - Securities. › Article 7 - Protection of Vulnerable Adults From Financial Exploitation Act. › Section 8-6-170 - Short Title.

Section 8-6-170
Short title.
This article shall be known and may be cited as the Protection of Vulnerable Adults from Financial Exploitation Act.
(Act 2016-141, §1.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 6 - Securities. › Article 7 - Protection of Vulnerable Adults From Financial Exploitation Act. › Section 8-6-171 - Definitions.

Section 8-6-171
Definitions.
In this article, unless the context otherwise requires, the following words and terms shall have the following meanings:
(1) AGENT. The same meaning as in subdivision (2) of Section 8-6-2.
(2) BROKER-DEALER. The same meaning as in subdivision (3) of Section 8-6-2.
(3) COMMISSION. The Alabama Securities Commission.
(4) DEPARTMENT. The Department of Human Resources.
(5) FINANCIAL EXPLOITATION. Any of the following:
a. The wrongful or unauthorized taking, withholding, appropriation, or use of money, assets, or property of a vulnerable adult.
b. Any act or omission taken by a person, including through the use of a power of attorney, guardianship, or conservatorship of a vulnerable adult, to either of the following:
1. Obtain control through deception, intimidation, or undue influence over the vulnerable adult's money, assets, or property to deprive the vulnerable adult of the ownership, use, benefit, or possession of his or her money, assets, or property.
2. Convert money, assets, or property of the vulnerable adult to deprive the vulnerable adult of the ownership, use, benefit, or possession of his or her money, assets, or property.
(6) INVESTMENT ADVISER. The same meaning as in subdivision (18) of Section 8-6-2.
(7) INVESTMENT ADVISER REPRESENTATIVE. The same meaning as in subdivision (19) of Section 8-6-2.
(8) QUALIFIED INDIVIDUAL. Any agent, investment adviser representative, or person who serves in a supervisory, compliance, legal, or associated member capacity of a broker-dealer or investment adviser.
(9) REASONABLY ASSOCIATED INDIVIDUAL or ASSOCIATED MEMBER. An individual known to the investment adviser representative, broker-dealer, or firm who is reasonably associated with the account.
(10) VULNERABLE ADULT. Any of the following:
a. A person 65 years of age or older.
b. A protected person included and defined in Chapter 9 of Title 38.
(Act 2016-141, §2.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 6 - Securities. › Article 7 - Protection of Vulnerable Adults From Financial Exploitation Act. › Section 8-6-172 - Notification of Department and Commission - Disclosure of Information.

Section 8-6-172
Notification of department and commission - Disclosure of information.
If a qualified individual reasonably believes that financial exploitation of a vulnerable adult may have occurred, may have been attempted, or is being attempted, the qualified individual shall promptly notify the department and the commission.
(Act 2016-141, §3.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 6 - Securities. › Article 7 - Protection of Vulnerable Adults From Financial Exploitation Act. › Section 8-6-173 - Notification of Department and Commission - Liability.

Section 8-6-173
Notification of department and commission - Liability.
A qualified individual that in good faith and exercising reasonable care makes a disclosure of information pursuant to Section 8-6-172 shall be immune from administrative or civil liability that might otherwise arise from such disclosure or for any failure to notify.
(Act 2016-141, §4.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 6 - Securities. › Article 7 - Protection of Vulnerable Adults From Financial Exploitation Act. › Section 8-6-174 - Notification of Certain Third Parties - Disclosure of Information.

Section 8-6-174
Notification of certain third parties - Disclosure of information.
If a qualified individual reasonably believes that financial exploitation of a vulnerable adult may have occurred, may have been attempted, or is being attempted, the qualified individual may notify a reasonably associated individual, legal guardian, any third party previously designated by the vulnerable adult, conservator, co-trustee, successor trustee, or agent under a power of attorney of the vulnerable adult of such belief. Disclosure may not be made to a designated third party that is suspected of financial exploitation or other abuse of the vulnerable adult.
(Act 2016-141, §5.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 6 - Securities. › Article 7 - Protection of Vulnerable Adults From Financial Exploitation Act. › Section 8-6-175 - Notification of Certain Third Parties - Liability.

Section 8-6-175
Notification of certain third parties - Liability.
A qualified individual that, in good faith and exercising reasonable care, complies with Section 8-6-174 shall be immune from any administrative or civil liability that might otherwise arise from such disclosure.
(Act 2016-141, §6.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 6 - Securities. › Article 7 - Protection of Vulnerable Adults From Financial Exploitation Act. › Section 8-6-176 - Delay of Disbursement - Authorized.

Section 8-6-176
Delay of disbursement - Authorized.
(a) A broker-dealer or investment adviser may delay a disbursement from an account of a vulnerable adult or an account on which a vulnerable adult is a beneficiary if:
(1) The broker-dealer, investment adviser, or qualified individual reasonably believes, after initiating an internal review of the requested disbursement and the suspected financial exploitation, that the requested disbursement may result in financial exploitation of a vulnerable adult; and
(2) The broker-dealer or investment adviser:
a. Immediately, but in no event more than two business days after the requested disbursement, provides written notification of the delay and the reason for the delay to all parties authorized to transact business on the account, unless any such party is reasonably believed to have engaged in suspected or attempted financial exploitation of the vulnerable adult;
b. Immediately, but in no event more than two business days after the requested disbursement, notifies the department and commission; and
c. Continues its internal review of the suspected or attempted financial exploitation of the vulnerable adult, as necessary, and reports any additional results of the investigation to the department and commission within seven business days after the requested disbursement.
(b) Any delay of a disbursement as authorized by this section expires upon the sooner of:
(1) A determination by the broker-dealer or investment adviser that the disbursement will not result in financial exploitation of the vulnerable adult.
(2) Fifteen business days after the date on which the broker-dealer or investment adviser first delayed disbursement of the funds, unless either the department or the commission requests that the broker-dealer or investment adviser extend the delay, in which case the delay shall expire no more than 25 business days after the date on which the broker-dealer or investment adviser first delayed disbursement of the funds unless sooner terminated by either the department or commission or an order of a court of competent jurisdiction.
(c) A court of competent jurisdiction may enter an order extending the delay of the disbursement of funds or may order other protective relief based on the petition of the commission, department, broker-dealer, or investment adviser that initiated the delay under this section, or other interested party.
(Act 2016-141, §7.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 6 - Securities. › Article 7 - Protection of Vulnerable Adults From Financial Exploitation Act. › Section 8-6-177 - Delay of Disbursement - Liability.

Section 8-6-177
Delay of disbursement - Liability.
A broker-dealer or investment adviser that, in good faith and exercising reasonable care, complies with Section 8-6-176 shall be immune from any administrative or civil liability that might otherwise arise from such delay in a disbursement in accordance with this section.
(Act 2016-141, §8.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 6 - Securities. › Article 7 - Protection of Vulnerable Adults From Financial Exploitation Act. › Section 8-6-178 - Access to and Availability of Records.

Section 8-6-178
Access to and availability of records.
A broker-dealer or investment adviser shall provide access to or copies of records that are relevant to the suspected or attempted financial exploitation of a vulnerable adult to agencies charged with administering state adult protective services laws and to law enforcement, either as part of a referral to the agency or to law enforcement, or upon request of the agency or law enforcement pursuant to an investigation. The records may include historical records as well as records relating to the most recent transaction or transactions that may comprise financial exploitation of a vulnerable adult. All records made available to agencies under this section are not a public record as defined in any state public records law. Nothing in this section shall limit or otherwise impede the authority of the commission to access or examine the books and records of broker-dealers and investment advisers as otherwise provided by law.
(Act 2016-141, §9.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 6 - Securities. › Article 7 - Protection of Vulnerable Adults From Financial Exploitation Act. › Section 8-6-179 - Rulemaking Authority.

Section 8-6-179
Rulemaking authority.
The commission, from time to time, may make, amend, and rescind such rules pursuant to the Alabama Administrative Procedure Act and prescribe such forms as are necessary and desirable to carry out the provisions of this article. No rules or forms may be made or prescribed unless the commission finds that the action is necessary or appropriate in the public interest or for the protection of vulnerable adults and those protected under the article and consistent with the purposes fairly intended by the policy and provisions of this article. In prescribing rules and forms, the commission may cooperate with the securities administrators and adult protective services agencies of the other states and the United States Securities and Exchange Commission and the Financial Industry Regulatory Authority with a view to effectuating the policy of this article to achieve general uniformity in the application of the article wherever practicable.
(Act 2016-141, §10.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 6 - Securities. › Article 8 - Elderly and Vulnerable Adult Financial Protection Act of 2021 › Section 8-6-190 - Short Title.

Section 8-6-190
Short title.
This article shall be known and may be cited as the Elderly and Vulnerable Adult Financial Protection Act of 2021.
(Act 2021-78, §1.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 6 - Securities. › Article 8 - Elderly and Vulnerable Adult Financial Protection Act of 2021 › Section 8-6-191 - Legislative Findings.

Section 8-6-191
Legislative findings.
The Legislature finds that instances of financial exploitation are on the rise in Alabama and elsewhere, particularly among elderly and vulnerable adults. The Legislature recognizes that while financial institutions are uniquely positioned to potentially uncover instances of financial exploitation, they are also subject to duties imposed by contract and law to conduct financial transactions in accordance with their customers' instructions. While all instances of financial exploitation cannot be exposed, delayed, or thwarted, it is the intent of the Legislature that this article furnish financial institutions with additional tools to protect elderly and vulnerable adults from financial exploitation.
(Act 2021-78, §2.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 6 - Securities. › Article 8 - Elderly and Vulnerable Adult Financial Protection Act of 2021 › Section 8-6-194 - Financial Service Provider Authorized to Contact Certain Individuals or Entities Upon Suspicion of Financial Exploitation; Disclosure of Information.

Section 8-6-194
Financial service provider authorized to contact certain individuals or entities upon suspicion of financial exploitation; disclosure of information.
(a) A financial service provider may offer to a customer who is an elderly or vulnerable adult the opportunity to submit and periodically update a list of individuals or entities that the elderly or vulnerable adult authorizes the financial service provider to contact when the financial service provider has reasonable cause to suspect that the elderly or vulnerable adult is a victim or a target of financial exploitation.
(b) A financial service provider that has reasonable cause to suspect that an elderly or vulnerable adult is the victim or target of financial exploitation may convey the suspicion to one or more of the following, provided that the person is not the suspected perpetrator:
(1) An individual or entity on the list described in subsection (a), if a list has been provided by the elderly or vulnerable adult to the financial service provider.
(2) A co-owner, additional authorized signatory, or beneficiary on the elderly or vulnerable adult's account at the financial institution.
(3) A third party reasonably associated with the elderly or vulnerable adult.
(c) When providing information under this section, a financial service provider may limit the information and disclose only that the financial service provider has reasonable cause to suspect that the elderly or vulnerable adult may be a victim or target of financial exploitation without disclosing any other details or confidential personal information regarding the financial affairs of the elderly or vulnerable adult.
(d) A financial service provider may choose not to contact one or more individuals or entities on the list provided pursuant to subsection (a) if the financial service provider suspects that the person or persons are engaged in financial exploitation.
(e) A financial service provider may rely on information provided by the customer in compiling a list of contact persons.
(f) A financial service provider or an officer or employee of a financial service provider, acting in a reasonable manner, is immune from all criminal, civil, and administrative liability for contacting a person or electing not to contact a person under this section and for actions taken in furtherance of that determination.
(g) Any contact or disclosure of information made pursuant to this section is exempt from any applicable state customer consent and customer notice statutes or rules.
(Act 2021-78, §5.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 6 - Securities. › Article 8 - Elderly and Vulnerable Adult Financial Protection Act of 2021 › Section 8-6-195 - Construction and Application of Article.

Section 8-6-195
Construction and application of article.
(a) All laws or parts of laws which conflict with this article are repealed. Notwithstanding the previous sentence, nothing in this article shall be construed as altering or amending Article 7, commencing with Section 8-6-170, of Chapter 6, the Protection of Vulnerable Adults from Financial Exploitation Act, which relates to broker-dealers and investment advisors protecting vulnerable adults from financial exploitation.
(b) Nothing in this article shall be construed as altering or amending a contract, including a deposit agreement, to which a financial service provider is a party.
(Act 2021-78, §6.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 7 - Sale of Checks. › Section 8-7-1 - Short Title.

Section 8-7-1
Short title.
Repealed by Act 2017-389, §1, effective August 1, 2017.
(Acts 1961, Ex. Sess., No. 177, p. 2142, §1.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 7 - Sale of Checks. › Section 8-7-2 - Definitions.

Section 8-7-2
Definitions.
Repealed by Act 2017-389, §1, effective August 1, 2017.
(Acts 1961, Ex. Sess., No. 177, p. 2142, §2.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 7 - Sale of Checks. › Section 8-7-3 - License - Required.

Section 8-7-3
License - Required.
Repealed by Act 2017-389, §1, effective August 1, 2017.
(Acts 1961, Ex. Sess., No. 177, p. 2142, §3.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 7 - Sale of Checks. › Section 8-7-4 - License - Exemptions.

Section 8-7-4
License - Exemptions.
Repealed by Act 2017-389, §1, effective August 1, 2017.
(Acts 1961, Ex. Sess., No. 177, p. 2142, §4.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 7 - Sale of Checks. › Section 8-7-5 - License - Application.

Section 8-7-5
License - Application.
Repealed by Act 2017-389, §1, effective August 1, 2017.
(Acts 1961, Ex. Sess., No. 177, p. 2142, §5.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 7 - Sale of Checks. › Section 8-7-6 - License - Investigation Fee; License Fee.

Section 8-7-6
License - Investigation fee; license fee.
Repealed by Act 2017-389, §1, effective August 1, 2017.
(Acts 1961, Ex. Sess., No. 177, p. 2142, §6; Acts 1991, No. 91-320, p. 584, §2.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 7 - Sale of Checks. › Section 8-7-7 - License - Certified Financial Statement; Surety Bond or Deposit of Securities; List of Offices, Etc.

Section 8-7-7
License - Certified financial statement; surety bond or deposit of securities; list of offices, etc.
Repealed by Act 2017-389, §1, effective August 1, 2017.
(Acts 1961, Ex. Sess., No. 177, p. 2142, §7.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 7 - Sale of Checks. › Section 8-7-8 - License - Issuance.

Section 8-7-8
License - Issuance.
Repealed by Act 2017-389, §1, effective August 1, 2017.
(Acts 1961, Ex. Sess., No. 177, p. 2142, §8.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 7 - Sale of Checks. › Section 8-7-9 - License Fees.

Section 8-7-9
License fees.
Repealed by Act 2017-389, §1, effective August 1, 2017.
(Acts 1961, Ex. Sess., No. 177, p. 2142, §9.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 7 - Sale of Checks. › Section 8-7-10 - Employees, Agents or Representatives of Licensees.

Section 8-7-10
Employees, agents or representatives of licensees.
Repealed by Act 2017-389, §1, effective August 1, 2017.
(Acts 1961, Ex. Sess., No. 177, p. 2142, §10.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 7 - Sale of Checks. › Section 8-7-11 - Annual and Supplemental Listings of Offices, etc.; Adjustment of Surety Bond or Deposit.

Section 8-7-11
Annual and supplemental listings of offices, etc.; adjustment of surety bond or deposit.
Repealed by Act 2017-389, §1, effective August 1, 2017.
(Acts 1961, Ex. Sess., No. 177, p. 2142, §11.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 7 - Sale of Checks. › Section 8-7-12 - Procedure for Denial or Revocation of License; Judicial Review.

Section 8-7-12
Procedure for denial or revocation of license; judicial review.
Repealed by Act 2017-389, §1, effective August 1, 2017.
(Acts 1961, Ex. Sess., No. 177, p. 2142, §12.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 7 - Sale of Checks. › Section 8-7-13 - Grounds for Revocation of Licenses.

Section 8-7-13
Grounds for revocation of licenses.
Repealed by Act 2017-389, §1, effective August 1, 2017.
(Acts 1960, Ex. Sess., No. 177, p. 2142, §13.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 7 - Sale of Checks. › Section 8-7-14 - Increase of Surety Bond or Deposit.

Section 8-7-14
Increase of surety bond or deposit.
Repealed by Act 2017-389, §1, effective August 1, 2017.
(Acts 1961, Ex. Sess., No. 177, p. 2142, §14.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 7 - Sale of Checks. › Section 8-7-15 - Penalties for Violation of Provisions of Chapter.

Section 8-7-15
Penalties for violation of provisions of chapter.
Repealed by Act 2017-389, §1, effective August 1, 2017.
(Acts 1961, Ex. Sess., No. 177, p. 2142, §15.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 7A - Alabama Monetary Transmission Act. › Section 8-7A-3 - Exclusions.

Section 8-7A-3
Exclusions.
This chapter does not apply to any of the following:
(1) The United States or a department, agency, or instrumentality thereof.
(2) The transmission of money by the United States Postal Service or by a contractor on behalf of the United States Postal Service.
(3) A state, county, city, or any other governmental agency or governmental subdivision of a state.
(4) Electronic funds transfer of governmental benefits for a federal, state, or governmental agency by a contractor on behalf of the United States or a department, agency, or instrumentality thereof, or a state or governmental subdivision, agency, or instrumentality thereof.
(5) A board of trade designated as a contract market under the federal Commodity Exchange Act, 7 U.S.C. Sections 1-25 (1994), or a person that, in the ordinary course of business, provides clearance and settlement services for a board of trade to the extent of its operation as or for such a board.
(6) A registered futures commission merchant under the federal commodities laws to the extent of its operation as such a merchant.
(7) A bank, bank holding company, office of an international banking corporation, or a branch of a foreign bank, provided that such international banking corporation or foreign bank is subject to regulation significantly similar to United States or state chartered banks and deposits are insured.
(Act 2017-389, §2.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 7A - Alabama Monetary Transmission Act. › Section 8-7A-4 - Exemptions From Licensing.

Section 8-7A-4
Exemptions from licensing.
Sections 8-7A-5 to 8-7A-15, inclusive, shall not apply to any of the following persons:
(1) A person that provides clearance or settlement services pursuant to a registration as a clearing agency or an exemption from such registration granted under the federal securities laws.
(2) An operator of a payment system to the extent that it provides processing, clearing, or settlement services, between or among persons excluded by this section, in connection with wire transfers, credit card transactions, debit card transactions, stored-value transactions, automated clearing house transfers, or similar funds transfers.
(3) A person registered as a securities broker-dealer under federal or state securities laws to the extent of its operation as such a broker-dealer.
(4) Any person collecting, forwarding, or submitting payments to the state, a state agency, board, or commission, a quasi-governmental agency, or to persons in state custody, provided the person does all of the following:
a. Operates in this state exclusively for such purpose.
b. Has entered into a binding contract with the governmental entity or entities to provide money transmittal services to third parties.
c. Files a notice with the commission identifying all governmental agencies for whom the person has contracted to provide money transmittal services.
d. Has an independent audit performed on a yearly basis.
e. Immediately notifies the commission if any financial or other condition arises which would compromise the person's ability to perform the services for which the person has contracted.
f. Maintains a segregated account or accounts for the deposit and transmittal of third-party payments which will not be comingled with any other funds.
g. Upon request, makes its books and records available for examination by the commission.
(Act 2017-389, §2.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 7A - Alabama Monetary Transmission Act. › Section 8-7A-5 - License Required.

Section 8-7A-5
License required.
(a) A person may not engage in the business of money transmission or advertise, solicit, or hold itself out as providing money transmission unless the person meets one of the following requirements:
(1) Is licensed under this chapter.
(2) Is an authorized delegate of a person licensed under this chapter.
(b) A license under this chapter is not transferable or assignable.
(c) Persons licensed and in good standing pursuant to Chapter 7 of this title, on August 1, 2017, shall retain the license issued pursuant to that chapter without interruption until their next licensing renewal date.
(Act 2017-389, §§2, 3.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 7A - Alabama Monetary Transmission Act. › Section 8-7A-7 - Security.

Section 8-7A-7
Security.
(a) A licensee shall maintain a surety bond, letter of credit, or other similar security in an amount, determined by rule or order of the commission, sufficient to secure faithful performance of the obligations of the licensee with respect to money transmission in Alabama.
(b) Security must be in a form satisfactory to the commission and payable to the commission for the benefit of any claimant against the licensee.
(c) A claimant against a licensee may maintain an action on the bond, or the commission may maintain an action on behalf of the claimant.
(d) A surety bond must cover claims for a minimum of five years after the licensee ceases to provide money transmission services in this state. The surety bond may be reduced or eliminated, at the discretion of the commission, to the extent the amount of the licensee's outstanding payment instruments and stored-value obligations are less than the surety bond coverage.
(e) The commission has discretion to accept other forms of security in lieu of the bond.
(f) In no event shall the bond be set at an amount less than one hundred thousand dollars ($100,000), or the average daily outstanding obligations for money received for transmission in Alabama plus 50 percent of the average daily outstanding payment instrument and stored value obligations in Alabama, whichever is greater.
(g) The commission may increase the amount of security required to a maximum of five million dollars ($5,000,000) if the financial condition of a licensee so requires, as evidenced by reduction of net worth, financial losses, or other relevant criteria.
(Act 2017-389, §2.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 7A - Alabama Monetary Transmission Act. › Section 8-7A-8 - Issuance of License.

Section 8-7A-8
Issuance of license.
(a) When an application is filed under this chapter, the commission shall investigate the applicant's financial condition and responsibility, financial and business experience, character, and general fitness. The commission may conduct an on-site investigation of the applicant, the reasonable cost of which the applicant must pay. The commission shall issue a license to an applicant under this chapter if the commission finds that both of the following conditions have been fulfilled:
(1) The applicant has complied with Sections 8-7A-6 and 8-7A-7.
(2) The financial condition and responsibility, financial and business experience, competence, character, and general fitness of the applicant; and the competence, experience, character, and general fitness of the executive officers, managers, directors, and persons in control of the applicant indicate that it is in the interest of the public to permit the applicant to engage in money transmission.
(b) When an application for an original license under this chapter is determined by the commission to be complete, the commission shall promptly notify the applicant in writing of the date on which the application was determined to be complete, and:
(1) The commission shall approve or deny the application within 120 days after that date.
(2) If the application is not approved or denied within 120 days after that date, the application is approved, and the license takes effect as of the first business day after expiration of the 120-day period.
(c) The commission may for good cause extend the application period.
(Act 2017-389, §2.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 7A - Alabama Monetary Transmission Act. › Section 8-7A-9 - Renewal of License.

Section 8-7A-9
Renewal of license.
(a) All licenses under this chapter shall expire on March 31 of the calendar year.
(b) A licensee under this chapter shall pay an annual renewal fee no later than March 15. The renewal fee shall be established by rule of the commission and shall not be less than five hundred dollars ($500).
(c) A licensee under this chapter shall submit a renewal report with the renewal fee, in a form and in a medium prescribed by the commission. The renewal report shall contain the following information:
(1) A copy of the licensee's most recent audited financial statement.
(2) The number and monetary value of payment and stored-value instruments sold by the licensee in this state which have not been included in a previous renewal report, and the monetary amount of payment and stored-value instruments currently outstanding.
(3) A description of each material change in information submitted by the licensee in its original license application which has not been reported to the commission.
(4) Proof that the licensee continues to maintain adequate security as required by Section 8-7A-7.
(5) A list of the locations in this state where the licensee or an authorized delegate of the licensee engages in money transmission.
(d) The renewal license shall become immediately effective upon the expiration of the current license if the licensee has submitted the renewal fee pursuant to subsection (b) and the required reports pursuant to subsection (c) to the commission.
(e) If the licensee fails to renew the license prior to March 31, the licensee shall have 20 days from the expiration date to submit the renewal fee and report required pursuant to subsections (b) and (c), plus a late fee of one hundred dollars ($100) for each day between expiration of the license and submission of the renewal report. If the licensee perfects renewal of the license prior to the expiration of the 20 days, the license renewal shall be effective on April 1, and the licensee shall not be liable for unlicensed monetary transmission during the period between the statutory expiration date and the date the renewal is perfected.
(f) The commission, for good cause, may grant an extension of the renewal date.
(Act 2017-389, §2.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 7A - Alabama Monetary Transmission Act. › Section 8-7A-10 - Net Worth.

Section 8-7A-10
Net worth.
A licensee under this chapter shall maintain a net worth of at least twenty-five thousand dollars ($25,000) determined in accordance with generally accepted accounting principles.
(Act 2017-389, §2.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 7A - Alabama Monetary Transmission Act. › Section 8-7A-11 - Relationship Between Licensee and Authorized Delegate.

Section 8-7A-11
Relationship between licensee and authorized delegate.
(a) A contract between a licensee and an authorized delegate shall require the authorized delegate to operate in full compliance with this chapter.
(b) The licensee shall establish, furnish, and enforce policies and procedures sufficient to ensure that its authorized delegates comply with this chapter.
(c) An authorized delegate may not use a subdelegate to conduct money transmission on behalf of a licensee.
(Act 2017-389, §2.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 7A - Alabama Monetary Transmission Act. › Section 8-7A-12 - Examinations.

Section 8-7A-12
Examinations.
(a) The commission may conduct an annual examination of a licensee or of any of its authorized delegates.
(b) The commission may examine a licensee or its authorized delegate, at any time, if the commission has reason to believe that the licensee or authorized delegate is engaging in an unsafe or unsound practice or has violated or is violating this chapter or any rule adopted or order issued under this chapter.
(c) If the commission concludes that an on-site examination is necessary under subsection (b), the licensee shall pay the reasonable cost of the examination.
(d) Information obtained during any examination under this chapter may be disclosed only as prescribed in Section 8-7A-21.
(Act 2017-389, §2.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 7A - Alabama Monetary Transmission Act. › Section 8-7A-13 - Reports.

Section 8-7A-13
Reports.
(a) A licensee shall file a report to the commission within 15 business days of any material change in information provided in a licensee's application.
(b) A licensee shall file a report with the commission within five business days after the licensee has reason to know of the occurrence of any of the following events:
(1) The filing of a petition by or against the licensee under the United States Bankruptcy Code for bankruptcy or reorganization.
(2) The filing of a petition by or against the licensee for receivership, the commencement of any other judicial or administrative proceeding for its dissolution or reorganization, or the making of a general assignment for the benefit of its creditors.
(3) The commencement of a proceeding to revoke or suspend its license in a state or country in which the licensee engages in business or is licensed.
(4) The cancellation or other impairment of the licensee's bond or other security.
(5) A charge or conviction of the licensee or of an executive officer, manager, commission, or other control person of the licensee for a felony.
(6) A charge or conviction of an authorized delegate of the licensee for a felony.
(7) The executive officers, managers, directors, an authorized delegate, or persons in control of the licensee are named in any material civil litigation or class action.
(c) (1) A licensee shall give notice of a proposed change of control within 15 days after learning of the proposed change in control.
(2) The commission shall approve a request for change of control if, after investigation, the commission determines that the person or group of persons requesting approval has the competence, experience, character, and general fitness to operate the licensee or person in control of the licensee in a lawful and proper manner and that the public interest will not be jeopardized by the change of control.
(3) The commission shall approve or deny a request for change of control within 120 days after the notice. If the request has not been approved or denied within 120 days, the request will be deemed to have been approved and will take effect on the first day after the expiration of the 120 days.
(d) A licensee and an authorized delegate shall maintain a file of all reports required by federal currency reporting, record keeping, and suspicious transaction reporting requirements as set forth in 31 U.S.C. Section 5311 (1994), and other federal and state laws pertaining to money laundering. If an investigation or other inquiry is initiated by any regulatory authority, the licensee shall immediately notify the commission and forward all records associated with such investigation or inquiry.
(Act 2017-389, §2.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 7A - Alabama Monetary Transmission Act. › Section 8-7A-14 - Records.

Section 8-7A-14
Records.
(a) A licensee shall maintain all of the following records for determining its compliance with this chapter:
(1) A record of each payment instrument or stored-value obligation sold.
(2) A general ledger posted at least monthly containing all assets, liabilities, capital, income, and expense accounts.
(3) Bank statements and reconciliation records.
(4) Records of outstanding payment instruments and stored-value obligations.
(5) Records of each payment instrument and stored-value obligation paid within a five-year period.
(6) A list of names and addresses of all of the licensee's authorized delegates.
(7) Any other record the commission requires by rule.
(b) The records referenced in subsection (a) shall be maintained by the licensee for a minimum of five years. Records may be maintained outside of the state.
(c) All records of a licensee, authorized delegate, or applicant shall be subject to reasonable, periodic, or special examination, at any time or from time to time, whether the records are located within or outside of this state, as the commission deems necessary or appropriate to the public interest. The licensee shall make any record available for inspection by the commission within five business days of the request.
(Act 2017-389, §2.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 7A - Alabama Monetary Transmission Act. › Section 8-7A-15 - Suspension and Revocation.

Section 8-7A-15
Suspension and revocation.
(a) The commission, by order, may suspend or revoke a license or order a licensee to revoke the designation of an authorized delegate, with or without prior notice, if the commission finds that such an order is in the best interest of the public, and any of the following circumstances exist:
(1) The licensee has violated any provision of this chapter or a rule adopted or an order issued under this chapter.
(2) The licensee, or any authorized delegate, does not cooperate with an examination or investigation by the commission.
(3) The licensee, or any authorized delegate, engaged in fraud, intentional misrepresentation, or gross negligence.
(4) An authorized delegate is convicted of a violation of a state or federal anti-money laundering statute, or willfully violates a rule adopted or an order issued under this chapter.
(5) The competence, experience, character, or general fitness of the licensee, authorized delegate, or a control person of a licensee indicates that it is not in the public interest to permit the person to provide money transmission services.
(6) The licensee becomes insolvent, suspends payment of its obligations, or makes a general assignment for the benefit of its creditors.
(7) The licensee engages in an unsafe or unsound practice. In determining whether a licensee is engaging in an unsafe or unsound practice, the commission may consider the size and financial condition of the licensee's money transmission business, the magnitude of any losses, the severity of the violation of this chapter, and the previous disciplinary history of the person involved.
(b) The commission may issue an order suspending or revoking the designation of an authorized delegate, if the commission finds that such order is in the best interest of the public, and any of the following circumstances exist:
(1) The authorized delegate has violated any provision of this chapter or a rule adopted or an order issued under this chapter.
(2) The authorized delegate does not cooperate with an examination or investigation by the commission.
(3) The authorized delegate engaged in fraud, intentional misrepresentation, or gross negligence.
(4) An authorized delegate is convicted of a violation of a state or federal anti-money laundering statute, or willfully violates a rule adopted or an order issued under this chapter.
(5) The competence, experience, character, or general fitness of the authorized delegate indicates that it is not in the public interest to permit the person to provide money transmission services.
(6) The authorized delegate engages in an unsafe or unsound practice. In determining whether a licensee is engaging in an unsafe or unsound practice, the commission may consider the size and financial condition of the licensee's money transmission business, magnitude of any losses, severity of the violation of this chapter, and previous disciplinary history of the person involved.
(Act 2017-389, §2.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 7A - Alabama Monetary Transmission Act. › Section 8-7A-16 - Unauthorized Activities.

Section 8-7A-16
Unauthorized activities.
A person may not provide monetary transmission services on behalf of a person required to be licensed who is not licensed under this chapter. The commission, by rule or order, may further define unauthorized activities.
(Act 2017-389, §2.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 7A - Alabama Monetary Transmission Act. › Section 8-7A-17 - Orders to Cease and Desist and Other Injunctive or Civil Relief.

Section 8-7A-17
Orders to cease and desist and other injunctive or civil relief.
(a) If the commission determines that any person has engaged in or is about to engage in any act or practice constituting a violation of this chapter or a rule adopted or an order issued under this chapter, the commission, in its discretion, may do any of the following:
(1) Issue an order, with or without a prior hearing or notice, against the person or persons engaged in the act or practice, directing them to cease and desist from engaging in the act or practice.
(2) Issue an order appointing a receiver or conservator over a respondent or the respondent's assets.
(3) Order restitution or disgorgement against any person who has violated this chapter or any rule adopted or order issued pursuant to this chapter.
(4) Bring an action in any court of competent jurisdiction to enjoin an act or practice and to enforce compliance with this chapter or any rule adopted or order issued hereunder. Upon a proper showing, the court may issue a temporary restraining order or permanently enjoin any unlawful act or practice.
(b) The commission shall not be required to post a bond.
(Act 2017-389, §2.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 7A - Alabama Monetary Transmission Act. › Section 8-7A-18 - Consent Orders.

Section 8-7A-18
Consent orders.
The commission may enter into a consent order at any time with a person to resolve a matter arising under this chapter or a rule adopted or order issued under this chapter. A consent order must be signed by the person to whom it is issued or by the person's authorized representative, and must indicate agreement with the terms contained in the order.
(Act 2017-389, §2.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 7A - Alabama Monetary Transmission Act. › Section 8-7A-19 - Civil Penalties.

Section 8-7A-19
Civil penalties.
(a) The commission may assess a civil penalty against a person that violates this chapter or a rule adopted or an order issued under this chapter in an amount not to exceed one thousand dollars ($1,000) per day for each day the violation is outstanding.
(b) In addition to the assessment in subsection (a), the commission may assess a charge for the actual cost of any investigation resulting from any violation of this chapter, a violation of any rule or order issued under this chapter, or the cost of any examination made by the commission pursuant to this chapter, to the person or persons subject to such investigation or examination. All assessments collected under this subsection shall be deposited in the Alabama Securities Commission Fund in the State Treasury to be drawn upon by the commission for its use in administration of this chapter.
(Act 2017-389, §2.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 7A - Alabama Monetary Transmission Act. › Section 8-7A-20 - Criminal Penalties.

Section 8-7A-20
Criminal penalties.
(a) A person that intentionally makes a false statement, misrepresentation, or false certification in a record filed or required to be maintained under this chapter or that intentionally makes a false entry or omits a material entry in such a record, upon conviction, shall be guilty of a Class D felony.
(b) A person that knowingly engages in an activity for which a license is required under this chapter without being licensed under this chapter and who receives more than five thousand dollars ($5,000) in compensation within a one-year period from this activity, upon conviction, shall be guilty of a Class C felony.
(c) A person that knowingly engages in an activity for which a license is required under this chapter without being licensed under this chapter and who receives no more than five thousand dollars ($5,000) in compensation within a one-year period from this activity, upon conviction, shall be guilty of a Class D felony.
(d) The enforcement of this chapter shall be vested in the commission. It is the duty of the commission to enforce this chapter and to investigate, prevent, and detect violations of this chapter. The commission is vested with the rights, privileges, and powers conferred by law upon district attorneys, including the power to appear before grand juries and to interrogate witnesses before such grand jury. A district attorney may empower the commission to proceed on its behalf in any proceeding under this chapter.
(e) In any proceeding under this chapter, scienter need not be alleged and proved in prosecutions of violations involving unlicensed money transmission.
(f) A proceeding under this chapter shall not preempt or foreclose any criminal action or liability which may arise under any other criminal provision of the Code of Alabama 1975.
(Act 2017-389, §2.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 7A - Alabama Monetary Transmission Act. › Section 8-7A-21 - Confidentiality.

Section 8-7A-21
Confidentiality.
(a) Except as otherwise provided in subsection (b), all information or reports obtained by the commission from the applicant, licensee, or authorized delegate and all information contained in or related to examination, investigation, operation, or condition reports prepared by, or on behalf of, or for the use of the commission, are confidential and are not subject to disclosure under Section 36-12-40.
(b) The commission may disclose information not otherwise subject to disclosure under subsection (a) to representatives of state and federal agencies, provided the agencies submit an undertaking to maintain the confidentiality of the information in a record.
(c) This section does not prohibit the commission from disclosing to the public a list of persons licensed under this chapter or the aggregated financial data concerning those licensees.
(Act 2017-389, §2.)
2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 7A - Alabama Monetary Transmission Act. › Section 8-7A-22 - Cooperation.

Section 8-7A-22
Cooperation.
The commission may consult and cooperate with other federal and state agencies in enforcing and administering this chapter. The commission may jointly pursue examinations and take other official action that it is otherwise empowered to take.
(Act 2017-389, §2.)