reglab/statecodes huggingface dataset:
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 2A - State Banking Department. › Article 3 - Bureau of Savings and Loan. › Section 5-2A-62 - Supervisory Powers of Commissioner Generally; Approvals, etc., by Commissioner; Permits Required of Savings and Loan Associations.

Section 5-2A-62
Supervisory powers of commissioner generally; approvals, etc., by commissioner; permits required of savings and loan associations.
(a) The commissioner shall have general supervision over all associations and corporations which are subject to the provisions of Chapter 16 of this title. He shall enforce the purposes of Chapter 16 of this title by use of the powers therein conferred and by reference to the courts when required.
(b) Every approval by the commissioner given pursuant to the provisions of Chapter 16 of this title and every communication having the effect of an order or instruction to any association shall be in writing, signed by the commissioner under the seal of his office and shall be mailed by registered or certified mail to the association affected thereby, addressed to the president thereof at the home office of the association, and unless the association to which any approval or order is directed is an association having its accounts insured by a federal agency, it shall not be necessary to furnish a copy of such approval or order to any agency nor have any such federal agency concur in any such approval or order.
(c) No savings and loan association shall transact any business, except incident to obtaining corporate existence, until it shall have obtained from the Savings and Loan Commissioner a permit to transact business as a savings and loan association.
(Acts 1939, No. 459, p. 616; Code 1940, T. 5, §243; Acts 1943, No. 97, p. 99; Acts 1945, No. 122, p. 114; Code 1975, §5-2-62.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 2A - State Banking Department. › Article 4 - Bureau of Loans. › Section 5-2A-80 - Created; Supervisor of Bureau; Inspections; Records, Reports, etc., Not Open to Public.

Section 5-2A-80
Created; supervisor of bureau; inspections; records, reports, etc., not open to public.
To administer and enforce the provisions of chapter 18 of this title, there is hereby created in the State Banking Department the Bureau of Loans. The Superintendent of Banks shall, with the approval of the Governor and subject to the provisions of the merit system, appoint a Supervisor of the Bureau of Loans, who shall be the chief of the Bureau of Loans, and such other employees of said bureau as may be necessary. The Supervisor of the Bureau of Loans shall take and file with the Secretary of State the official oath and shall give bond in the penal sum of $10,000.00 for the faithful performance of the duties of his office. The Supervisor of the Bureau of Loans, for the purpose of discovering violations of Chapter 18 of this title, may investigate the loans and business of every person, copartnership and corporation by whom or by which any such loan shall be made, whether such person, copartnership or corporation shall act, or claim to act, as principal, agent or broker or under or without the authority of said chapter. All records, reports and other data submitted by any licensee to the Supervisor of the Bureau of Loans and the reporting of all investigations made under Chapter 18 of this title shall remain in said office and shall not be open to public inspection.
(Acts 1945, No. 159, p. 200, §5; Acts 1951, No. 787, p. 1385; Code 1975, §5-2-80.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 2A - State Banking Department. › Article 4 - Bureau of Loans. › Section 5-2A-81 - Revocation and Suspension of Licenses; Injunctive Relief as to Violations of Small Loan Act.

Section 5-2A-81
Revocation and suspension of licenses; injunctive relief as to violations of Small Loan Act.
(a) Upon 10 days' written notice to a licensee, stating the contemplated action and grounds therefor, and after giving the licensee a reasonable opportunity to be heard, the bureau shall suspend or revoke any license issued under Chapter 18 of this title if it finds:
(1) That the licensee is in default in the payment of the annual license fee or has failed to comply with any rule, regulation or order of the Bureau of Loans promulgated by it under authority of Chapter 18 of this title; or
(2) That a fact or condition exists as to the licensee which would have justified the bureau in refusing originally a license to him if the fact or condition had existed at the time of the original application for such license by him.
If the bureau finds that there exists probable cause for the suspension or revocation of any license and that the enforcement of Chapter 18 of this title requires immediate suspension of such license pending a complete investigation, it may, upon three days' written notice, and after a hearing, enter an order suspending such license for a period not exceeding 30 days, during which time no loans may be made by the licensee. Upon completion of its investigation, the bureau may reinstate the license or revoke the same or order such further suspension thereof as the circumstances may warrant.
(b) The supervisor may, either before or after the suspension or revocation of any license, apply to any court of competent jurisdiction for an injunction or other order enjoining or prohibiting any person from violating any of the provisions of Chapter 18 of this title or any rules, regulations or orders of the bureau, and upon a proper showing the court shall issue such injunction or order as may be deemed proper.
(Acts 1945, No. 159, p. 200, §5; Acts 1951, No. 787, p. 1385; Code 1975, §5-2-81.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 2A - State Banking Department. › Article 4 - Bureau of Loans. › Section 5-2A-82 - Appeals From Acts of Bureau or Supervisor.

Section 5-2A-82
Appeals from acts of bureau or supervisor.
Any person aggrieved by any order or act of the bureau or the supervisor may, within 30 days from the entry of the order complained of or within 60 days of the act complained of if there is no order, file a complaint or appeal from the order or act against the supervisor in the Circuit Court of Montgomery County or the circuit court of the county of the residence of the party aggrieved or the circuit court of the county wherein the party aggrieved does business and file security with the court for costs. Such complaint may pray for a reversal, rescission or modification of the order or act complained of and for such other relief as may be appropriate. It shall allege the facts relied upon as the basis for such relief. When the complaint has been filed, a summons shall be issued forthwith and shall be served upon the supervisor personally or by registered or certified mail addressed to his office in the State Banking Department. The summons shall be returnable within five days from its date but in all other respects it shall be made as in other civil actions. The allegations of the complaint shall be deemed to be denied without further pleading, and the court, upon application by either party, shall advance the cause and hear the same without delay. Mere technical irregularities in the procedure before the bureau shall be disregarded. Trial thereof shall be de novo, but on such hearing the act or order of the supervisor shall be prima facie correct and the burden shall be on the plaintiff to show that the bureau in issuing the order or in taking the action complained of was not justified. Any party to the proceeding may summon witnesses and compel their attendance as in criminal cases and may introduce evidence in addition to that relied upon by the bureau. A proceeding under this section shall be deemed to be a special proceeding and either party may appeal from a final judgment therein.
(Acts 1945, No. 159, p. 200, §5; Acts 1951, No. 787, p. 1385; Code 1975, §5-2-82.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 2A - State Banking Department. › Article 4 - Bureau of Loans. › Section 5-2A-83 - Payment of Salaries and Expenses.

Section 5-2A-83
Payment of salaries and expenses.
The salaries of the supervisor and employees of the Bureau of Loans and all other expenses incident to carrying out the duties of the supervisor and employees shall be paid as the salaries of other state officials and employees are paid, and the other said necessary expenses shall be paid as now provided by law.
(Acts 1945, No. 159, p. 200, §6; Acts 1947, No. 124, p. 36; Acts 1951, No. 787, p. 1385; Code 1975, §5-2-83.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 2A - State Banking Department. › Article 5 - Bureau of Credit Unions. › Division 1 - General Provisions. › Section 5-2A-100 - Created; Appointment of Supervisor and Other Employees; Supervisor's Oath and Bond; Investigations; Records, Reports, etc., Open to Public.

Section 5-2A-100
Created; appointment of supervisor and other employees; supervisor's oath and bond; investigations; records, reports, etc., open to public.
Repealed by Act 2014-317, §2, effective May 1, 2014.
(Acts 1971, No. 2293, p. 3694, §1; Code 1975, §5-2-100.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 2A - State Banking Department. › Article 5 - Bureau of Credit Unions. › Division 1 - General Provisions. › Section 5-2A-101 - Qualifications of Supervisor.

Section 5-2A-101
Qualifications of supervisor.
Repealed by Act 2014-317, §2, effective May 1, 2014.
(Acts 1971, No. 2293, p. 3694, §2; Code 1975, §5-2-101.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 2A - State Banking Department. › Article 5 - Bureau of Credit Unions. › Division 1 - General Provisions. › Section 5-2A-102 - Supervision, Inspection and Examinations of Credit Unions.

Section 5-2A-102
Supervision, inspection and examinations of credit unions.
Repealed by Act 2014-317, §2, effective May 1, 2014.
(Acts 1971, No. 2293, p. 3694, §10; Code 1975, §5-2-102.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 2A - State Banking Department. › Article 5 - Bureau of Credit Unions. › Division 1 - General Provisions. › Section 5-2A-103 - Payment of Operating Expenses.

Section 5-2A-103
Payment of operating expenses.
Repealed by Act 2014-317, §2, effective May 1, 2014.
(Acts 1971, No. 2293, p. 3694, §11; Code 1975, §5-2-103; Acts 1981, No. 81-852, p. 1529, §1.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 3A - Examinations of Banks; Reports of Banks. › Article 1 - Examination of Banks. › Section 5-3A-2 - Acceptance of Examinations and Reports of Federal Bank Regulatory Agency, Etc.

Section 5-3A-2
Acceptance of examinations and reports of federal bank regulatory agency, etc.
The superintendent is authorized to accept, in his discretion, in lieu of any examination authorized by the laws of this state to be conducted by his department the examination that may have been made of same within a reasonable period by a federal bank regulatory agency, provided a copy of said examination is furnished to said superintendent. Nothing in this section shall be construed to limit the duty of any banks in this state, deposits in which are to any extent insured under the provisions of the Federal Deposit Insurance Act or of any amendment of or substitution for the same, to comply with the provisions of said act, its amendments or substitutions or the requirements of said corporation relative to examinations and reports, nor to limit the powers of the superintendent with reference to examinations and reports under existing law.
(Acts 1980, No. 80-658, §5-3-2.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 3A - Examinations of Banks; Reports of Banks. › Article 1 - Examination of Banks. › Section 5-3A-4 - Expenses of Special Examinations.

Section 5-3A-4
Expenses of special examinations.
The expenses incidental to any special examination of banks, bank holding companies, or their affiliates shall be borne by the bank or bank holding company so examined, and such bank or bank holding company shall, on the call of the superintendent, pay into the Treasury of Alabama, earmarked for the use of the Banking Department, within 10 days after said examination, an amount not exceeding the actual expenses of such examination, including per diem, travel expenses and the pro rata portion of the salaries of the state employees engaged in making such examination.
(Acts 1980, No. 80-658, §5-3-4; Act 2011-589, p. 1306, §1.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 3A - Examinations of Banks; Reports of Banks. › Article 1 - Examination of Banks. › Section 5-3A-5 - Examination of Agency of Foreign Banks.

Section 5-3A-5
Examination of agency of foreign banks.
The superintendent shall have the power to examine or cause to be examined every agency located in this state of any foreign bank for the purpose of ascertaining whether it has violated any law of the state and for such other purposes and to such other matters as the superintendent may prescribe.
(Acts 1980, No. 80-658, §5-3-5.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 3A - Examinations of Banks; Reports of Banks. › Article 1 - Examination of Banks. › Section 5-3A-7 - False Swearing, etc., Before Bank Examiners or Superintendent.

Section 5-3A-7
False swearing, etc., before bank examiners or superintendent.
Any person who willfully or corruptly swears or affirms falsely, when being examined under oath by any bank examiner or the superintendent in regard to any material matter or thing, shall be guilty of perjury.
(Acts 1980, No. 80-658, §5-3-7.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 3A - Examinations of Banks; Reports of Banks. › Article 1 - Examination of Banks. › Section 5-3A-8 - Reports of Superintendent and Bank Examiners as to Examinations; Publication of Reports of Examination for Limited Purposes.

Section 5-3A-8
Reports of superintendent and bank examiners as to examinations; publication of reports of examination for limited purposes.
Each examiner shall report under oath to the superintendent the result of each examination made by him, which report the superintendent shall keep on file in his office for a period of not less than two years from the time of the making of such report. The superintendent shall have the power, and he is hereby authorized, to publish the report of his examination of any bank or any affiliate of a bank which shall not within 120 days after notification of the recommendations or suggestions of the superintendent, based on said examination, have complied with the same to his satisfaction. Ninety days' notice prior to such publication shall be given to the bank or affiliate of a bank.
(Acts 1980, No. 80-658, §5-3-8.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 3A - Examinations of Banks; Reports of Banks. › Article 1 - Examination of Banks. › Section 5-3A-9 - Loans, Gifts, Favors, etc., to Banking Department Employees From Banks, Employees, etc., Prohibited.

Section 5-3A-9
Loans, gifts, favors, etc., to Banking Department employees from banks, employees, etc., prohibited.
(a) No officer, agent or employee of any bank shall offer or give to an employee of the State Banking Department or his family, and no such employee nor his family shall solicit or receive anything of value directly or indirectly from a bank, including a gift, favor, or service or a promise of future employment. Expenses associated with social occasions afforded such employee shall not be deemed a thing of value within the meaning of this section or prohibited hereby.
(b) No superintendent, assistant superintendent, deputy superintendent or bank examiner of the State Banking Department shall, either directly or indirectly, be pecuniarily interested in nor borrow from a state bank. Debts now existing and any debt which may be owing at the time of employment to state banks may not be extended or renewed.
(c) Nothing herein shall be construed to prohibit the superintendent or a State Banking Department employee from owning a certificate of deposit in a state bank, however, no preferential rate shall be granted.
(Acts 1980, No. 80-658, §5-3-9; Acts 1988, No. 88-553, p. 869.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 3A - Examinations of Banks; Reports of Banks. › Article 1 - Examination of Banks. › Section 5-3A-10 - False Reports by Bank Examiners.

Section 5-3A-10
False reports by bank examiners.
Any bank examiner who shall make a report under oath as to the result of any examination made by him which is knowingly and willfully false shall be guilty of perjury.
(Acts 1980, No. 80-658, §5-3-10.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 3A - Examinations of Banks; Reports of Banks. › Article 1 - Examination of Banks. › Section 5-3A-11 - Reports of Examination; Meetings of Banking Board; Confidentiality.

Section 5-3A-11
Reports of examination; meetings of Banking Board; confidentiality.
All reports of examination, records reflecting action of a bank or bank holding company, or affiliate of either, taken pursuant thereto, and records and minutes of meetings of the Banking Board relating to a bank or several banks or a bank holding company, or affiliate of either, shall be confidential and shall not be subject to subpoena or inspection except by subpoena from a grand jury served on the superintendent.
(Acts 1980, No. 80-658, §5-3-11; Act 2011-589, p. 1306, §1; Act 2013-352, p. 1261, §1.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 3A - Examinations of Banks; Reports of Banks. › Article 1 - Examination of Banks. › Section 5-3A-12 - Semiannual Reports by Banks - Required; Verification.

Section 5-3A-12
Semiannual reports by banks - Required; verification.
All banks shall make to the superintendent, on the call of the superintendent for such report, not less than two reports during each year, according to the form which may be prescribed by the superintendent. Such report must be verified by the oath or affirmation by the president, cashier or secretary and by at least three directors of the bank to be correct to the best of their knowledge and belief of each.
(Acts 1980, No. 80-658, §5-3-12.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 3A - Examinations of Banks; Reports of Banks. › Article 1 - Examination of Banks. › Section 5-3A-13 - Semiannual Report by Banks - Special Reports of Banks.

Section 5-3A-13
Semiannual report by banks - Special reports of banks.
The superintendent may call for a special report from any particular bank whenever, in his judgment, the same is deemed necessary for the protection of the public or for a full and complete knowledge of the condition of the bank by the superintendent. A special report called for shall be made in all particulars as required by Sections 5-3A-14 and 5-3A-15, but the superintendent shall not have the right to require that such report be published in a newspaper.
(Acts 1980, No. 80-658, §5-3-13.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 3A - Examinations of Banks; Reports of Banks. › Article 1 - Examination of Banks. › Section 5-3A-14 - Semiannual Report by Banks - Form; Publication; Penalty for Late Report.

Section 5-3A-14
Semiannual report by banks - Form; publication; penalty for late report.
Each report required by Section 5-3A-12 shall exhibit in detail and under appropriate head the resources and liabilities of each bank at the close of business on any past day specified by the superintendent, not more than five days prior to the issue of the superintendent's call, which day for report shall be uniform throughout the state and shall be transmitted by the bank to the superintendent within 30 days after the receipt of a request or requisition therefor from him, and the same shall be published once by the bank in a newspaper in the city or town in which the bank is located, at the expense of said bank. If no newspaper is published in the town where the bank is located, publication must be made in a newspaper published in the nearest city. Proof of such publication shall be furnished by the bank to the superintendent in such manner as may be required by him, including the clippings of the report as published in the newspaper.
The superintendent shall prescribe to the bank the form for the published report made by the bank, which form shall contain such items as are deemed necessary by the superintendent to inform the public as to the financial condition of the bank. The superintendent shall see that each bank has published its report in accordance with the form prescribed and shall check such published report, using the newspaper clipping furnished him by the bank, with the sworn report of the bank filed with the superintendent.
If the report is not published by the bank, the superintendent shall, at the expense of the bank, publish the report. Each bank failing to transmit the report to the superintendent within 30 days after the receipt of a request shall pay $100.00 for each day after said 30 days. Said fee may be waived by the superintendent upon a showing of good cause by the party requesting the waiver.
(Acts 1980, No. 80-658, §5-3-14.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 3A - Examinations of Banks; Reports of Banks. › Article 1 - Examination of Banks. › Section 5-3A-15 - Semiannual Reports by Banks - Republication.

Section 5-3A-15
Semiannual reports by banks - Republication.
If there are discrepancies in the published report of the bank and the sworn report furnished to the superintendent and if, in the opinion of the superintendent, the discrepancies are due to clerical errors, the superintendent shall notify the bank to republish the report so as to conform with the sworn report filed with the superintendent, and the bank shall make such republication. If, in the opinion of the superintendent, the discrepancies in the published and sworn reports are not due to clerical errors, the superintendent shall forthwith publish a true and correct report as shown by the sworn report filed with the superintendent, stating in such publication that the published report of the bank did not conform to the sworn report on file with the superintendent, and the bank shall pay the costs and expenses of such republication.
(Acts 1980, No. 80-658, §5-3-15.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 3A - Examinations of Banks; Reports of Banks. › Article 1 - Examination of Banks. › Section 5-3A-16 - Failure to Pay for Publication of Bank Report by Superintendent.

Section 5-3A-16
Failure to pay for publication of bank report by superintendent.
Any bank which fails or refuses to pay the cost and expense of the publication by the superintendent of any report of the bank made in pursuance of the requirements of law shall pay to the state $100.00 plus cost of publication.
(Acts 1980, No. 80-658, §5-3-16.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 3A - Examinations of Banks; Reports of Banks. › Article 1 - Examination of Banks. › Section 5-3A-17 - Verification of False Report of Condition of Bank.

Section 5-3A-17
Verification of false report of condition of bank.
Any person who knowingly and willfully signs or verifies by oath or affirmation any false report of the condition of a bank to the superintendent, on call of the superintendent for such report, shall be guilty of perjury.
(Acts 1980, No. 80-658, §5-3-17.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 3A - Examinations of Banks; Reports of Banks. › Article 2 - Examination of Bank Services Providers Act. › Section 5-3A-30 - Short Title.

Section 5-3A-30
THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2018 REGULAR SESSION, EFFECTIVE APRIL 4, 2018. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT.
This article shall be known and may be cited as the Examination of Bank Service Providers Act.
(Act 2018-500, §2.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 3A - Examinations of Banks; Reports of Banks. › Article 2 - Examination of Bank Services Providers Act. › Section 5-3A-31 - Legislative Findings.

Section 5-3A-31
THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2018 REGULAR SESSION, EFFECTIVE APRIL 4, 2018. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT.
The Legislature finds and declares that the connections between banks and service providers create risks to the financial system, as banks are increasingly reliant on third parties to provide or enable key banking functions and other services. Because of the role service providers have in the safety and soundness of banks and the stability of the financial system, the Legislature finds that it is necessary for banking agencies to have authority to examine service providers. The purpose of this article is to authorize the Superintendent of Banks, through examiners appointed by the superintendent, to examine service providers that provide services to banks, other than national banks, subject to supervision and inspection by the superintendent.
(Act 2018-500, §2.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 3A - Examinations of Banks; Reports of Banks. › Article 2 - Examination of Bank Services Providers Act. › Section 5-3A-32 - Definitions.

Section 5-3A-32
THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2018 REGULAR SESSION, EFFECTIVE APRIL 4, 2018. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT.
For the purposes of this article, the following terms shall have the following meanings:
(1) SERVICE PROVIDER. Any person, company, corporation, or other legal entity that provides a covered service listed in Section 5-3A-33 to a serviced bank.
(2) SERVICED BANK. Every bank, bank holding company, bank service company, or any subsidiary or affiliate of a bank that is subject to the supervision of the superintendent pursuant to Section 5-3A-1, and for which covered services are performed by a service provider.
(Act 2018-500, §2.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 3A - Examinations of Banks; Reports of Banks. › Article 2 - Examination of Bank Services Providers Act. › Section 5-3A-33 - Regulation and Examination of Certain Service Providers; Covered Services.

Section 5-3A-33
THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2018 REGULAR SESSION, EFFECTIVE APRIL 4, 2018. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT.
(a) Whenever a serviced bank causes to be performed for itself, by contract or otherwise, any of the covered services listed in this section, the performance, condition, and affairs of the service provider are subject to regulation and examination to the same extent as if the services were being performed by the serviced bank itself when deemed necessary by the superintendent to ensure the safe and sound operation of a serviced bank or serviced banks or to respond to a danger, or potential danger, to the public welfare.
(b) For the purposes of this section, covered services include all of the following:
(1) Data processing services.
(2) Activities that support financial services including, but not limited to, lending, funds transfer, fiduciary activities, trading activities, and deposit taking.
(3) Internet related services including, but not limited to, web services and electronic bill payments, mobile applications, system and software development and maintenance, and security monitoring.
(c) For the purposes of this section, covered services do not include the following:
(1) Provision to a serviced bank of an interactive computer service or a general audience Internet or communications platform, except to the extent that the service or platform is specially designed or adapted for the business of banking and activities relating to the business of banking.
(2) When performed by attorneys who are not employees of the serviced bank, legal services the provision of which is conditioned by law on the existence and maintenance of a professional license to practice law by the attorney providing the legal services.
(d) In order to promote regulatory efficiency, in the event that a service provider has been examined by another state or federal financial services regulatory agency or by a member of the Federal Financial Institution Examinations Council (FFIEC), or any successor entity, in the immediately preceding 24 months, the superintendent may accept the results of the examination in lieu of conducting his or her own examination. Nothing in this article shall be construed as limiting or otherwise restricting the superintendent from participating in any examination by any other state or federal agency or a member of the FFIEC.
(Act 2018-500, §2.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 3A - Examinations of Banks; Reports of Banks. › Article 2 - Examination of Bank Services Providers Act. › Section 5-3A-34 - Confidentiality of Examination Reports; Availability of Copies.

Section 5-3A-34
THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2018 REGULAR SESSION, EFFECTIVE APRIL 4, 2018. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT.
Examination reports of service providers created or obtained by the superintendent or State Banking Department are confidential subject to Sections 5-3A-3 and 5-3A-11. The superintendent may furnish a copy, or portions thereof, of a report of any examination performed by the superintendent of the performance, condition, and affairs of any service provider and any other information obtained through examination of the service provider to entities as provided in Section 5-3A-3, including the board of directors of the serviced bank, under the same terms and with the same limitations as set forth for other examination reports, data, and information under Section 5-3A-3. Additionally, the superintendent may furnish copies of his or her reports of examination, and any other information obtained through examination of the service provider, to the FFIEC, and to the board of directors of the service provider, under the same terms and with the same limitations as provided in Section 5-3A-3.
(Act 2018-500, §2.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 3A - Examinations of Banks; Reports of Banks. › Article 2 - Examination of Bank Services Providers Act. › Section 5-3A-35 - Powers of Superintendent.

Section 5-3A-35
THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2018 REGULAR SESSION, EFFECTIVE APRIL 4, 2018. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT.
(a) The superintendent may enter into agreements, which shall be deemed sole source, one vendor, and one supplier contracts under the procurement laws of this state and shall be exempt from competitive and other bid requirements, with any bank supervisory agency that has concurrent jurisdiction over a service provider to do either of the following:
(1) Engage the services of the examiners of any bank supervisory agency at a reasonable rate of compensation.
(2) Provide the services of the examiners of the State Banking Department to any bank supervisory agency at a reasonable rate of compensation.
(b) The superintendent may enter into corrective agreements with a service provider or may issue corrective orders to a service provider if the superintendent determines the actions are necessary to ensure the safe and sound operation of a serviced bank or serviced banks or to respond to a danger, or potential danger, to the public welfare.
(c) The superintendent may enter into joint examinations or joint enforcement actions with other bank supervisory agencies having concurrent jurisdiction over a service provider.
(Act 2018-500, §2.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 4A - Retention of Bank Records. › Section 5-4A-1 - Certain Records to Be Retained; Disposition of Records After Retention for Prescribed Period; Reproduction of Records and Books.

Section 5-4A-1
Certain records to be retained; disposition of records after retention for prescribed period; reproduction of records and books.
(a) Every bank shall retain its business records for such periods as may be prescribed by regulation adopted pursuant to Section 5-2A-9.
(b) Any bank may dispose of any records which have been retained for the period prescribed by the superintendent.
(c) Any bank may cause any or all books and records at any time in its custody and books and records relating to trusts, estates and other fiduciary accounts, to be reproduced by photostatic, photographic, or microphotographic process, or by any other generally recognized reproduction process, and reproduction so made, whether enlarged or not, shall have the same force and effect as the original thereof and be admitted in evidence equally with the original.
(Acts 1980, No. 80-658, §5-4-1.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 4A - Retention of Bank Records. › Section 5-4A-2 - Applicability of Chapter to State and National Banks, Etc.

Section 5-4A-2
Applicability of chapter to state and national banks, etc.
This chapter shall be applicable to banks and, to the extent that they are not in contravention of any law or regulation of the United States, the provisions of this chapter shall apply and inure to the benefit of national banking associations doing business in this state.
(Acts 1980, No. 80-658, §5-4-2.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 5A - Organization and Operation of Banks. › Section 5-5A-1 - Procedure for Incorporation - Application for Permit.

Section 5-5A-1
Procedure for incorporation - Application for permit.
(a) The proposed incorporators of a bank shall execute and acknowledge an application for a permit in writing in the form prescribed by the superintendent and shall file the same in the office of the State Banking Department, which application shall be signed by all of the incorporators requesting a certificate authorizing the proposed bank to transact business at the place, time and under the name stated in said application.
(b) At the time of filing said application, the applicant shall pay to the superintendent a filing fee.
(c) The application shall name at a minimum five directors, and a majority of all directors shall be outside directors unless a written waiver is obtained from the superintendent. A director shall be deemed to be an outside director if the director will not serve as an officer, other than the chair, or an employee of the bank.
(d) The application shall name a chair, chief executive officer, a chief financial/operations officer, and a chief lending officer of the bank. The chair must be an outside director. The superintendent may exercise discretion and waive any of the above requirements by written notice.
(e) The superintendent shall designate the newspaper in which notice of intention to organize shall be published as required by Section 5-5A-2.
(Acts 1980, No. 80-658, §5-5-1; Act 2011-589, p. 1306, §1.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 5A - Organization and Operation of Banks. › Section 5-5A-2 - Procedure for Incorporation - Notice of Intention to Incorporate.

Section 5-5A-2
Procedure for incorporation - Notice of intention to incorporate.
Before a bank can become incorporated under the laws of Alabama, a notice of intention to organize such bank shall be published once a week for three successive weeks in the newspaper designated by the superintendent. Such notice shall specify the names of the proposed incorporators, the name of the proposed corporation, the place where it proposes to do business and the amount of capital paid in with which it will commence business, provided however, where the superintendent determines an emergency exists which might cause or has caused closing or liquidating an existing bank, the superintendent may waive such advance publication requirement in order to permit formation of a new bank, and such publication shall occur after the new bank commences business.
(Acts 1980, No. 80-658, §5-5-2.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 5A - Organization and Operation of Banks. › Section 5-5A-3 - Procedure for Incorporation - Affidavit of Proposed Incorporators; Affidavit of Proposed Stockholders; Submission of Proposed Certificate of Incorporation; Disclosure to Stockholders.

Section 5-5A-3
Procedure for incorporation - Affidavit of proposed incorporators; affidavit of proposed stockholders; submission of proposed certificate of incorporation; disclosure to stockholders.
After the notice of intention to incorporate has been published, the parties named as proposed incorporators in the published notice of the proposed corporation shall make an affidavit before some officer authorized to administer oaths and in said affidavit shall set forth the fact of publication of the notice as required by Section 5-5A-2, the names of the proposed stockholders, and the names of the proposed executive officers; and attach to the affidavit a copy of the published notice; and each proposed stockholder shall make an affidavit which shall state for himself that he bona fide intends to become a stockholder in the amount subscribed for in the proposed bank. These affidavits shall be filed with the superintendent; and, at the time of filing these affidavits, the proposed incorporators shall submit to the superintendent the proposed certificate of incorporation of the bank. The proposed incorporators must also disclose in writing to each proposed stockholder such data as the superintendent may require.
(Acts 1980, No. 80-658, §5-5-3.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 5A - Organization and Operation of Banks. › Section 5-5A-4 - Procedure for Incorporation - Investigation as to Fitness of Stockholders and Executive Officers and Necessity for Banks.

Section 5-5A-4
Procedure for incorporation - Investigation as to fitness of stockholders and executive officers and necessity for banks.
The superintendent shall ascertain whether the character and general fitness of the persons named as proposed incorporators, proposed stockholders and proposed executive officers in the affidavit and in the proposed certificate of incorporation are such as to command the confidence of the community in which such bank is proposed to be located, and the superintendent shall make this inquiry and determination, regardless of whether or not objections to the incorporation are filed with him. The superintendent shall investigate the convenience and need for a bank in the community where the same is proposed to be located and shall also ascertain if there is sufficient business in said community to support said bank.
(Acts 1980, No. 80-658, §5-5-4.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 5A - Organization and Operation of Banks. › Section 5-5A-5 - Procedure for Incorporation - Filing of Objections to Incorporation of Proposed Bank; Investigation of Objections.

Section 5-5A-5
Procedure for incorporation - Filing of objections to incorporation of proposed bank; investigation of objections.
Any bank doing business in the community or any reputable citizen in the community may file with the superintendent an objection to the incorporation of the proposed bank, provided that the superintendent may refuse to accept objections after 15 days from the last date of publication of the notice of intention to incorporate. If such objection is filed, the superintendent shall thoroughly and specifically inquire into and investigate the objections. The superintendent in his investigation may summon witnesses to appear before him, and may administer oaths to such witnesses, and may examine such witnesses under oath. The superintendent may in his discretion disclose in confidence to the proposed incorporators such information which relates to the proposed bank as he deems appropriate and the superintendent and employees of the Banking Department shall be immune from suit in their individual capacity because of such disclosure and information.
(Acts 1980, No. 80-658, §5-5-5.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 5A - Organization and Operation of Banks. › Section 5-5A-6 - Procedure for Incorporation - Certificate of Superintendent of Banks Authorizing Filing of Certificate of Incorporation.

Section 5-5A-6
Procedure for incorporation - Certificate of Superintendent of Banks authorizing filing of certificate of incorporation.
If the superintendent shall be satisfied from his investigation that the character and general fitness of the persons named as stockholders and executive officers are such as to command the confidence of the community in which such bank is proposed to be located and that there is sufficient business to support said bank in said community and that the convenience and needs of said community shall be served, he shall pass upon the sufficiency of the certificate of incorporation; and, if he approves the certificate he shall issue under his hand and official seal a certificate authorizing the proper official or officials to file the certificate of incorporation upon proof of payment of subscription to the capital subscribed for as required by law. The superintendent shall transmit the proposed certificate of incorporation, together with said certificate made by him to the official or officials with which a certificate of incorporation would be filed under the business corporation laws of this state, and the superintendent shall keep on file in his office a duplicate of the certificates made by him.
(Acts 1980, No. 80-658, §5-5-6.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 5A - Organization and Operation of Banks. › Section 5-5A-7 - Procedure for Incorporation - Filing and Recordation of Certificate of Incorporation.

Section 5-5A-7
Procedure for incorporation - Filing and recordation of certificate of incorporation.
The official or officials designated by the business corporation laws to file certificates of incorporation shall, upon the certificate of incorporation being duly signed by the incorporators and proof being duly made as required by law of the payment of subscription to the capital, file and record the certificate of incorporation and other papers necessary or deemed necessary in the incorporation of the bank, together with the said certificate issued by the superintendent.
(Acts 1980, No. 80-658, §5-5-7.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 5A - Organization and Operation of Banks. › Section 5-5A-8 - Procedure for Incorporation - Refusal to Permit Incorporation; Appeal From Refusal to Banking Board.

Section 5-5A-8
Procedure for incorporation - Refusal to permit incorporation; appeal from refusal to Banking Board.
If the superintendent is of the opinion from his investigation that the character and general fitness of the persons named as stockholders or executive officers are such as not to command the confidence of the community in which such bank is proposed to be located or that there is not a sufficient business to support said bank in said community or that the convenience or needs of said community shall not be served, he shall issue under his hand and official seal, a refusal to permit the incorporation of the proposed bank and a copy of his refusal shall be filed in the superintendent's office, and the refusal and the proposed certificate of incorporation shall be returned to the proposed incorporators or their agent. No right of appeal to the Banking Board exists except upon refusal of the superintendent to permit incorporation. Any proposed stockholder or individual may appeal from such refusal of the superintendent by written notice of appeal filed with the superintendent within 28 days of the notice of refusal to the Banking Board. The Banking Board may take evidence and examine witnesses with respect to the propriety and justice vel non of said refusal and may make such findings and orders as may be necessary either to confirm said refusal or to permit the incorporation of such bank. Full power and authority is hereby vested in the State Banking Board to review, revise, and reverse or confirm any ruling or finding or order of the superintendent denying the establishment of state banks and to take evidence and examine witnesses of all parties touching such matters. The Banking Board will notify all parties of its decision.
(Acts 1980, No. 80-658, §5-5-8.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 5A - Organization and Operation of Banks. › Section 5-5A-9 - Procedure for Incorporation - Judicial Review.

Section 5-5A-9
Procedure for incorporation - Judicial review.
Nothing in this chapter shall be construed to prevent the Circuit Court of Montgomery County, as provided by law, from reviewing and reversing either the action of the Banking Board in granting or refusing a charter or permitting the organization of a new bank or the action of the superintendent in granting a charter or permitting the organization of a new bank. Written notice of appeal must be filed with that court within 28 days of the order from which the appeal is taken. Upon proper proceedings, the court, after full hearing of the matters at issue, shall enter an order or judgment reversing or affirming the order appealed. The granting of a charter or permit by the superintendent or granting or refusal to grant a charter or permit by the Banking Board shall be taken as prima facie just and reasonable.
(Acts 1980, No. 80-658, §5-5-9.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 5A - Organization and Operation of Banks. › Section 5-5A-10 - Permit to Transact Business - Required.

Section 5-5A-10
Permit to transact business - Required.
No bank shall engage in the banking business until it shall have received from the superintendent a permit to transact a banking business. Any person who shall hereafter transact any business as an officer or agent of any bank hereafter incorporated, before such bank is authorized to transact business as a bank by the permit of the superintendent, shall be guilty of a misdemeanor and upon conviction, shall be fined not less than $1,000.00 nor more than $10,000.00. Each day on which said person transacts such business shall be a separate offense. The superintendent is empowered to seek an injunction from any court of competent jurisdiction enjoining such transaction of business.
(Acts 1980, No. 80-658, §5-5-10.)
2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 5A - Organization and Operation of Banks. › Section 5-5A-11 - Permit to Transact Business - Examination; Issuance and Recordation of Permit.

Section 5-5A-11
Permit to transact business - Examination; issuance and recordation of permit.
The superintendent shall, before issuing his permit to any bank to commence business under the application provided for in Section 5-5A-1, examine or cause an examination to be made in order to ascertain whether the requisite capital of such bank has been paid in cash. If the superintendent shall find that the requisite capital has been paid in cash, that the certificate of incorporation has been approved and recorded and that all other requirements for the issuance of the permit have been met, he shall issue his permit authorizing such bank to commence business at the place, time and under the name as stated in the application for the permit and to transact business in this state as a bank, which permit shall be recorded in the office of the superintendent in a book to be kept by him for that purpose, and a certified copy thereof shall be filed and recorded at the expense of the bank in the office of the official or officials with which the certificate of incorporation of the bank has been filed.
(Acts 1980, No. 80-658, §5-5-11.)