reglab/statecodes huggingface dataset:
Alabama Administrative Code › Title 155 - STATE BANKING DEPARTMENT BUREAU OF LOANS › Chapter 155-2-1 - GENERAL APPLICATION REGULATIONS › Section 155-2-1-.01 - Organization

Current through Register Vol. 42, No. 9, June 28, 2024
(1) The Alabama
			 State Banking Department is a statutorily-created department of the State of
			 Alabama.
(2) The Department is
			 under the direction, supervision, and control of the Superintendent of Banks,
			 who is appointed by the Governor.
(3) The Department has a statutorily-created
			 Division, the Bureau of Loans.
(4)
			 The Bureau of Loans is under the supervision of the Supervisor of the Bureau of
			 Loans, who is appointed by the Superintendent of Banks, with the approval of
			 the Governor and subject to the provisions of the merit system.
Author: Scott Corscadden, General Counsel
Statutory Authority:
Code of Alabama
1975, §
										5-2A-1, §
										5-2A-3, §
										5-2A-80, §
										5-19-1, §
										5-19-21
Alabama Administrative Code › Title 155 - STATE BANKING DEPARTMENT BUREAU OF LOANS › Chapter 155-2-1 - GENERAL APPLICATION REGULATIONS › Section 155-2-1-.02 - Rulemaking Proceedings

Current through Register Vol. 42, No. 9, June 28, 2024
(1)
			 Pursuant to the Alabama Small Loan Act, the Supervisor of the Bureau of Loans
			 is authorized to promulgate rules and regulations as may be necessary or
			 appropriate for the execution and enforcement of the Alabama Small Loan Act.
			 Pursuant to the Alabama Consumer Credit Act, the Superintendent of Banks (also
			 referred to as the "administrator") is authorized to promulgate rules and
			 regulations and official interpretations (all of which are referred to as
			 "regulations") and to issue written interpretations as may be necessary or
			 appropriate for the execution and enforcement of the Alabama Consumer Credit
			 Act.
(2) The Supervisor of the
			 Bureau of Loans is, by this regulation, an authorized designee for the purpose
			 of the issuance of written interpretations of the Alabama Consumer Credit Act
			 and the regulations thereunder and the Alabama Small Loan Act and the
			 regulations thereunder.
(3) The
			 regulations and interpretations of the State Banking Department-Bureau of Loans
			 implementing the Alabama Consumer Credit Act and Alabama Small Loan Act shall
			 be promulgated in accordance with the provisions of Section 5-19-21, and the
			 regulations shall be published in the
Alabama Administrative
			 Monthly
. Communications regarding regulatory proceedings should be
			 addressed to the State Banking Department - Bureau of Loans, Montgomery,
			 Alabama 36130.
Author: Scott Corscadden, General Counsel
Statutory Authority:
Code of
				  Alabama
1975, §
										5-19-21, §
										5-19-22
										§
										5-19-1, §
										5-19-21
Alabama Administrative Code › Title 155 - STATE BANKING DEPARTMENT BUREAU OF LOANS › Chapter 155-2-1 - GENERAL APPLICATION REGULATIONS › Section 155-2-1-.03 - Petition for Regulation, Amendment or Repeal

Current through Register Vol. 42, No. 9, June 28, 2024
(1) Any person who wishes to propose that the
			 State Banking Department adopt, amend, or repeal any consumer finance
			 regulation shall submit said proposal in the following form:
PETITION FOR ADOPTION AMENDMENT OR REPEAL OF
				REGULATION
1. This is a
			 petition:
() To adopt a regulation.
() To amend an existing regulation.
() To repeal an existing regulation.
2. This petition is presented by
			 (Petitioner):
Name:_____________________________________________________
Address:_____________________________________________________
Phone:_____________________________________________________
3. The person signing the petition
			 is:
() The true party in interest and is the petitioner.
() An officer or employee of the petitioner.
State
				Title:_____________________________________________________
() Other
				(Specify):_____________________________________________________
4. The petitioner's representative
			 is:
Name:_____________________________________________________
Address:_____________________________________________________
Phone:_____________________________________________________
5. If this petition proposes to
			 amend or repeal an existing regulation, specify the regulation:
Regulation
				No._____________________________________________________
6. If this petition proposes the adoption of
			 a new regulation, specify all existing regulations it would affect, and specify
			 what chapter of the Department's regulations it should be part of.
_____________________________________________________
7. Attach as "Exhibit A", a typed
			 (double-spaced) narrative as to why the adoption, amendment, or the repeal is
			 needed, specifying:
(A) The persons or class
			 of persons it would affect and how it would affect them.
(B) The benefits and disadvantages of the
			 adoption, amendment, or repeal.
(C)
			 The estimated cost or cost savings to the Department.
(D) Legal authority for the adoption,
			 amendment, or repeal.
(E) The names
			 and addresses of any persons, organizations, and the identity of any class of
			 persons who would be or could be adversely affected by the proposed regulation,
			 modification, or repeal.
(F) The
			 estimated cost or benefit to the consumer.
(G) Any other reasons for the adoption,
			 amendment, or repeal which should be considered by the Department.
8. Attach as "Exhibit B", any
			 other documents, reports or studies that you want to be considered in
			 connection with your petition.
Dated this the________ day of____________
_______________________
Signature of Petitioner or Representative
Note: The original and five (5) copies of the petition must be
				submitted to Supervisor of the Bureau of Loans, State Banking Department,
				Montgomery, Alabama 36130.
Alabama Administrative Code › Title 155 - STATE BANKING DEPARTMENT BUREAU OF LOANS › Chapter 155-2-1 - GENERAL APPLICATION REGULATIONS › Section 155-2-1-.04 - Request for Written Interpretation

Current through Register Vol. 42, No. 9, June 28, 2024
(1) The Superintendent or his designee may
			 issue written interpretations of the Alabama Consumer Credit Act and/or the
			 regulations issued thereunder and the Alabama Small Loan Act and/or the
			 regulations issued thereunder. A request for a written interpretation must be
			 made in writing and submitted to the State Banking Department - Bureau of
			 Loans, Montgomery, Alabama 36130.
Author: Scott Corscadden, General Counsel
Statutory Authority:
Code of Alabama
1975, §
										5-19-21, §
										5-18-12
Alabama Administrative Code › Title 155 - STATE BANKING DEPARTMENT BUREAU OF LOANS › Chapter 155-2-1 - GENERAL APPLICATION REGULATIONS › Section 155-2-1-.05 - Fee Schedule

Current through Register Vol. 42, No. 9, June 28, 2024
(1) The
			 following charges are in addition to those specifically required by the Alabama
			 Consumer Credit Act or Alabama Small Loan Act:
a. Copies
$ 1.00 per page
b. Certificate of Existence of
							 License
$10.00
c. Certification of Records
$10.00
d. List of Licensees
$25.00
e. Amendment to Existing License
$50.00
Author: Scott Corscadden, Supervisor, Bureau of Loans
Statutory Authority:
Code of Alabama
1975, §
										5-19-21, §
										5-18-6, §
										5-18-12
Alabama Administrative Code › Title 155 - STATE BANKING DEPARTMENT BUREAU OF LOANS › Chapter 155-2-1 - GENERAL APPLICATION REGULATIONS › Section 155-2-1-.06 - Application Forms

Current through Register Vol. 42, No. 9, June 28, 2024
Author: Scott Corscadden, Supervisor, Bureau of Loans
Statutory Authority:
Code of
				  Alabama
1975, §
										5-19-21, §
										5-19-22, §
										5-18-6
Alabama Administrative Code › Title 155 - STATE BANKING DEPARTMENT BUREAU OF LOANS › Chapter 155-2-1 - GENERAL APPLICATION REGULATIONS › Section 155-2-1-.07 - Examination Fees

Current through Register Vol. 42, No. 9, June 28, 2024
(1) Examination
			 fees shall be per day or a fraction thereof for each examiner, and the fee
			 shall be due and payable at the close of the examination. The examination fees
			 for examinations conducted under the various Acts shall be as follows:
a. Alabama Small Loan Act -
			 $200.00;
b. Alabama Mortgage
			 Brokers Licensing Act - $200.00;
c.
			 Alabama Consumer Credit Act - $300.00;
d. Deferred Presentment Services Act -
			 $300.00;
e. Alabama Pawnshop Act -
			 $400.00;
f. All desk examinations -
			 $100.00; and
g. Each additional
			 license in consolidated examination - $100.00.
Alabama Administrative Code › Title 155 - STATE BANKING DEPARTMENT BUREAU OF LOANS › Chapter 155-2-2 - ALABAMA CONSUMER CREDIT ACT REGULATIONS › Section 155-2-2-.01 - Licensing - Alabama Consumer Credit Act

Current through Register Vol. 42, No. 9, June 28, 2024
(1) The provisions of the Alabama Consumer
			 Credit Act require that a license for each proposed location be obtained from
			 the State Banking Department - Supervisor of the Bureau of Loans prior to
			 engaging in the business of making consumer loans or taking assignments of
			 consumer credit contracts unless otherwise exempt from licensing.
(2) A license is required for each location
			 of an Automated Loan Machine (ALM) where the application, approval, closing and
			 issuance of a check takes place while the applicant is at the ALM.
(3) The exemption as to licensing contained
			 in Section 5-19-22(a) for
			 banks chartered by this state or any other state, banks chartered by the United
			 States, trust companies, savings or building and loan associations, savings
			 banks, and other thrift institutions, credit unions, and life insurance
			 companies shall not apply to consumer finance subsidiaries of those exempt
			 entities.
(4) Prior to the issuance
			 of a license, the applicant shall have executed and submitted a license
			 application in the form prescribed by the Supervisor and shall include, upon
			 request, additional information, statements and representations as may be
			 required to enable the Supervisor to make the determination as to issuance or
			 denial of license.
(5) Prior to the
			 issuance of a license, the applicant shall have submitted satisfactory evidence
			 that it has tangible net worth/capital of not less than $25,000.00 available
			 for the operation of the business under the Alabama Consumer Credit
			 Act.
(6) Prior to the issuance of a
			 license, the applicant shall have tendered the investigation fee and the
			 license fee as required by the Alabama Consumer Credit Act to the Supervisor
			 simultaneously with the filing of the license application. Separate checks for
			 each fee are required and each should be payable to the State Banking
			 Department.
(7) A licensee shall
			 notify and submit the license issued by the Department to the Supervisor within
			 thirty (30) days of the closing of a licensed office.
Author: Scott Corscadden, Supervisor, Bureau of Loans
Statutory Authority:
Code of
				  Alabama
1975, §
										5-19-21, §
										5-19-22
Alabama Administrative Code › Title 155 - STATE BANKING DEPARTMENT BUREAU OF LOANS › Chapter 155-2-2 - ALABAMA CONSUMER CREDIT ACT REGULATIONS › Section 155-2-2-.02 - Renewal Application - Alabama Consumer Credit Act

Current through Register Vol. 42, No. 9, June 28, 2024
(1) Application for renewal of license shall
			 be submitted in the form prescribed by the Supervisor and shall include such
			 information, statements and representations as may otherwise be required by the
			 Supervisor.
Author: Scott Corscadden, Supervisor, Bureau of Loans
Statutory Authority:
Code of
				  Alabama
1975, §
										5-19-21, §
										5-19-22
Alabama Administrative Code › Title 155 - STATE BANKING DEPARTMENT BUREAU OF LOANS › Chapter 155-2-2 - ALABAMA CONSUMER CREDIT ACT REGULATIONS › Section 155-2-2-.03 - Amendment of License - Alabama Consumer Credit Act

Current through Register Vol. 42, No. 9, June 28, 2024
(1) Any amendment of the license shall
			 require the prior approval of the Supervisor. Authorized amendments, including
			 but not limited to changes in location or trade name, shall be made only upon
			 written request of the licensee and submission of the current
			 license.
(2) Failure to obtain the
			 prior approval of the Supervisor may result in a fine not to exceed
			 $500.00.
(3) Any amendment of the
			 license shall be accompanied by the fee provided for in Rule
			 155-2-1-.05(1)(e).
Author: Scott Corscadden, Supervisor, Bureau of Loans
Statutory Authority:
Code of
				  Alabama
1975, §
										5-19-21, §
										5-19-22, §
										5-19-25
Alabama Administrative Code › Title 155 - STATE BANKING DEPARTMENT BUREAU OF LOANS › Chapter 155-2-2 - ALABAMA CONSUMER CREDIT ACT REGULATIONS › Section 155-2-2-.04 - Changes in Ownership - Alabama Consumer Credit Act

Current through Register Vol. 42, No. 9, June 28, 2024
(1) A licensee, other than a licensee whose
			 shares are publicly traded, shall notify the Supervisor, in writing, of any
			 changes affecting ownership and submit such information as the Supervisor may
			 require consistent with the provisions of the Alabama Consumer Credit Act. The
			 Supervisor may request such information at any time should he or she have
			 reasonable cause to believe a change in licensee's ownership has
			 occurred.
Author: Scott Corscadden, General Counsel
Statutory Authority:
Code of
				  Alabama
1975, §
										5-19-21, §
										5-19-22
Alabama Administrative Code › Title 155 - STATE BANKING DEPARTMENT BUREAU OF LOANS › Chapter 155-2-2 - ALABAMA CONSUMER CREDIT ACT REGULATIONS › Section 155-2-2-.05 - Office Copy of Act and Regulations - Alabama Consumer Credit Act

Current through Register Vol. 42, No. 9, June 28, 2024
(1) Each licensed
			 location shall maintain a file containing a copy of the Act and a copy of all
			 current regulations issued thereunder.
Author: Scott Corscadden, General Counsel
Statutory Authority:
Code of
				  Alabama
1975, §
										5-19-21, §
										5-19-22
Alabama Administrative Code › Title 155 - STATE BANKING DEPARTMENT BUREAU OF LOANS › Chapter 155-2-2 - ALABAMA CONSUMER CREDIT ACT REGULATIONS › Section 155-2-2-.06 - Additional Reports and Records - Alabama Consumer Credit Act

Current through Register Vol. 42, No. 9, June 28, 2024
(1) In addition to
			 the reports and records required elsewhere in the Act and regulations, each
			 licensee shall maintain and/or submit to the Bureau of Loans such other reports
			 and records at such time and in such form as the Supervisor shall
			 require.
Author: Scott Corscadden, General Counsel
Statutory Authority:
Code of
				  Alabama
1975, §
										5-19-21, §
										5-19-22
Alabama Administrative Code › Title 155 - STATE BANKING DEPARTMENT BUREAU OF LOANS › Chapter 155-2-2 - ALABAMA CONSUMER CREDIT ACT REGULATIONS › Section 155-2-2-.07 - Restricted Activities - Alabama Consumer Credit Act

Current through Register Vol. 42, No. 9, June 28, 2024
Any and all collection activity procedures and practices by a
				licensee must be conducted in accordance with applicable law. Unreasonable
				collection tactics shall include but not be limited to any conduct by the
				licensee or employee or agent thereof which:
(1) Causes the borrower or any member of the
			 borrower's family to suffer or reasonably fear bodily injury or physical
			 harm.
(2) Constitutes a willful or
			 intentional trespass by force of the borrower's home or the borrower's personal
			 property, without process of law.
(3) Involves use of printed material which
			 simulates or resembles summons, warrants or other legal processes.
(4) Although otherwise lawful, occurs at an
			 unreasonable hour of the night. Attempts to make collections by means of
			 personal visits, telephone calls and the like shall be prima facie unreasonable
			 if they occur between the hours of 9:00 p.m. and 6:00 a.m.
(5) Denies the borrower the possession of or
			 use of items of personal property belonging to the borrower unless the borrower
			 has granted the lender a security interest in the property and the lender has
			 subsequently obtained possession of such property in accordance with applicable
			 law.
(6) Threatens or commences
			 criminal prosecutions for worthless checks pursuant to
Ala.
			 Code
§
								13A-9-13.1, when a personal check
			 is held as security for the loan.
Author: V. Lynne Windham, Associate Counsel
Statutory Authority:
Code of
				  Alabama
1975, Sections
				  5-19-21 and
				  5-19-29;
Ala.
				  Const
., Art. I §20
Alabama Administrative Code › Title 155 - STATE BANKING DEPARTMENT BUREAU OF LOANS › Chapter 155-2-2 - ALABAMA CONSUMER CREDIT ACT REGULATIONS › Section 155-2-2-.08 - Other Business Activities - Alabama Consumer Credit Act

Current through Register Vol. 42, No. 9, June 28, 2024
(1) A licensee
			 shall not establish or conduct any other business in the same physical premises
			 as the licensed place of business without having obtained prior written
			 approval of the Supervisor.
(2)
			 Such other business must be conducted in a manner that will involve no evasion
			 or violation of the Act. Records of other business activities shall be
			 maintained separate and apart from licensed activity records and shall be
			 subject to review by the Department.
(3) Any prior written permission or
			 non-objection letters to conduct other business, other than the sale of
			 insurance products pursuant to Section
			 5-19-20(i) and
			 Regulation
			 155-2-2-.12, shall remain in
			 effect unless revoked, suspended or withdrawn.
(4) Each licensee shall maintain a copy of
			 any written permission or non-objection letter issued by the Supervisor at each
			 licensed location.
Author: Scott Corscadden, General Counsel
Statutory Authority:
Code of
				  Alabama
1975, §
										5-19-21
Alabama Administrative Code › Title 155 - STATE BANKING DEPARTMENT BUREAU OF LOANS › Chapter 155-2-2 - ALABAMA CONSUMER CREDIT ACT REGULATIONS › Section 155-2-2-.09 - Finance Charge - Alabama Consumer Credit Act

Current through Register Vol. 42, No. 9, June 28, 2024
(1) For the purposes of determining whether
			 the finance charges on any credit transaction with an amount financed of less
			 than $2,000 produces a yield greater than the yield permitted by Section
			 5-19-3(a), the
			 calculation must be determined using the annual percentage rate resulting from
			 the rates established in Section
			 5-19-3(a)(1) and
			 (2)   and in compliance with the provisions of
			 Section 5-19-3(d).
(2) Permissible prepaid finance charges
			 include the points permitted under Section
			 5-19-4(g) and the
			 interest surcharge permitted under Section
			 8-8-14(a).
(3) As an alternative to the finance charges
			 authorized in Section
			 5-19-3(a) or
			 referenced in Section
			 5-19-3(e), any
			 creditor instead may charge or impose the same rate of interest or finance
			 charge to the same extent and under the same circumstances and conditions as
			 any other federal lending institution having its principal place of business in
			 Alabama, as authorized by and subject to the provisions of Section
			 8-8-1.1.
(4) The determination of whether the charges
			 or premium paid for debt cancellation coverage are considered finance charge
			 shall be determined in accordance with Section 106 of the Federal Truth in
			 Lending Act, 15 U.S.C. §
									1605, and the regulations of the Federal
			 Reserve Board promulgated pursuant to the Federal Truth in Lending Act,  12
			 C.F.R. part 226, and the Official Staff Commentary adopted by the Federal
			 Reserve Board pursuant to that regulation.
Author: Scott Corscadden, General Counsel
Statutory Authority:
Code of
				  Alabama
1975, §
										5-19-3, §
										5-19-21
Alabama Administrative Code › Title 155 - STATE BANKING DEPARTMENT BUREAU OF LOANS › Chapter 155-2-2 - ALABAMA CONSUMER CREDIT ACT REGULATIONS › Section 155-2-2-.11 - Deferral and Extension Charges - Alabama Consumer Credit Act

Current through Register Vol. 42, No. 9, June 28, 2024
(1) On a
			 pre-computed consumer credit transaction, a deferral charge may be computed by
			 multiplying the final month finance charge refund under the Rule of 78s,
			 exclusive of any earned additional day charges included in the first payment
			 and/or any prepaid finance charges, by the number of months the payment is
			 deferred.
(2) When one or more
			 deferral charges have been made in a scheduled contract, upon renewal or
			 repayment, the number of months elapsed in the contract shall be reduced by the
			 number of deferral charges paid. Refunds shall then be computed on the original
			 finance charge, exclusive of any earned additional day charges included in the
			 first payment and/or any prepaid finance charges, in accordance with Sections
			 5-19-4(c) and
			 5-19-4(d) of the
			 Alabama Consumer Credit Act.
(3) On
			 a pre-computed consumer credit transaction when the first payment date is
			 extended, a charge for each additional day may be assessed in an amount not in
			 excess of the maximum finance charges authorized by the Alabama Consumer Credit
			 Act. Such additional charges shall be included in the first payment and, except
			 in the case when daily pro rata refunds are required, not subject to rebate
			 once the extended period has passed.
(4) Prepayment penalties may be provided for
			 in a consumer credit transaction contract and assessed in a simple interest
			 transaction only where the original amount financed is equal to or greater than
			 $2,000 and (a) the transaction involves an interest in real property and the
			 creditor is exempt from licensing under the Alabama Consumer Credit Act; or (b)
			 the creditor is a trust institution or an exempt trust as described in Section
			 5-19-31(a). In all
			 other situations, whether the consumer credit transaction is simple interest or
			 pre-computed, the inclusion of a prepayment penalty is not permissible under
			 the Alabama Consumer Credit Act.
Author: Scott Corscadden, Supervisor, Bureau of Loans
Statutory Authority:
Code of
				  Alabama
1975, §
										5-19-3, §
										5-19-4, §
										5-19-21
Alabama Administrative Code › Title 155 - STATE BANKING DEPARTMENT BUREAU OF LOANS › Chapter 155-2-2 - ALABAMA CONSUMER CREDIT ACT REGULATIONS › Section 155-2-2-.12 - Insurance - Alabama Consumer Credit Act

Current through Register Vol. 42, No. 9, June 28, 2024
(1) All insurance offered and written
			 pursuant to Section
			 5-19-20 shall be with a company
			 licensed to do business in the State of Alabama and shall be in accordance with
			 the Rules, Regulations and Orders of the Alabama Department of Insurance in
			 effect at the time the insurance is written. A schedule of rates, policy forms
			 and certificates or statement of insurance shall be maintained by each licensee
			 at each licensed location showing evidence of such filing and/or
			 approval.
(2) Credit Life
			 Insurance. The maximum rates for credit life insurance shall not exceed the
			 following:
a. If the premiums are paid on the
			 monthly basis, $1.23 per month per $1,000 of the outstanding insured
			 indebtedness.
b. If the premiums
			 are paid on a single premium basis, the summation of the monthly premiums
			 calculated in accordance with (a) above.
c. For single payment consumer credit
			 contracts, $1.60 per $100 per annum based on the total of payments.
d. Joint credit life insurance coverage may
			 be written on both the principal debtor and on one co-signer to the consumer
			 credit contract. The maximum rate for such coverage shall not exceed an amount
			 equal to 150% of the premium rates shown above.
Alabama Administrative Code › Title 155 - STATE BANKING DEPARTMENT BUREAU OF LOANS › Chapter 155-2-2 - ALABAMA CONSUMER CREDIT ACT REGULATIONS › Section 155-2-2-.13 - Refunds - Alabama Consumer Credit Act

Current through Register Vol. 42, No. 9, June 28, 2024
(1) When any debt is prepaid in full,
			 renewed, or refinanced, all insurance provided by a creditor, either as seller,
			 lessor, lender or assignee, (such as credit life, accident and health,
			 involuntary unemployment insurance, single interest or modified single interest
			 auto and property) shall be canceled as of the date of prepayment, renewal or
			 refinancing with such termination to be without prejudice to any claim. Refund
			 of unearned premiums, except the premium for credit life insurance which shall
			 be deemed fully earned as of the date of death, shall be made at that time by
			 the creditor to whom payments are made and shall be in accordance with the
			 refund regulations as determined by the Commissioner of Insurance for the State
			 of Alabama.
(2) No refund of less
			 than $1.00 need be made on any single insurance coverage.
Author: Scott Corscadden, General Counsel
Statutory Authority:
Code of Alabama
1975, §
										5-19-4, §
										5-19-20, §
										5-19-21
Alabama Administrative Code › Title 155 - STATE BANKING DEPARTMENT BUREAU OF LOANS › Chapter 155-2-2 - ALABAMA CONSUMER CREDIT ACT REGULATIONS › Section 155-2-2-.14 - Examination Fees - Alabama Consumer Credit Act

Current through Register Vol. 42, No. 9, June 28, 2024
Author: Scott Corscadden, Supervisor, Bureau of Loans
Statutory Authority:
Code of
				  Alabama
1975, §
										5-19-21, §
										5-19-24, §
										5-2A-24
Alabama Administrative Code › Title 155 - STATE BANKING DEPARTMENT BUREAU OF LOANS › Chapter 155-2-2 - ALABAMA CONSUMER CREDIT ACT REGULATIONS › Section 155-2-2-.15 - Refinancing - Alabama Consumer Credit Act

Current through Register Vol. 42, No. 9, June 28, 2024
(1) If more than one existing pre-computed
			 consumer credit transaction contract will be consolidated, the annual
			 percentage rate for the newly consolidated pre-computed consumer credit
			 transaction contract shall not exceed the lowest annual percentage rate of any
			 prior existing pre-computed consumer credit transaction contract or contracts
			 to be consolidated. Where an existing pre-computed consumer credit transaction
			 contract of less than two thousand dollars ($2,000) is consolidated or
			 refinanced with a subsequent precomputed consumer credit transaction contract,
			 such that the amount financed exceeds two thousand dollars ($2,000), the
			 restriction contained in Section
			 5-19-17(c) is
			 still applicable.
(2) The
			 determination or measurement of the annual percentage rate shall be at the time
			 of the consummation of the pre-computed consumer credit transaction in
			 question, without regard to actual timing and receipt of payments.
(3) The fee for filing an application for
			 certificate of title, as well as any statutorily authorized fee charged by a
			 designated agent of the Department of Revenue, may be charged in connection
			 with the consolidation or refinancing of any existing pre-computed consumer
			 credit transaction contract, and shall not be considered a duplicate fee or
			 expense under Section
			 5-19-17(c).
(4) The interest surcharge permitted by
			 Section 8-8-14(a) may be
			 assessed in a subsequent pre-computed consumer credit transaction contract,
			 notwithstanding its assessment on a prior existing pre-computed consumer credit
			 transaction contract; and, such interest surcharge is not considered a
			 duplicate fee or expense under Section
			 5-19-17(c).
(5) Points permitted by Section
			 5-19-4(g) are
			 considered a duplicate fee or expense for purposes of Section
			 5-19-17(c) and may
			 not be assessed in a subsequent precomputed consumer credit transaction
			 contract.
Author: Scott Corscadden, General Counsel
Statutory Authority:
Code of Alabama
1975, §
										5-19-17, §
										5-19-21
Alabama Administrative Code › Title 155 - STATE BANKING DEPARTMENT BUREAU OF LOANS › Chapter 155-2-2 - ALABAMA CONSUMER CREDIT ACT REGULATIONS › Section 155-2-2-.16 - Annual Report - Alabama Consumer Credit Act

Current through Register Vol. 42, No. 9, June 28, 2024
(1) In addition to the records required
			 elsewhere in the Alabama Consumer Credit Act and Regulations, each licensee
			 shall, on or before the first day of May of each year, submit to the
			 Superintendent of Banks a report covering its activities under the Alabama
			 Consumer Credit Act. Such report shall be on forms furnished by the Banking
			 Department and shall be submitted to the State Banking Department, Montgomery,
			 Alabama 36130.
(2) Failure to file
			 an annual report by the first day of May of each year shall result in a $500
			 fine.
(3) Failure to file an
			 accurate annual report by the first day of May of each year may result in an
			 additional $500 fine.
Author: Scott Corscadden, General Counsel
Statutory Authority:
Code of Alabama
1975, §
										5-19-21, §
										5-19-24
Alabama Administrative Code › Title 155 - STATE BANKING DEPARTMENT BUREAU OF LOANS › Chapter 155-2-2 - ALABAMA CONSUMER CREDIT ACT REGULATIONS › Section 155-2-2-.17 - Minimum Loan Term - Alabama Consumer Credit Act

Current through Register Vol. 42, No. 9, June 28, 2024
(1) The minimum term for repayment in all
			 consumer credit transactions is thirty days for any credit transaction with an
			 original amount financed that is less than two thousand dollars
			 ($2,000).
Author: V. Lynne Windham, Associate Counsel
Statutory Authority: Code of Alabama 1975, Sections
				  5-19-3 and
				  5-19-21
Alabama Administrative Code › Title 155 - STATE BANKING DEPARTMENT BUREAU OF LOANS › Chapter 155-2-2 - ALABAMA CONSUMER CREDIT ACT REGULATIONS › Section 155-2-2-.18 - Mortgage Loan Modification - Alabama Consumer Credit Act

Current through Register Vol. 42, No. 9, June 28, 2024
(1) Any person
			 engaged in the business of providing consumer mortgage loan modification
			 services for loans secured by residential real property located in the State of
			 Alabama, for compensation, is required to be licensed under Chapter 19 or
			 Chapter 25 of Title 5 of the Code of Alabama unless otherwise exempt from
			 licensing under Chapter 19 and Chapter 25, as applicable. Any consumer mortgage
			 loan modification service provider licensed under the Mortgage Brokers
			 Licensing Act or Alabama Consumer Credit Act is allowed to charge and collect a
			 fee of not more than $500.00 for consumer mortgage loan modification services.
			 No part of this fee may be paid to the mortgagee or person related to the
			 mortgagee. No fee charged by a loan modification service provider greater than
			 $500.00 is permitted or considered bona fide and reasonable under Section
			 5-19-4(f).
			 Attorneys acting in the capacity of attorney for the borrower and not attorney
			 for the mortgage loan modification service provider are not subject to this
			 regulation. Mortgagees on loans that are being modified are not engaged in the
			 business of providing consumer mortgage loan modification services under this
			 regulation.
Author: W. Mark Anderson III, Deputy General Counsel
Statutory Authority: Code of Alabama 1975, Sections
				  5-19-4(f)(6),
				  5-19-21(b)(1) and
				  5-25-13(b)(1)
Alabama Administrative Code › Title 155 - STATE BANKING DEPARTMENT BUREAU OF LOANS › Chapter 155-2-3 - ALABAMA SMALL LOAN ACT REGULATIONS › Section 155-2-3-.01 - Licensing - Small Loan Act

Current through Register Vol. 42, No. 9, June 28, 2024
(1)
			 The provisions of the Alabama Small Loan Act require that a license be obtained
			 from the Alabama State Banking Department-Bureau of Loans prior to lending
			 money under that Act.
(2) Prior to
			 the issuance of a license, the applicant shall have executed and submitted a
			 license application in the form prescribed by the Supervisor of the Bureau of
			 Loans and shall include such information, statements, and representations as
			 may be required by the Supervisor to make a determination as to the issuance or
			 denial of license.
(3) Prior to the
			 issuance of a license, the applicant shall have submitted satisfactory evidence
			 that the applicant has unencumbered cash assets of not less than $10,000.00
			 available for the operation of the business under the Small Loan Act.
(4) Prior to the issuance of a license, the
			 applicant shall have tendered an investigation fee and the license fee as
			 required by the Small Loan Act to the Supervisor simultaneously with the filing
			 of the license application. Separate checks for each fee are required and each
			 should be payable to the State Banking Department.
(5) A licensee shall notify and submit the
			 license issued by the Department to the Supervisor within thirty (30) days of
			 the closing of a licensed office.
Author: Scott Corscadden, General Counsel
Statutory Authority:
Code of
				  Alabama
1975, §
										5-18-4, §
										5-18-5, §
										5-18-12
Alabama Administrative Code › Title 155 - STATE BANKING DEPARTMENT BUREAU OF LOANS › Chapter 155-2-3 - ALABAMA SMALL LOAN ACT REGULATIONS › Section 155-2-3-.02 - Renewal Application - Small Loan Act

Current through Register Vol. 42, No. 9, June 28, 2024
(1) The provisions of the Alabama Small Loan
			 Act require that a license be obtained from the Alabama State Banking
			 Department-Bureau of Loans prior to lending money under that Act.
(2) Prior to the issuance of a license, the
			 applicant shall have executed and submitted a license application in the form
			 prescribed by the Supervisor of the Bureau of Loans and shall include such
			 information, statements, and representations as may be required by the
			 Supervisor to make a determination as to the issuance or denial of
			 license.
(3) Prior to the issuance
			 of a license, the applicant shall have submitted satisfactory evidence that the
			 applicant has unencumbered cash assets of not less than $10,000.00 available
			 for the operation of the business under the Small Loan Act.
(4) Prior to the issuance of a license, the
			 applicant shall have tendered an investigation fee and the license fee as
			 required by the Small Loan Act to the Supervisor simultaneously with the filing
			 of the license application. Separate checks for each fee are required and each
			 should be payable to the State Banking Department.
(5) A licensee shall notify and submit the
			 license issued by the Department to the Supervisor within thirty (30) days of
			 the closing of a licensed office.
Author: Scott Corscadden, General Counsel
Statutory Authority:
Code of
				  Alabama
1975, §
										5-18-4, §
										5-18-5, §
										5-18-12
Alabama Administrative Code › Title 155 - STATE BANKING DEPARTMENT BUREAU OF LOANS › Chapter 155-2-3 - ALABAMA SMALL LOAN ACT REGULATIONS › Section 155-2-3-.03 - Amendment of License - Small Loan Act

Current through Register Vol. 42, No. 9, June 28, 2024
(1) Any amendment of the license shall
			 require the prior approval of the Supervisor. Authorized amendments, including
			 but not limited to changes in location or trade name, shall be made only upon
			 written request of the licensee and submission of the current
			 license.
Author: Scott Corscadden, General Counsel
Statutory Authority:
Code of
				  Alabama
1975, §
										5-18-8, §
										5-18-12
Alabama Administrative Code › Title 155 - STATE BANKING DEPARTMENT BUREAU OF LOANS › Chapter 155-2-3 - ALABAMA SMALL LOAN ACT REGULATIONS › Section 155-2-3-.04 - Changes in Ownership - Small Loan Act

Current through Register Vol. 42, No. 9, June 28, 2024
(1) A licensee, other than a licensee whose
			 shares are publicly traded, shall notify the Supervisor, in writing, of any
			 changes affecting ownership and submit such information as the Supervisor may
			 require consistent with the provisions of the Small Loan Act. The Supervisor
			 may request such information at any time should he or she have reasonable cause
			 to believe a change in licensee's ownership has occurred.
Author: Scott Corscadden, General Counsel
Statutory Authority:
Code of Alabama
1975, §
										5-18-6, §
										5-18-9, §
										5-18-12
Alabama Administrative Code › Title 155 - STATE BANKING DEPARTMENT BUREAU OF LOANS › Chapter 155-2-3 - ALABAMA SMALL LOAN ACT REGULATIONS › Section 155-2-3-.05 - Restricted Activities - Small Loan Act

Current through Register Vol. 42, No. 9, June 28, 2024
(1) No licensee shall advertise, display, or
			 distribute mailing pieces which may be mistaken for any negotiable instrument
			 whatsoever.
(2) No licensee shall
			 employ unqualified superlatives in advertising, such as "lowest rates", "lowest
			 costs", "lowest payment plan", or "cheapest loans."
(3) Advertisements, statements, display
			 signs, solicitations to prospective customers, any communication made by or at
			 the behest of a licensee intended as a public statement by said licensee, or
			 any printed matter, including stationery imprinted with the name of the
			 licensee, may identify that licensee as "a licensee under the Alabama Small
			 Loan Act." No other wording may be used with reference to any degree of state
			 supervision of licensee's business.
Author: Scott Corscadden, General Counsel
Statutory Authority:
Code of Alabama
1975, §
										5-18-9, §
										5-18-12, §
										5-18-13
Alabama Administrative Code › Title 155 - STATE BANKING DEPARTMENT BUREAU OF LOANS › Chapter 155-2-3 - ALABAMA SMALL LOAN ACT REGULATIONS › Section 155-2-3-.06 - Collection Activities - Small Loan Act

Current through Register Vol. 42, No. 9, June 28, 2024
Any and all collection activity procedures and practices must
				be conducted in a reasonable manner. Unreasonable collection tactics shall
				include but not be limited to any conduct by the licensee or employee or agent
				thereof which:
(1) Causes the borrower
			 or any member of the borrower's family to suffer or reasonably fear bodily
			 injury or physical harm.
(2)
			 Constitutes a willful or intentional trespass by force of the borrower's home
			 or the borrower's personal property, without process of law.
(3) Involves use of printed material which
			 simulates or resembles summons, warrants or other legal processes.
(4) Although otherwise lawful, occurs at an
			 unreasonable hour of the night. Attempts to make collections by means of
			 personal visits, telephone calls and the like shall be prima facie unreasonable
			 if they occur between the hours of 9:00 p.m. and 6:00 a.m.
(5) Denies the borrower the possession of or
			 use of items of personal property belonging to the borrower unless the borrower
			 has granted the lender a security interest in the property and the lender has
			 subsequently obtained possession of such property in accordance with applicable
			 law.
(6) Threatens or commences
			 criminal prosecutions for worthless checks pursuant to
Ala.
			 Code
§
								13A-9-13.1, when a personal check
			 is held as security for the loan.
Author: V. Lynne Windham, Associate Counsel
Statutory Authority:
Code of Alabama
1975, Sections
				  5-18-9 and
				  5-18-12;
Ala.
				  Const
., Art. I §20
Alabama Administrative Code › Title 155 - STATE BANKING DEPARTMENT BUREAU OF LOANS › Chapter 155-2-3 - ALABAMA SMALL LOAN ACT REGULATIONS › Section 155-2-3-.07 - Other Business Activities - Small Loan Act

Current through Register Vol. 42, No. 9, June 28, 2024
(1) A licensee shall not establish or conduct
			 any other business in the same physical premises as the licensed place of
			 business without having obtained prior written approval of the
			 Supervisor.
(2) Such other business
			 must be conducted in a manner that will involve no evasion or violation of the
			 Act. Records of other business activities shall be maintained separate and
			 apart from licensed activity records and shall be subject to review by the
			 Department.
(3) Any prior written
			 permission or non-objection letters to conduct other business, other than the
			 sale of other insurance products pursuant to Section
			 5-19-20(i) and
			 Regulation
			 155-2-2-.12, shall remain in
			 effect unless revoked, suspended or withdrawn.
(4) Each licensee shall maintain a copy of
			 any written permission or non-objection letter issued by the Supervisor at each
			 licensed location.
Author: Scott Corscadden, General Counsel
Statutory Authority:
Code of Alabama
1975, §
										5-18-8, §
										5-18-12, §
										5-18-14
Alabama Administrative Code › Title 155 - STATE BANKING DEPARTMENT BUREAU OF LOANS › Chapter 155-2-3 - ALABAMA SMALL LOAN ACT REGULATIONS › Section 155-2-3-.08 - Prohibited Charges - Small Loan Act

Current through Register Vol. 42, No. 9, June 28, 2024
(1) No fees or charges, including but not
			 limited to finder's or referral fees charged either directly or indirectly to
			 the referred or prospective borrower, notary fees and attorney's fees shall be
			 contracted for, charged to or collected from the borrower except those
			 specifically authorized and permitted by the Small Loan Act and charges for
			 permissible insurance written in connection with credit transactions under the
			 Small Loan Act authorized by the Alabama Consumer Credit Act - Mini Code and
			 other lawful charges authorized by various state laws.
(2) Prohibited charges do not include a
			 prepaid interest surcharge authorized under Section
			 8-8-14(a).
Author: Scott Corscadden, General Counsel
Statutory Authority:
Code of
				  Alabama
1975, §
										5-18-12, §
										5-18-15
Alabama Administrative Code › Title 155 - STATE BANKING DEPARTMENT BUREAU OF LOANS › Chapter 155-2-3 - ALABAMA SMALL LOAN ACT REGULATIONS › Section 155-2-3-.09 - Records to be Maintained by Licensee - Small Loan Act

Current through Register Vol. 42, No. 9, June 28, 2024
(1) Each licensee shall maintain a file
			 containing a copy of the Small Loan Act and copies of all current rules and
			 regulations issued thereunder.
(2)
			 Unless otherwise approved pursuant to Regulation
			 155-2-3-.10(6),
			 each licensee shall maintain adequate files at each licensed location
			 containing all information necessary to verify compliance with the Small Loan
			 Act and regulations, including, but not limited to, the following:
a. Charges and disclosure
			 information.
b. Paid out records
			 from which refund verifications may be made shall be kept in readily available
			 files covering a maximum of the preceding two-year period. Older records shall
			 be removed from files or separately segregated. Refund records shall itemize
			 the amount of finance charge refunded and the amount refunded on each type of
			 permissible insurance included in the transaction.
c. Each licensee shall maintain up-to-date
			 forms on all insurance claims filed, which shall contain all pertinent
			 information necessary to verify compliance with the Small Loan Act, regulations
			 and proper settlement of all such claims. A copy of the death certificate shall
			 be maintained on death claims. A copy of the police and/or fire report shall be
			 maintained on property claims if such a report is made. In the event of a death
			 claim, the unearned premium of credit life insurance is considered earned by
			 the insurance company but the unearned premium of all other credit insurance
			 shall be refunded to the second beneficiary or the estate of the debtor. The
			 settlement of death claims shall be as of the date of death. The proceeds of
			 any insurance claim applicable to a period of time preceding death shall be
			 credited to the account prior to the computation of death claim benefits. All
			 amounts in excess of that required to pay the indebtedness shall be paid by
			 check to the second beneficiary or estate of the debtor.
d. An up-to-date record of suits filed
			 against debtors and of repossessions whether judicial, non-judicial or
			 voluntary release by the debtors. This record shall be maintained on a prepared
			 sheet listing, including, but not limited to, the name and address of the
			 debtor, the account number, the amount financed and the date of the contract,
			 the name of the court in which suit was filed and the case number, the date of
			 suit and amount, the date of judgment and amount, the date of garnishment,
			 amount and employer, and the amount received from the sale of the repossession,
			 a condition report and book value as applicable on the repossessed item(s), the
			 date sold and the name and address of the purchaser.
e. An up-to date record of claims filed in
			 arbitration which have not resulted in litigation.
Alabama Administrative Code › Title 155 - STATE BANKING DEPARTMENT BUREAU OF LOANS › Chapter 155-2-3 - ALABAMA SMALL LOAN ACT REGULATIONS › Section 155-2-3-.10 - Examination Fees - Small Loan Act (Repealed)

Current through Register Vol. 42, No. 9, June 28, 2024
Author: Scott Corscadden, Supervisor, Bureau of Loans
Statutory Authority:
Code of
				  Alabama
1975, §
										5-18-10, §
										5-18-12, §
										5-2A-24
Alabama Administrative Code › Title 155 - STATE BANKING DEPARTMENT BUREAU OF LOANS › Chapter 155-2-3 - ALABAMA SMALL LOAN ACT REGULATIONS › Section 155-2-3-.11 - Minimum Loan Term - Small Loan Act

Current through Register Vol. 42, No. 9, June 28, 2024
(1) The minimum term for repayment for all
			 traditional-rate loans is one month.
Author: Scott Corscadden, Supervisor, Bureau of Loans
Statutory Authority:
Code of
				  Alabama
1975, §
										5-18-15, §
										5-18-12
Alabama Administrative Code › Title 155 - STATE BANKING DEPARTMENT BUREAU OF LOANS › Chapter 155-2-4 - DEFERRED PRESENTMENT SERVICES ACT REGULATIONS › Section 155-2-4-.01 - Licensure - Deferred Presentment Services Act

Current through Register Vol. 42, No. 9, June 28, 2024
(1) The provisions of the Deferred
			 Presentment Services Act are to be liberally construed to effectuate its
			 purposes as a consumer protection statute and require a license to be obtained
			 by any person engaged in deferred presentment services. A license for each
			 location from which such business is conducted must be obtained from the
			 Supervisor of the Bureau of Loans prior to engaging in the deferred presentment
			 services business.
(2) The deterred
			 presentment license application shall be completed and shall include all fees,
			 forms, and exhibits as requested. The Supervisor may require any applicant to
			 provide additional information. An application is not considered final until
			 all requested information has been submitted.
(3) The Supervisor shall grant or deny a
			 license application within ninety (90) days from the day of completion unless
			 the period is extended by written agreement between the applicant and the
			 Supervisor.
(4) An application that
			 is not reviewed for any failure of the applicant shall be deemed to be a
			 withdrawal of the application and not deemed a denial of the
			 application.
(5) A license,
			 executed by the Supervisor, is evidence of a deferred presentment lender's
			 authority to engage in deferred presentment loans within Alabama. No other
			 license issued by the Supervisor authorizes a person to engage in deferred
			 presentment loans within Alabama.
(6) A licensee shall maintain unencumbered
			 cash assets or its equivalent of at least twenty thousand dollars ($20,000) at
			 all times for each location. The Supervisor may require evidence of such assets
			 at any time.
(7) Once a license is
			 issued, each licensee shall keep current information required for licensing by
			 reporting any changes or additions to the Department within thirty (30) days of
			 such change or addition.
(8)
			 Applications for renewal of license shall be submitted in the form prescribed
			 by the Supervisor of the Bureau of Loans and shall include such information,
			 statements and representations as may be required by the Supervisor.
Author:
Scott Corscadden, Supervisor, Bureau of
				  Loans
Statutory Authority:
Code of
				  Alabama
1975, §
										5-18A-10,
				  §
										5-18A-1, §
										5-18A-3,
				  §
										5-18A-4,
				  §
										5-18A-5,
				  and §
										5-18A-6,
				  and §
										5-18A-7