State chartered credit unions may charge such rates of interest and other finance charges as are authorized for other financial institutions pursuant to the Alabama Consumer Credit Act or other applicable law and may charge a late charge in an amount authorized by the Alabama Consumer Credit Act, provided that such late charge may only be assessed on simple interest loans and simple interest open-end credit plans. As used herein, "simple interest" means charging an interest rate on the unpaid balances of the amount outstanding from time to time for the actual time such balance is outstanding.
Structure Code of Alabama
Title 5 - Banks and Financial Institutions.
Article 1 - General Provisions.
Section 5-17-1 - "Credit Union" Defined.
Section 5-17-2 - Procedure for Organization and Incorporation.
Section 5-17-3 - Use of Words "Credit Union" in Name or Title.
Section 5-17-4 - Powers Generally.
Section 5-17-6 - Withdrawal of Members; Expulsion for Cause; Termination of Membership; Readmission.
Section 5-17-7 - Operating Fees; Fee Filed With Certificate of Organization.
Section 5-17-8.1 - Investigatory and Enforcement Powers of Administrator, Board, Designee, Etc.
Section 5-17-9 - Fiscal Year; Meetings of Members; Amendment of Bylaws.
Section 5-17-10 - Election of Board of Directors, Credit Committee, and Supervisory Committee.
Section 5-17-11 - Election of Officers; Duties of Officers and Directors; Compensation; Liability.
Section 5-17-12 - Powers and Duties of Credit Committee.
Section 5-17-13 - Powers and Duties of Supervisory Committee.
Section 5-17-14 - Capital; Lien on Shares and Deposits of Members; Entrance Fee.
Section 5-17-15 - Deposits for Minor or Trust Beneficiaries; Deposits in Names of Two Persons.
Section 5-17-16 - Disposition of Shares or Deposit Account of Deceased Person.
Section 5-17-17 - Loans to Members, Directors, Officers, Etc.
Section 5-17-18 - Interest Rates and Finance Charges on Loans; Late Charge.
Section 5-17-19 - Insurance and Reserves.
Section 5-17-21 - Voluntary Dissolution.
Section 5-17-22 - Merger and Conversion Procedures.
Section 5-17-23 - Change of Place of Business.
Section 5-17-25 - Alabama Credit Union League - Advance Payment of Dues by Member Credit Unions.
Section 5-17-29 - Penalties - Concealment of Discounts or Loans.
Section 5-17-31 - Penalties - Receipt of Property Other Than in Payment for Just Demand.