Licensees may charge to a borrower the rates permitted by this chapter only on principal loan balances less than one thousand dollars ($1,000). No licensee shall induce or permit any person, jointly or severally, to become obligated directly or contingently, or both, on more than one loan made pursuant to this chapter at the same time for the purpose of obtaining a higher finance charge than would otherwise be permitted by Section 5-18-15. If a licensee makes a loan of one thousand dollars ($1,000) or more, the charges authorized by this chapter shall not apply to any part of the loan. The rates on the entire amount of a loan of one thousand dollars ($1,000) or more shall be governed by the applicable provisions of Chapter 8 of Title 8 or Chapter 19 of this title. The supervisor may suspend or revoke the license of any licensee who violates this section in the manner prescribed by Section 5-18-9, and the penalties provided for in subsection (l) of Section 5-18-15 shall apply to any person, firm or corporation violating this section.
Structure Code of Alabama
Title 5 - Banks and Financial Institutions.
Section 5-18-2 - Legislative Findings of Fact and Declaration of Intent.
Section 5-18-4 - License - Required; Exemptions; Penalties for Violation of Section.
Section 5-18-5 - License - Application; Fees; Disposition of Fees.
Section 5-18-6 - License - Investigation of Application; Issuance or Denial of License.
Section 5-18-7 - License - Contents; Posting; Continuing Effect.
Section 5-18-8 - License - Place of Business of Licensee.
Section 5-18-9 - License - Revocation, Suspension, etc.; Investigation of Complaints.
Section 5-18-10 - Examinations of Licensees; Investigations; Enforcement Powers of Supervisor.
Section 5-18-11 - Books, Accounts and Records of Licensees; Annual Report.
Section 5-18-13 - Advertising; Schedule of Charges.
Section 5-18-15 - Interest Rates, Charges, and Fees.
Section 5-18-15.1 - Additional Late Payment Charge.
Section 5-18-16 - Duties of Licensees as to Making and Payment of Loans.
Section 5-18-17 - Insurance in Connection With Credit Transaction.
Section 5-18-18 - Charges, Rates, etc., as to Certain Loans.
Section 5-18-19 - Collection of Loans Made Outside State.
Section 5-18-20 - Review of Orders, etc., of Supervisor.
Section 5-18-22 - Modification, Amendment or Repeal of Chapter.