(a) On or after January 1, 2004, no person shall engage in the business of deferred presentment services without having first obtained a license from the supervisor. A separate license shall be required for each location from which the business is conducted.
(b) Trust companies, life insurance companies, and federally constituted agencies shall be exempt from licensing under this chapter. Notwithstanding anything to the contrary in this chapter, this chapter shall not apply to any of the following entities, and each of these entities shall be exempt from this chapter: Banks, credit unions, savings associations, savings banks, and thrift institutions organized pursuant to the laws of this state or any other state or the laws of the United States and any parent of any of the foregoing entities.
(c) This chapter shall have no application to persons who do not engage in deferred presentment services.
Structure Code of Alabama
Title 5 - Banks and Financial Institutions.
Chapter 18A - Deferred Presentment Services Act.
Section 5-18A-1 - Short Title; Purpose.
Section 5-18A-2 - Definitions.
Section 5-18A-3 - License - Required; Applicability.
Section 5-18A-4 - License - Qualifications.
Section 5-18A-5 - License - Application.
Section 5-18A-6 - License - Fees; Financial Statement.
Section 5-18A-7 - License - Issuance; Display; Payment of Fees; Surrender.
Section 5-18A-8 - License - Change of Control.
Section 5-18A-9 - Circumstances Requiring Written Report.
Section 5-18A-10 - Rules and Regulations; Judicial Review.
Section 5-18A-12 - Transaction Fees; Renewal or Extension; Repayment; Bad Check Charge.
Section 5-18A-13 - Duties of Licensee.
Section 5-18A-14 - Denial of Application; Hearing.
Section 5-18A-15 - Suspension or Revocation of License; Hearing.
Section 5-18A-16 - Violations of Chapter.
Section 5-18A-17 - Consent Orders; Civil or Criminal Penalties; Extraordinary Circumstances.
Section 5-18A-18 - Written Complaint; Investigation; Compliance With Subpoena.
Section 5-18A-19 - Public Notice of Provisions.
Section 5-18A-20 - Excessive Charges.
Section 5-18A-21 - Disposition of Funds.
Section 5-18A-22 - Claims Preceding Effective Date of Chapter.