It is a violation of this chapter for a person or individual subject to this chapter to:
(1) Obtain property by intentional fraud or intentional misrepresentation;
(2) Solicit or enter into a contract with a borrower that provides in substance that the person or individual subject to this chapter may earn a fee or commission through "best efforts" to obtain a loan even though no loan is actually obtained for the borrower;
(3) Conduct any business covered by this chapter without holding a valid license if required under this chapter;
(4) Fail to make disclosures as required by this chapter;
(5) Fail to comply with this chapter or rules or regulations promulgated under this chapter;
(6) Collect, charge, or attempt to collect or charge any fee prohibited by this chapter; or
(7) Fail to account for monies belonging to a party to a residential mortgage loan transaction, as required by law or regulation.
Structure Code of Alabama
Title 5 - Banks and Financial Institutions.
Chapter 26 - Alabama Secure and Fair Enforcement for Mortgage Licensing Act of 2009.
Section 5-26-2 - Legislative Findings.
Section 5-26-4 - License and Registration Required.
Section 5-26-5 - State License and Registration Application and Issuance.
Section 5-26-6 - Issuance of License.
Section 5-26-7 - Pre-Licensing Education of Loan Originators.
Section 5-26-8 - Testing of Loan Originators.
Section 5-26-9 - Standards for License Renewal.
Section 5-26-10 - Continuing Education for Mortgage Loan Originators.
Section 5-26-11 - Authority to Require License.
Section 5-26-12 - Nationwide Mortgage Licensing System and Registry Information Challenge Process.
Section 5-26-13 - Enforcement Authorities, Violations, and Penalties.
Section 5-26-14 - Surety Bond Required.
Section 5-26-15 - Confidentiality.
Section 5-26-16 - Investigation and Examination Authority.
Section 5-26-17 - Prohibited Acts and Practices.
Section 5-26-18 - Mortgage Call Reports.
Section 5-26-19 - Report to Nationwide Mortgage Licensing System and Registry.