Code of Alabama
Title 5 - Banks and Financial Institutions.

Section 5-1A-7 - Activities of Savings and Loan Associations and Credit Unions Not Restricted. - Chapters 1A through 12A of this title are not intended...

Section 5-1A-8 - Effect of Repeal of Prior Acts. - The repeal of a prior act by Chapters 1A through...

Section 5-1A-9 - Deposit Creates Debtor-Creditor Relationship; Agreement as to Person or Purpose for Which Deposit Made and Payable. - A deposit to a bank or other financial institution permitted...

Section 5-1A-10 - Use of Lender Information or Trade Name in Solicitations. - (a) For purposes of this section, the following terms shall...

Chapter 2A - State Banking Department.

Article 1 - General Provisions.

Section 5-2A-1 - Creation of Department; Duties Generally. - There shall be a State Banking Department which shall administer...

Section 5-2A-2 - Offices, Venue. - The State Banking Department shall locate and maintain its principal...

Section 5-2A-3 - Superintendent - Qualifications, Appointment and Term of Office; Filling of Vacancies. - The State Banking Department shall be in the charge of...

Section 5-2A-4 - Superintendent - Oath and Bond. - The superintendent, before entering upon the discharge of his duties,...

Section 5-2A-5 - Superintendent - Seal of Office; Recordation of Executed Papers. - The Secretary of State shall provide the superintendent with an...

Section 5-2A-6 - Superintendent - Removal; Removal of Member of Banking Board. - (a) The superintendent or any member of the Banking Board...

Section 5-2A-7 - Superintendent - Expansion of Banking Powers; Rules and Regulations. - (a) The Legislature finds as fact and determines that the...

Section 5-2A-8 - Superintendent - Promulgation and Interpretation of Regulations. - The superintendent may, with the concurrence of a majority of...

Section 5-2A-9 - Superintendent - Procedure for Promulgation of Regulations; Emergency Regulations; Judicial Review. - (a) Prior to the adoption, amendment, or repeal of any...

Section 5-2A-10 - Superintendent - Make Good Any Impairment of Capital. - Whenever the superintendent shall have reason to believe that the...

Section 5-2A-11 - Superintendent - Losses; Bank to Correct Impairment of Capital. - Whenever losses are sustained by a bank, such losses shall...

Section 5-2A-12 - Superintendent - Order to Correct Unsafe and Unsound Matters; Penalties; Procedure. - (a) For purposes of this section, a bank holding company...

Section 5-2A-13 - Superintendent - Annual Report to Governor; Publication and Distribution, Etc. - The superintendent shall make from the reports of the department...

Section 5-2A-14 - Superintendent - Reports of Criminal Violations to Grand Juries. - The superintendent may submit to any grand jury any criminal...

Section 5-2A-15 - Appointment, etc., of Assistants and Employees Generally; Bond of Deputy Superintendent. - (a) Subject to the provisions of Section 36-26-1, et seq.,...

Section 5-2A-16 - Limitation of Liability of Superintendent, Members of Banking Board, or Employees. - Neither the superintendent, any member of the Banking Board nor...

Section 5-2A-17 - Bank Examiners - Oath; Duties Generally. - Every examiner shall, before entering upon the discharge of his...

Section 5-2A-18 - Bank Examiners - Commission. - The superintendent shall furnish to each examiner a commission under...

Section 5-2A-19 - Bond of Examiners and Office Assistants. - Before entering upon the duties of their respective offices, all...

Section 5-2A-20 - Assessment of Banks - When Payable; Amount; Disposition of Revenue. - Each bank shall on the call of the superintendent pay...

Section 5-2A-21 - Assessment of Banks - Fees for Failure to Pay Assessment; Proceedings for Collection of Assessment. - Each bank failing to make payments of assessments on call...

Section 5-2A-22 - Independent Audits; Minimum Standards; Advisory Committee; Report in Lieu of Audit. - The board of directors of each state bank shall at...

Section 5-2A-23 - Legal Counsel. - The Attorney General without additional compensation shall render to the...

Section 5-2A-24 - Examination of Small Loan Companies; Fees. - The Superintendent of Banks may at any reasonable time cause...

Article 2 - Banking Board.

Section 5-2A-40 - Composition of Banking Board; Chairman; Appointment and Terms of Office of Members. - There shall be a Banking Board, which shall consist of...

Section 5-2A-41 - Meetings of Board - Notice; Executive Session; Confidentiality. - (a) A meeting of the Banking Board may be held...

Section 5-2A-42 - Meetings of Board - Place. - The Banking Board shall hold its meetings within the state;...

Section 5-2A-43 - Quorum. - A majority of members of the Banking Board shall constitute...

Section 5-2A-44 - Filling of Vacancies; Qualification of Members. - If a vacancy shall occur in the appointed membership of...

Section 5-2A-45 - Compensation of Members. - No person appointed as a member of the Banking Board...

Article 3 - Bureau of Savings and Loan.

Section 5-2A-60 - Composition. - The Bureau of Savings and Loan shall consist of: (1)...

Section 5-2A-61 - Created; Commissioner and Deputy Commissioner Generally; Examiners; Disclosure of Information by Officers; Seal of Commissioner. - (a) There is hereby created a Savings and Loan Bureau...

Section 5-2A-62 - Supervisory Powers of Commissioner Generally; Approvals, etc., by Commissioner; Permits Required of Savings and Loan Associations. - (a) The commissioner shall have general supervision over all associations...

Section 5-2A-63 - Savings and Loan Board; Appeals From Orders, etc., of Commissioner or Board. - (a) There is hereby created a Savings and Loan Board,...

Article 4 - Bureau of Loans.

Section 5-2A-80 - Created; Supervisor of Bureau; Inspections; Records, Reports, etc., Not Open to Public. - To administer and enforce the provisions of chapter 18 of...

Section 5-2A-81 - Revocation and Suspension of Licenses; Injunctive Relief as to Violations of Small Loan Act. - (a) Upon 10 days' written notice to a licensee, stating...

Section 5-2A-82 - Appeals From Acts of Bureau or Supervisor. - Any person aggrieved by any order or act of the...

Section 5-2A-83 - Payment of Salaries and Expenses. - The salaries of the supervisor and employees of the Bureau...

Article 5 - Bureau of Credit Unions.

Division 1 - General Provisions.

Section 5-2A-100 - Created; Appointment of Supervisor and Other Employees; Supervisor's Oath and Bond; Investigations; Records, Reports, etc., Open to Public. - Repealed by Act 2014-317, §2, effective May 1, 2014.

Section 5-2A-101 - Qualifications of Supervisor. - Repealed by Act 2014-317, §2, effective May 1, 2014.

Section 5-2A-102 - Supervision, Inspection and Examinations of Credit Unions. - Repealed by Act 2014-317, §2, effective May 1, 2014.

Section 5-2A-103 - Payment of Operating Expenses. - Repealed by Act 2014-317, §2, effective May 1, 2014.

Chapter 3A - Examinations of Banks; Reports of Banks.

Article 1 - Examination of Banks.

Section 5-3A-1 - Required Times; Items to Be Examined; Applicability to Bank Holding Companies and Affiliates. - (a) For purposes of this section, a bank holding company...

Section 5-3A-2 - Acceptance of Examinations and Reports of Federal Bank Regulatory Agency, Etc. - The superintendent is authorized to accept, in his discretion, in...

Section 5-3A-3 - Disclosure of Information Obtained by Superintendent, Bank Examiners, Etc. - (a) Neither the superintendent, any member of the Banking Board,...

Section 5-3A-4 - Expenses of Special Examinations. - The expenses incidental to any special examination of banks, bank...

Section 5-3A-5 - Examination of Agency of Foreign Banks. - The superintendent shall have the power to examine or cause...

Section 5-3A-6 - Examination of Witnesses and Production of Documents; Penalties for False Entry or Statement; Proceedings Against Former Employees. - (a) For purposes of this section, a bank holding company...

Section 5-3A-7 - False Swearing, etc., Before Bank Examiners or Superintendent. - Any person who willfully or corruptly swears or affirms falsely,...

Section 5-3A-8 - Reports of Superintendent and Bank Examiners as to Examinations; Publication of Reports of Examination for Limited Purposes. - Each examiner shall report under oath to the superintendent the...

Section 5-3A-9 - Loans, Gifts, Favors, etc., to Banking Department Employees From Banks, Employees, etc., Prohibited. - (a) No officer, agent or employee of any bank shall...

Section 5-3A-10 - False Reports by Bank Examiners. - Any bank examiner who shall make a report under oath...

Section 5-3A-11 - Reports of Examination; Meetings of Banking Board; Confidentiality. - All reports of examination, records reflecting action of a bank...

Section 5-3A-12 - Semiannual Reports by Banks - Required; Verification. - All banks shall make to the superintendent, on the call...

Section 5-3A-13 - Semiannual Report by Banks - Special Reports of Banks. - The superintendent may call for a special report from any...

Section 5-3A-14 - Semiannual Report by Banks - Form; Publication; Penalty for Late Report. - Each report required by Section 5-3A-12 shall exhibit in detail...

Section 5-3A-15 - Semiannual Reports by Banks - Republication. - If there are discrepancies in the published report of the...

Section 5-3A-16 - Failure to Pay for Publication of Bank Report by Superintendent. - Any bank which fails or refuses to pay the cost...

Section 5-3A-17 - Verification of False Report of Condition of Bank. - Any person who knowingly and willfully signs or verifies by...

Article 2 - Examination of Bank Services Providers Act.

Section 5-3A-30 - Short Title. - This article shall be known and may be cited as...

Section 5-3A-31 - Legislative Findings. - The Legislature finds and declares that the connections between banks...

Section 5-3A-32 - Definitions. - For the purposes of this article, the following terms shall...

Section 5-3A-33 - Regulation and Examination of Certain Service Providers; Covered Services. - (a) Whenever a serviced bank causes to be performed for...

Section 5-3A-34 - Confidentiality of Examination Reports; Availability of Copies. - Examination reports of service providers created or obtained by the...

Section 5-3A-35 - Powers of Superintendent. - (a) The superintendent may enter into agreements, which shall be...

Chapter 4A - Retention of Bank Records.

Section 5-4A-1 - Certain Records to Be Retained; Disposition of Records After Retention for Prescribed Period; Reproduction of Records and Books. - (a) Every bank shall retain its business records for such...

Section 5-4A-2 - Applicability of Chapter to State and National Banks, Etc. - This chapter shall be applicable to banks and, to the...

Chapter 5A - Organization and Operation of Banks.

Section 5-5A-1 - Procedure for Incorporation - Application for Permit. - (a) The proposed incorporators of a bank shall execute and...

Section 5-5A-2 - Procedure for Incorporation - Notice of Intention to Incorporate. - Before a bank can become incorporated under the laws of...

Section 5-5A-3 - Procedure for Incorporation - Affidavit of Proposed Incorporators; Affidavit of Proposed Stockholders; Submission of Proposed Certificate of Incorporation; Disclosure to Stockholders. - After the notice of intention to incorporate has been published,...

Section 5-5A-4 - Procedure for Incorporation - Investigation as to Fitness of Stockholders and Executive Officers and Necessity for Banks. - The superintendent shall ascertain whether the character and general fitness...

Section 5-5A-5 - Procedure for Incorporation - Filing of Objections to Incorporation of Proposed Bank; Investigation of Objections. - Any bank doing business in the community or any reputable...

Section 5-5A-6 - Procedure for Incorporation - Certificate of Superintendent of Banks Authorizing Filing of Certificate of Incorporation. - If the superintendent shall be satisfied from his investigation that...

Section 5-5A-7 - Procedure for Incorporation - Filing and Recordation of Certificate of Incorporation. - The official or officials designated by the business corporation laws...

Section 5-5A-8 - Procedure for Incorporation - Refusal to Permit Incorporation; Appeal From Refusal to Banking Board. - If the superintendent is of the opinion from his investigation...

Section 5-5A-9 - Procedure for Incorporation - Judicial Review. - Nothing in this chapter shall be construed to prevent the...

Section 5-5A-10 - Permit to Transact Business - Required. - No bank shall engage in the banking business until it...

Section 5-5A-11 - Permit to Transact Business - Examination; Issuance and Recordation of Permit. - The superintendent shall, before issuing his permit to any bank...

Section 5-5A-12 - Membership in Federal Deposit Insurance Corporation, Etc. - All banks now or hereafter operating under the laws of...

Section 5-5A-13 - Filing Fee; Other Fees. - (a) The Banking Board shall from time to time fix...

Section 5-5A-14 - Capital - Minimum Amount Required for Incorporation of Bank. - (a) No bank hereafter organized under the laws of Alabama...

Section 5-5A-15 - Capital - Increase or Decrease. - Any bank shall with the consent of the superintendent have...

Section 5-5A-16 - Issuance of Capital Notes and Debentures. - No bank shall issue capital notes or capital debentures except...

Section 5-5A-17 - Amendment of Certificate of Incorporation; Approval of Amended Certificate of Incorporation. - A bank may amend its certificate of incorporation in the...

Section 5-5A-18 - Powers of Banks Generally. - Corporations formed for the purpose of doing business as a...

Section 5-5A-18.1 - Banks and Trust Companies to Have Power of Federally Chartered or Regulated Financial Institution. - In addition to all other rights and powers provided under...

Section 5-5A-19 - Reserves. - (a) A bank which is not a member of the...

Section 5-5A-20 - Branch Banks; Commercial Affiliates. - (a) Alabama banks may establish a branch or office for...

Section 5-5A-21 - Surplus; Restriction on Dividends. - Every bank shall transfer to surplus each year at least...

Section 5-5A-22 - Limits of Indebtedness. - (a) No bank shall make a loan to any one...

Section 5-5A-23 - Investments and Loans With Respect to Housing. - (a) Banks, insurance companies and savings and loan associations are...

Section 5-5A-25 - Acceptance of Drafts or Bills of Exchange Arising From Transactions Involving Shipment of Goods - Authority. - Any bank in Alabama may accept drafts or bills of...

Section 5-5A-26 - Acceptance of Drafts or Bills of Exchange Arising From Transactions Involving Shipment of Goods - Limitations. - No bank shall accept, whether in a foreign or domestic...

Section 5-5A-27 - Loans Secured by Own Stock; Purchase of Own Stock; Ownership of Capital Stock of Other Banks. - No bank shall make a loan taking its own stock...

Section 5-5A-28 - Pledge of Assets. - No bank may pledge assets as security for deposits, except...

Section 5-5A-29 - Security Not Required When Deposits Insured. - Notwithstanding any provision of law of this state or of...

Section 5-5A-30 - Transactions of Business on Legal Holidays; Use of Automated Teller Machine or Other Instrumentality, Transaction Fees, Disclosure; Limitation on Contractual Fee Restrictions, Intent of Limitation, Applicability. - (a) Any bank may lawfully receive deposits or paychecks or...

Section 5-5A-31 - Liability for Transactions on Legal Holidays. - A bank shall be liable for and chargeable with deposits...

Section 5-5A-32 - Closing of Banks, etc., Permitted on One Business Day of Each Week. - (a) Any bank or any branch or branches thereof may...

Section 5-5A-33 - Bank to Pay Checks Drawn on It at Par. - Any bank shall pay all checks drawn on it and...

Section 5-5A-35 - Agreements Between Principal and Sureties on Bond for Deposit of Money and Assets in Bank, Etc. - It shall be lawful for any party of whom a...

Section 5-5A-36 - Notice Upon Maturity of Certificate of Deposit Issued for More Than 90 Days. - In the case of certificates of deposit issued for more...

Section 5-5A-37 - Rights of Minors. - A minor may make, in her or his own name,...

Section 5-5A-38 - Disposition of Small Deposits of Deceased Person - to Whom Payable; When Bond Required. - Whenever a person shall die leaving deposits in a bank...

Section 5-5A-39 - Disposition of Small Deposits of Deceased Person - Time for Payment; When Payment Prohibited. - No payment shall be made pursuant to Section 5-5A-38 by...

Section 5-5A-40 - Disposition of Deposit in Trust for Another Upon Death of Trustee. - Whenever any deposit shall be made in any bank by...

Section 5-5A-41 - Payment of Deposits Made in Names of Two Persons Upon Death of One; More Than Two Persons With Provision for Survivorship. - (a) Any deposit heretofore or hereafter made in any bank...

Section 5-5A-42 - Adverse Claims to Deposits. - Notice to any bank of an adverse claim to a...

Section 5-5A-43 - Disclosure of Customer Financial Records. - A bank shall disclose financial records of its customers pursuant...

Section 5-5A-44 - Acquisition of Majority of Voting Shares of a Bank; Procedure. - (a) No person, acting directly or indirectly or through or...

Section 5-5A-45 - Initiation of Run on Banks, Etc. - Any person or persons whose business it is, either as...

Section 5-5A-46 - False, etc., Statements, etc., Affecting Financial Standing of Bank. - Any person who shall willfully and maliciously make, circulate or...

Section 5-5A-47 - Liability of Directors or Officers; Enforcement Powers of Superintendent. - If the directors or officers of any bank knowingly and...

Chapter 6A - Directors, Officers, and Employees.

Article 1 - General Provisions.

Section 5-6A-1 - Directors of Banks to Own Stock in Bank; Citizenship and Residence of Directors. - Not less than 75 percent of the directors of a...

Section 5-6A-2 - Oath of Directors. - Every such director shall, within 30 days after his election,...

Section 5-6A-3 - Meeting of Board of Directors; Bonds of Officers and Employees of Banks. - (a) The board of directors of any bank shall hold...

Article 2 - Prohibited Acts.

Section 5-6A-20 - Declaration of Illegal Dividends, Discounts of Notes, Etc. - Any director of a bank who knowingly concurs in any...

Section 5-6A-21 - Concealment of Loans, Purchase or Sale of Security, Etc. - Any officer or employee of a bank who intentionally conceals...

Section 5-6A-22 - Overdrawing Own Account; Receipt of Commissions, etc., to Procure Loans, Discounts, Etc. - Any officer, director, or employee of a bank who willfully...

Section 5-6A-23 - Receipt or Possession of Bank Property With Intent to Defraud, Etc. - Any director, officer or employee of a bank who knowingly...

Section 5-6A-24 - Making of False Entries, etc., on Books and Accounts of Bank. - Any director, officer or employee of a bank who with...

Section 5-6A-25 - Fraudulent Representation as to Capital, False Reports, etc., as to Condition of Bank, Etc. - Any director, officer, or employee of a bank who knowingly,...

Section 5-6A-26 - Loans or Extension of Credit to Bank Officers and Employees. - An officer or employee of any bank who shall in...

Chapter 7A - Bank Merger, Consolidation, or Conversion.

Article 1 - Consolidation, Merger or Transfer of State Banks.

Section 5-7A-1 - Banks May Merge or Consolidate; Transfer of Place of Business. - Any bank may consolidate or merge with or transfer its...

Section 5-7A-2 - Proceedings to Effect Consolidation, Merger or Transfer. - Before such consolidation, merger or transfer shall become effective, the...

Section 5-7A-3 - Certificate of Proceedings to Be Forwarded to Superintendent of Banks. - A certificate of all the proceedings, including a copy of...

Section 5-7A-4 - Issuance of Certificate of Approval by Superintendent. - If the superintendent approves the entire proceedings, he shall issue...

Section 5-7A-5 - Examinations; Written Consent of Superintendent to Consolidation. - Before approving proceedings to consolidate one such institution with another,...

Section 5-7A-6 - Appeals; Applicability of Article to Branch Banks, Etc. - If such consent is refused, an appeal may be taken...

Article 2 - Conversion of National Banks Into State Banks.

Section 5-7A-20 - Conversion of National Bank, etc., Into State Bank - Procedure. - Any bank organized under the laws of the United States...

Section 5-7A-21 - Conversion of National Bank, etc., Into State Bank - Execution of Articles of Incorporation and Organization Certificate; Powers of Directors, Etc. - In case of such conversion, the articles of incorporation and...

Section 5-7A-22 - Conversion of National Bank, etc., Into State Bank - Powers and Duties of Bank, Stockholders, Officers, etc., Upon Issuance of Certificate. - (a) When the superintendent has given to such bank a...

Section 5-7A-23 - Declaration of Incorporation. - Before the issuing of such certificate by the superintendent a...

Section 5-7A-24 - Issuance of Stock by State Bank. - Such state bank shall have authority to issue to the...

Article 3 - Conversion of State Banks Into or Consolidation With National Banks.

Section 5-7A-40 - Authorized; Exchange of Stock. - Any state bank may, with the consent of the holders...

Section 5-7A-41 - Meeting of Stockholders for Purpose of Conversion or Consolidation. - All meetings of shareholders, called for any of the purposes...

Section 5-7A-42 - Transfer of Property of State Bank to National Bank. - At the time when such conversion of or consolidation or...

Section 5-7A-43 - Continuation of Identity, Obligations, etc., of State Bank. - Upon such conversion, merger or consolidation becoming effective, the national...

Section 5-7A-44 - Rights of Dissenting Shareholders. - The rights of shareholders of a national bank dissenting from...

Section 5-7A-46 - Sections Not to Affect General or Local Law, Etc. - Except to the extent necessary to give effect to Section...

Article 4 - Conversion of Savings Institutions Into State Banks.

Section 5-7A-60 - Purpose. - It is the purpose of this article to permit state...

Section 5-7A-61 - Definitions. - As used in this article, the following terms shall have...

Section 5-7A-62 - Application to Convert Charter; Written Plan of Conversion; Authorizing Resolution; Submission to Superintendent; Fee; Tentative Approval; Vote of Stockholders or Members; Directors; Articles of Incorporation and Bylaws; Statement o... - Any savings institution may apply to the superintendent for permission...

Section 5-7A-63 - Resulting Bank as Continuation of Savings Institution. - Except insofar as the superintendent requires the converting savings institution...

Section 5-7A-64 - Maintenance and Operation of Offices. - Following the conversion of a savings institution to a state...

Section 5-7A-65 - Expansion or Branching Limited. - Except as provided in Section 5-7A-64, nothing in this article...

Chapter 8A - Liquidation of Banks.

Article 1 - Solvent Banks.

Section 5-8A-1 - Liquidation of Solvent Banks. - Any solvent bank may dissolve under the provisions of Alabama...

Article 2 - Insolvent Banks.

Section 5-8A-20 - Proceedings of Superintendent Before Banking Board as to Defaults or Misconduct of Bank. - Whenever it shall appear to the superintendent that any bank...

Section 5-8A-21 - Liquidation of Bank by Superintendent Without Assent of Banking Board. - If a majority of the directors of any bank so...

Section 5-8A-22 - Institution of Civil Action for Vacation of Charter, Liquidation, etc., of Bank. - The circuit court of the county in which the principal...

Section 5-8A-23 - Acquisition of Possession of Property and Business of Bank by Superintendent; Notice to Holders of Bank Assets. - The superintendent shall not take possession of the property and...

Section 5-8A-24 - Appointment of Receiver to Liquidate Bank. - The superintendent may under his or her hand and official...

Section 5-8A-25 - Passage of Title to Assets, etc., of Banking Institution to Receiver. - Upon the appointment of a receiver to liquidate a bank,...

Section 5-8A-26 - Use of Bank Examiner's Reports as Evidence in Liquidation Proceedings, Etc. - In the event the superintendent takes charge of the business...

Section 5-8A-27 - Application by Bank for Injunction Against Acquisition of Possession of Business and Property by Receiver or Superintendent. - Whenever the superintendent or a receiver has taken charge of...

Section 5-8A-28 - Creation of Liens Against Bank After Possession by Superintendent. - After the superintendent has taken possession of the property and...

Section 5-8A-29 - Resumption of Business of Bank. - After the superintendent has taken possession of a bank, the...

Section 5-8A-30 - Collection of Claims of Bank, Etc. - Upon taking possession of any of the property and business...

Section 5-8A-31 - Subrogation of Federal Deposit Insurance Corporation. - Whenever any bank shall have been closed as provided under...

Section 5-8A-32 - Sale, etc., of Bad Debts and Property of Bank. - The receiver, by making application to the receivership court, may...

Section 5-8A-33 - Negotiation of Loans, Granting of Security, etc., on Behalf of Closed Bank. - (a) The receiver is authorized to borrow money and pledge...

Section 5-8A-34 - Loans From and Sale of Assets to Federal Deposit Insurance Corporation for Bank. - With respect to any bank which is now or may...

Section 5-8A-35 - Assumption or Rejection of Executory Contracts by Receiver. - The receiver shall assume or reject an executory contract, including...

Section 5-8A-36 - Employment of Counsel, Expert Assistants, etc., in Liquidation of Bank; Compensation of Assistants, etc.; Court Approval of Liquidation Expenses. - The receiver may employ such counsel and procure such expert...

Section 5-8A-37 - Payment of Compensation. - When the compensation for the various parties aiding in the...

Section 5-8A-38 - Deposit of Funds Collected by Receiver. - The money collected by the receiver shall be, from time...

Section 5-8A-39 - Notice for and Filing of Claims Against Bank. - The receiver shall cause notice to be given by advertisement...

Section 5-8A-40 - Preferred Claims. - In addition to any other laws of this state or...

Section 5-8A-41 - Inventory of Assets of Bank; Filing List of Claims. - Upon taking possession of the property and assets of such...

Section 5-8A-42 - Objections to Claims; Unproven or Unclaimed Deposits. - Objections to any claim or deposit not rejected by the...

Section 5-8A-43 - Rejection of Claims. - If the receiver doubts the validity of any claims or...

Section 5-8A-44 - Actions Upon Rejected Claims; Late Claims. - Any action upon a claim so rejected must be brought...

Section 5-8A-45 - Payment of Dividends to Creditors. - At any time after the expiration of the date fixed...

Section 5-8A-46 - Final Distribution, Termination of Receivership and Dissolution of Bank. - Whenever the receiver shall have paid to each and every...

Chapter 9A - Reorganization of Banks.

Section 5-9A-1 - Cooperation of Superintendent in Reorganization of Bank. - Whenever the board of directors or a majority of the...

Section 5-9A-2 - Submission of Reorganization Plan to Court for Confirmation and Approval. - After such plan for reorganization has been submitted to the...

Section 5-9A-3 - Publication of Reorganization Plan. - Upon the filing of such report and petition, the court...

Section 5-9A-4 - Hearing Upon Plan; Entry of Judgment. - At the time of the hearing of the petition, the...

Section 5-9A-5 - Appeals. - If any stockholder, depositor or creditor shall not be satisfied...

Section 5-9A-6 - Manner of Reorganization Not Exclusive. - The plan for reorganization of a bank or banks as...

Chapter 10A - Banking Emergencies and Compliance With Federal Laws.

Section 5-10A-1 - Authorization or Direction of Banks to Postpone Paying Liabilities, Segregate Deposits and Assets, Renew Loans, Etc. - The superintendent with the concurrence of not less than two...

Section 5-10A-2 - Promulgation of Rules and Regulations; Requirements of Reports, etc., Generally. - The superintendent with the concurrence of not less than two...

Section 5-10A-3 - Declaration of Banking Holidays; Promulgation of Emergency Rules or Regulations. - Whenever, in the opinion of the superintendent it shall be...

Section 5-10A-4 - Extension, etc., of Banking Holiday or Emergency Rules or Regulations. - Any such bank holiday or any such rule or regulation...

Section 5-10A-5 - Sections 5-10a-1 Through 5-10a-4 Applicable Only in Emergencies; Duration of Emergency Action. - The provisions of Sections 5-10A-1 through 5-10A-4 authorize actions to...

Section 5-10A-6 - Operation of Banks Under Federal Laws. - Any bank may do any and all things necessary or...

Section 5-10A-7 - Payment of Expenses of Bank Operating Without Receivership Liquidation. - Whenever, pursuant to any provision of this chapter, any bank...

Section 5-10A-8 - Segregation of Assets - Manner of Segregation Generally; Distribution of Segregated Assets Upon Receivership Liquidation of Bank. - Whenever pursuant to any provision of state or federal law...

Section 5-10A-9 - Segregation of Assets - Manners of Segregation. - Whenever pursuant to any provision of state or federal law...

Section 5-10A-10 - Segregation of Assets - Commingling of Items in Classes of Deposits. - Within any class of deposits in any bank for the...

Section 5-10A-11 - Segregation of Assets - Adjustments; Identification of Segregated Items. - Whenever any bank is required to segregate particular assets under...

Section 5-10A-12 - Discharge of Deposits of Script, Clearinghouse Certificates or Emergency Currency. - Any deposit of script, clearinghouse certificates or emergency currency in...

Section 5-10A-13 - Issuance and Reissuance of Script, Clearinghouse Certificates or Emergency Currency. - The superintendent with the concurrence of not less than two...

Section 5-10A-14 - Issuance of Notes or Certificates of Indebtedness as Evidence of Compensation for Services or Labor During Banking Emergency. - Where a banking emergency has been proclaimed by the superintendent...

Section 5-10A-15 - Authorization and Approval of Reorganization of Bank Without Receivership Liquidation. - The superintendent with the concurrence of not less than two...

Section 5-10A-16 - Compliance With Chapter, Federal Laws, etc., Not to Entail Liability. - No bank nor any surety or guarantor of any bank...

Section 5-10A-17 - Officers Not to Incur Liability or Penalties for Compliance With Orders of Superintendent, Federal Laws, Etc. - No public officer or surety on his official bond shall...

Chapter 11A - Regulation of Trust Business of Banks and Trust Companies.

Article 1 - General Provisions.

Section 5-11A-1 - Amenability of Trust Companies to Banking Laws; Use of Word "Trust" in Corporate Name Generally; Operation of Trust Departments, etc., by Banks. - All corporations organized and operating as trust companies shall have...

Section 5-11A-1.1 - Branching of Trust Companies; Branching of Out-of-State Trust Companies; Reciprocity; Cooperative Agreements. - All corporations organized under this chapter shall have the right...

Section 5-11A-2 - Written Approval of Superintendent to Conduct Trust Business. - No bank shall have the right to operate or conduct...

Section 5-11A-3 - Capital Stock Requirements for Trust Companies. - No trust company hereafter organized under the laws of Alabama...

Section 5-11A-4 - Use of Word "Trust" in Designation or Name of Entity. - Except in the case of any entity which is organized...

Section 5-11A-5 - Deposit of Security for Operation of Trust Business - Amount Required and Form; Charges Against Deposit. - Any corporation organized and operating as a trust company or...

Section 5-11A-6 - Deposit of Security for a Operation of Trust Business - State Treasurer to Decline Certain Bonds or Securities. - The State Treasurer shall decline to receive bonds or other...

Section 5-11A-7 - Deposit of Security for a Operation of Trust Business - Certificate of Deposit; Purpose. - The State Treasurer shall, from time to time, furnish the...

Section 5-11A-8 - Sale of Bonds or Securities for Satisfaction of Judgment Against Trust Company. - When any person, firm or corporation has established by final...

Section 5-11A-9 - Exemption of Trust Companies, etc., Acting as Administrators, etc., From Bond Requirement. - Any trust company or bank which is authorized by law...

Section 5-11A-10 - Withdrawal of Bonds or Securities From Deposit With Trustees. - All trust companies organized under the laws of this state...

Section 5-11A-11 - Interest on Bonds or Securities Deposited With Treasurer Payable to Trust Companies. - The interest falling due from time to time on bonds...

Section 5-11A-12 - Trust Company Authorized to Purchase Its Own Securities in Fiduciary Capacity. - A trust company or other financial institution with fiduciary powers...

Article 2 - Transfer of Fiduciary Accounts.

Section 5-11A-30 - Transfer Between Related Institutions. - Absent written objection from the Superintendent of the State Banking...

Section 5-11A-31 - Approval of Superintendent. - Approval of the superintendent shall be deemed granted in the...

Section 5-11A-32 - Notice of Transfer. - (a) Within 30 days after the date of the transfer...

Section 5-11A-33 - Objection to Transfer; Hearing on Objection; Appointment of Related Institution as Agent. - (a) Any person given notice pursuant to Section 5-11A-32 may...

Section 5-11A-34 - Filing of Affidavit in Office of Judge of Probate; Filing of Notice of Abandonment. - (a) Within a reasonable time after the date of a...

Section 5-11A-35 - Substitution of Transferee Bank, Trust Company or Trust Department as Fiduciary; Effect. - If a bank, trust company or trust department completes a...

Section 5-11A-36 - "Related" Defined. - A transferor bank, trust company or trust department is "related"...

Section 5-11A-37 - Appointment of Agent. - Regardless of objection to any fiduciary transfer as provided in...

Chapter 12A - Administration, etc., of Common Trust Funds.

Section 5-12A-1 - Definitions. - As used in this chapter, the following terms shall have...

Section 5-12A-2 - Trust Institutions May Establish, etc., Common Trust Funds. - Any trust institution may establish, maintain and administer one or...

Section 5-12A-3 - Investments by Trust Institutions. - Any trust institution, in its capacity as fiduciary or cofiduciary,...

Section 5-12A-4 - Common Trust Fund Plan. - Each common trust fund shall be established and maintained in...

Section 5-12A-5 - Amendment of Plan. - The plan may be amended from time to time by...

Section 5-12A-6 - Control of Investments by Instrument Under Which Trust Institution Acts. - If the instrument under which a trust institution acts as...

Section 5-12A-7 - Investment of Estate Moneys in Fund; Withdrawals. - The trust institution shall invest the moneys of an estate...

Section 5-12A-8 - Record of Fiduciary Accounts Owning Interest in Fund; Extent of Interest. - The trust institution shall designate clearly upon its records the...

Section 5-12A-9 - Annual Audit. - At least once during each period of 12 months, the...

Section 5-12A-10 - Quarterly Valuation of Securities in Fund. - No less frequently than once during each period of three...

Section 5-12A-11 - Management and Control of Fund; Ownership of Assets. - The trust institution shall have the exclusive management and control...

Section 5-12A-12 - Mistakes in Administration of Fund. - No mistake made in good faith and in the exercise...

Section 5-12A-13 - Administration, etc., of Common Trust Funds Differing From Funds Permitted by This Chapter. - Nothing contained in this chapter shall prohibit a trust institution,...

Section 5-12A-14 - Accountings. - Unless ordered by a court of competent jurisdiction, a trust...

Section 5-12A-15 - Taxation. - A common trust fund, whether established, maintained, and administered pursuant...

Chapter 13B - Interstate and International Bank Acquisitions, Mergers and Branching.

Article 1 - Acquisitions of Banks by Bank Holding Companies.

Section 5-13B-1 - Short Title. - This chapter shall be known and may be cited as...

Section 5-13B-2 - Definitions. - For purposes of this article: (a) "Acquire" means: (1) For...

Section 5-13B-3 - Scope of Article and Statement of Legislative Intent. - This article sets forth the conditions under which a company...

Section 5-13B-4 - Permitted Acquisitions. - (a) No company may acquire an Alabama bank holding company...

Section 5-13B-5 - Required Application. - (a) A company that proposes to make an acquisition under...

Section 5-13B-6 - Standards for Approval. - (a) In deciding whether to approve an application for a...

Section 5-13B-7 - Procedures Relating to Applications. - (a) The superintendent shall decide whether to approve an acquisition...

Section 5-13B-8 - Reports; Examinations. - (a) To the extent specified by the superintendent by regulation,...

Section 5-13B-9 - Agency Activities. - (a) Any Alabama state bank may, upon compliance with the...

Section 5-13B-10 - Penalties. - The superintendent may enforce the provisions of this article by...

Section 5-13B-11 - Authority to Issue Regulations; Cooperative Agreements; Fees. - In order to carry out the purposes of this title,...

Article 2 - Interstate Bank Mergers and Branching.

Section 5-13B-20 - Purpose. - It is the express intent of this article to permit...

Section 5-13B-21 - Definitions. - As used in this article, unless a different meaning is...

Section 5-13B-22 - Establishment of Interstate Branches by Acquisition or Merger; Branching. - With the prior approval of the superintendent, an Alabama state...

Section 5-13B-23 - Interstate Merger Transactions and Branching; Operation of Branches. - (a) One or more Alabama state banks may enter into...

Section 5-13B-24 - Notice and Filing Requirements. - Any out-of-state bank that will be the resulting bank pursuant...

Section 5-13B-25 - Powers. - (a) An out-of-state state bank which establishes and maintains one...

Section 5-13B-26 - Examinations; Periodic Reports; Cooperative Agreements; Assessment of Fees. - (a) To the extent consistent with subsection (c), the superintendent...

Section 5-13B-27 - Enforcement. - If the superintendent determines that a branch maintained by an...

Section 5-13B-28 - Regulations. - The superintendent may promulgate such regulations as he or she...

Section 5-13B-29 - Notice of Subsequent Merger, Etc. - Each out-of-state state bank that has established and maintains a...

Article 3 - Regulation of Foreign Banks.

Division 1 - General.

Section 5-13B-40 - Purpose. - (a) This article is intended generally to provide for state...

Section 5-13B-41 - Definitions. - For purposes of this article: (a) The term "bank" means...

Section 5-13B-42 - General Regulation Authority. - The superintendent, with the concurrence of a majority of the...

Division 2 - Domestic Banks Owned or Controlled by Foreign Banks and Other Foreign Persons.

Section 5-13B-60 - Purpose. - This division is generally intended to ensure that the laws...

Section 5-13B-61 - Operations in This State of Banks Owned or Controlled by Foreign Banks and Other Foreign Persons. - (a) Except as provided in subsection (b): (1) The laws...

Section 5-13B-62 - Citizenship and Residency Requirements for Directors of State Banks. - Notwithstanding any other provision of the laws and regulations of...

Division 3 - Direct Branch, Agency, and Representative Offices of Foreign Banks.

Section 5-13B-80 - Purpose. - Consistent with the federal International Banking Act, the Bank Holding...

Section 5-13B-81 - Branches and Agencies of Foreign Banks - Necessity of Licensure. - (a) No foreign bank shall transact business in this state...

Section 5-13B-82 - Application to Establish and Maintain a Branch or Agency - Contents. - (a) A foreign bank, in order to procure a license...

Section 5-13B-83 - Application to Establish and Maintain a Branch or Agency - Manner of Filing and Determination. - (a) A foreign bank making an application under this article...

Section 5-13B-84 - Application Fee. - Upon applying to the superintendent under this article for a...

Section 5-13B-85 - No Concurrent Maintenance of Federal Branches or Agencies. - (a) No foreign bank which is licensed under this article...

Section 5-13B-86 - Powers of Branch and Agency. - (a) Except as otherwise specifically provided in this division or...

Section 5-13B-87 - Fiduciary Activities. - (a) No foreign bank which is licensed to establish and...

Section 5-13B-88 - Authority to Act as Agent. - (a) An Alabama state branch or Alabama state agency of...

Section 5-13B-89 - Representative Office of Foreign Banks - Necessity of Licensure. - (a) No foreign bank shall establish or maintain an Alabama...

Section 5-13B-90 - Representative Office - Application. - (a) The application for a license to establish and maintain...

Section 5-13B-91 - Representative Office - Factors for Approval of Application. - (a) A foreign bank making an application for a license...

Section 5-13B-92 - Representative Office - Permissible Activities. - (a) A foreign bank which is licensed to establish and...

Section 5-13B-93 - Representative Office - Revocation of License. - The superintendent, after notice and opportunity for a hearing, may...

Section 5-13B-94 - Posting of License. - Each foreign bank which is licensed to establish and maintain...

Section 5-13B-95 - Licenses Not Transferable. - No license issued by the superintendent in accordance with this...

Section 5-13B-96 - Appointment of Superintendent as Agent for Service of Process. - (a) A foreign bank which is licensed to establish and...

Section 5-13B-97 - Service of Process. - (a) Service of any lawful process in any judicial or...

Section 5-13B-98 - Filing of Amendments to Articles of Incorporation. - A foreign bank which is licensed to maintain an Alabama...

Section 5-13B-99 - Amended License to Establish and Maintain a Branch or Agency. - (a) A foreign bank which is licensed to establish and...

Section 5-13B-100 - Change of Control of Foreign Bank. - A foreign bank which is licensed to establish and maintain...

Section 5-13B-101 - Relocation of Office; Written Notice Necessary. - (a) No foreign bank which is licensed to establish and...

Section 5-13B-102 - Examination; Payment of Fees. - (a) An Alabama state branch, Alabama state agency, or Alabama...

Section 5-13B-103 - Supervision and Enforcement. - (a) The superintendent shall have all of the powers granted...

Section 5-13B-104 - Reports. - (a) Each foreign bank which is licensed to establish and...

Section 5-13B-105 - Confidentiality of Examination Reports. - (a) All reports of examinations and investigations, correspondence, and memoranda...

Section 5-13B-106 - Books, Accounts, and Records. - Each foreign bank which is licensed to establish and maintain...

Section 5-13B-107 - Separate Assets. - (a) Each foreign bank which is licensed to establish and...

Section 5-13B-108 - Disclosure of Lack of Deposit Insurance. - Each foreign bank which is licensed to establish and maintain...

Section 5-13B-109 - Limitations on Payment of Interest on Deposits. - A foreign bank which is licensed to establish and maintain...

Section 5-13B-110 - Pledge of Assets. - (a) Each foreign bank which is licensed to establish and...

Section 5-13B-111 - Asset Maintenance. - (a) Each foreign bank which is licensed to establish and...

Section 5-13B-112 - Voluntary Closure of Branch, Agency, or Representative Office - Application. - (a) No foreign bank which is licensed to establish and...

Section 5-13B-113 - Suspension or Revocation of License; Factors. - If, after notice and a hearing, the superintendent finds any...

Section 5-13B-114 - Immediate Suspension or Revocation. - If the superintendent finds that any of the factors set...

Section 5-13B-115 - Seizure of Foreign Bank's Property and Business; Liquidation. - (a) If the superintendent finds that any of the factors...

Division 4 - Alabama Branches of Out-of-State Foreign Banks.

Section 5-13B-130 - Purpose. - This division is intended generally to ensure that interstate state...

Section 5-13B-131 - Establishment of Interstate Branches in This State by Out-of-State Foreign Banks. - (a) Except as provided in subsection (b), an out-of-state foreign...

Chapter 14A - Regional Reciprocal Savings Institutions.

Section 5-14A-1 - Short Title. - Repealed by Act 2015-70 effective April 21, 2015.

Section 5-14A-2 - Definitions. - Repealed by Act 2015-70 effective April 21, 2015.

Section 5-14A-3 - Acquisition of Alabama Savings and Loan Holding Company or Alabama Savings Institution by Regional Holding Company or Institution. - Repealed by Act 2015-70 effective April 21, 2015.

Section 5-14A-4 - Enforcement. - Repealed by Act 2015-70 effective April 21, 2015.

Section 5-14A-5 - Applicable Law. - Repealed by Act 2015-70 effective April 21, 2015.

Section 5-14A-6 - Regulatory Supervision in Cooperation With Other Savings Institutions Regulatory Agencies. - Repealed by Act 2015-70 effective April 21, 2015.

Section 5-14A-7 - Application Fee. - Repealed by Act 2015-70 effective April 21, 2015.

Section 5-14A-8 - Power to Establish or Acquire Branch Offices and Subsidiaries. - Repealed by Act 2015-70 effective April 21, 2015.

Chapter 16 - Savings and Loan Associations.

Section 5-16-1 - Short Title. - Repealed by Act 2015-70 effective April 21, 2015.

Section 5-16-2 - Definitions. - Repealed by Act 2015-70 effective April 21, 2015.

Section 5-16-3 - Associations, etc., Accepting Money for Promotion of Thrift and Financing of Homes Subject to Provisions of Chapter, Etc. - Repealed by Act 2015-70 effective April 21, 2015.

Section 5-16-4 - Procedure for Incorporation - Petition for Certificate of Incorporation; Subscription by Incorporators, Etc. - Repealed by Act 2015-70 effective April 21, 2015.

Section 5-16-5 - Procedure for Incorporation - Approval of Petition for Certificate of Incorporation; Certificate of Approval. - Repealed by Act 2015-70 effective April 21, 2015.

Section 5-16-6 - Procedure for Incorporation - Issuance of Certificate of Incorporation. - Repealed by Act 2015-70 effective April 21, 2015.

Section 5-16-7 - Bylaws. - Repealed by Act 2015-70 effective April 21, 2015.

Section 5-16-8 - Organizational Meeting. - Repealed by Act 2015-70 effective April 21, 2015.

Section 5-16-9 - Corporate Name and Offices - Generally. - Repealed by Act 2015-70 effective April 21, 2015.

Section 5-16-10 - Corporate Name and Offices - Change of Location of Home Office; Certificate of Approval, Etc. - Repealed by Act 2015-70 effective April 21, 2015.

Section 5-16-11 - Corporate Name and Offices - Establishment of Branch Offices. - Repealed by Act 2015-70 effective April 21, 2015.

Section 5-16-12 - Period for Commencement of Business; Forfeiture of Corporate Existence for Nonuse. - Repealed by Act 2015-70 effective April 21, 2015.

Section 5-16-13 - Rights, Privileges, etc., of Members; Annual Meeting; Annual Financial Statement; Voting by Members; Assessment of Fines and Penalties Against Members; Transfer of Real Estate Security by Borrowing Member. - Repealed by Act 2015-70 effective April 21, 2015.

Section 5-16-14 - Directors, Officers and Employees. - Repealed by Act 2015-70 effective April 21, 2015.

Section 5-16-15 - Books, Records and Accounts. - Repealed by Act 2015-70 effective April 21, 2015.

Section 5-16-16 - Capital and Accounts. - Repealed by Act 2015-70 effective April 21, 2015.

Section 5-16-17 - Reserve Accounts; Interest Due and Accrued Account. - Repealed by Act 2015-70 effective April 21, 2015.

Section 5-16-18 - Undivided Profits Account. - Repealed by Act 2015-70 effective April 21, 2015.

Section 5-16-19 - Dividends. - Repealed by Act 2015-70 effective April 21, 2015.

Section 5-16-20 - Repurchase of Accounts. - Repealed by Act 2015-70 effective April 21, 2015.

Section 5-16-21 - Redemption of Accounts. - Repealed by Act 2015-70 effective April 21, 2015.

Section 5-16-22 - Issuance of Duplicate Membership Certificates. - Repealed by Act 2015-70 effective April 21, 2015.

Section 5-16-23 - Issuance, etc., of Certificates of Indebtedness; Receipt of Public Deposits; Payment of Guaranteed Rate of Interest. - Repealed by Act 2015-70 effective April 21, 2015.

Section 5-16-24 - Powers Generally. - Repealed by Act 2015-70 effective April 21, 2015.

Section 5-16-25 - Real Estate Loans. - Repealed by Act 2015-70 effective April 21, 2015.

Section 5-16-26 - Liens on Accounts; Pledges of Accounts as Security for Loans. - Repealed by Act 2015-70 effective April 21, 2015.

Section 5-16-27 - Adoption, etc., of Bonus Plans and Payment of Cash Bonuses on Accounts; Bonus Reserve Account. - Repealed by Act 2015-70 effective April 21, 2015.

Section 5-16-28 - Sales, Transfers, or Exchanges of Assets. - Repealed by Act 2015-70 effective April 21, 2015.

Section 5-16-29 - Mergers. - Repealed by Act 2015-70 effective April 21, 2015.

Section 5-16-30 - Conversions. - Repealed by Act 2015-70 effective April 21, 2015.

Section 5-16-31 - Reorganizations. - Repealed by Act 2015-70 effective April 21, 2015.

Section 5-16-32 - Voluntary Liquidation - Procedure Generally. - Repealed by Act 2015-70 effective April 21, 2015.

Section 5-16-33 - Voluntary Liquidation - Remittance of Unclaimed Dividends and Share Accounts by Receiver, etc.; Payment of Creditors and Investors by Commissioner. - Repealed by Act 2015-70 effective April 21, 2015.

Section 5-16-34 - Voluntary Liquidation - Certification and Transmittal of Unclaimed Funds to State Treasurer. - Repealed by Act 2015-70 effective April 21, 2015.

Section 5-16-35 - Voluntary Liquidation - Payment of Creditors or Investors by State Treasurer. - Repealed by Act 2015-70 effective April 21, 2015.

Section 5-16-36 - Reports, Examinations and Audits. - Repealed by Act 2015-70 effective April 21, 2015.

Section 5-16-37 - Conservatorship; Involuntary Liquidation. - Repealed by Act 2015-70 effective April 21, 2015.

Section 5-16-38.1 - Assessment Fees. - Repealed by Act 2015-70 effective April 21, 2015.

Section 5-16-39 - Foreign Corporations Not to Transact Business in State; Privileges, etc., of Federal Savings and Loan Associations. - Repealed by Act 2015-70 effective April 21, 2015.

Section 5-16-40 - Sales of Accounts. - Repealed by Act 2015-70 effective April 21, 2015.

Section 5-16-41 - Acknowledgment, etc., of Instruments by Public Officers Employed by Associations, Etc. - Repealed by Act 2015-70 effective April 21, 2015.

Section 5-16-42 - Operating or Management Contracts. - Repealed by Act 2015-70 effective April 21, 2015.

Section 5-16-43 - Accounts of Minors, Married Women, Joint Owners and Fiduciaries; Investments in Accounts of Associations. - Repealed by Act 2015-70 effective April 21, 2015.

Section 5-16-44 - Deposit in Names of Two Persons, Payable to Either or Survivor - How Payable; When Construed as Belonging to Survivor. - Repealed by Act 2015-70 effective April 21, 2015.

Section 5-16-45 - Deposit in Names of Two Persons, Payable to Either or Survivor - Title to Deposit Upon Death of Either. - Repealed by Act 2015-70 effective April 21, 2015.

Section 5-16-46 - Disposition of Account of Deceased Person. - Repealed by Act 2015-70 effective April 21, 2015.

Section 5-16-47 - Disposition of Deposit in Trust for Another Upon Death of Trustee. - Repealed by Act 2015-70 effective April 21, 2015.

Section 5-16-48 - Engaging in Mortgage Brokerage Business; Purchase of Loans; Origination, Purchase and Sale of Mortgages. - Repealed by Act 2015-70 effective April 21, 2015.

Section 5-16-49 - Forms. - Repealed by Act 2015-70 effective April 21, 2015.

Section 5-16-50 - Deposits With State Treasurer, etc., of Securities Issued by Associations. - Repealed by Act 2015-70 effective April 21, 2015.

Section 5-16-51 - Associations Empowered to Enter Into Contracts, etc., for Insurance of Accounts, Etc. - Repealed by Act 2015-70 effective April 21, 2015.

Section 5-16-52 - State Associations May Make Contracts, Loans or Investments Available to Federal Savings and Loan Associations. - Repealed by Act 2015-70 effective April 21, 2015.

Section 5-16-53 - Termination of Status as Insured Corporation. - Repealed by Act 2015-70 effective April 21, 2015.

Chapter 17 - Credit Unions.

Article 1 - General Provisions.

Section 5-17-1 - "Credit Union" Defined. - A credit union is a cooperative society, incorporated for the...

Section 5-17-2 - Procedure for Organization and Incorporation. - (a) For the purposes of this chapter, both a natural...

Section 5-17-3 - Use of Words "Credit Union" in Name or Title. - It shall be a misdemeanor for any person, association, copartnership,...

Section 5-17-4 - Powers Generally. - (a) A credit union shall have all of the following...

Section 5-17-5 - Membership. - Credit union membership shall consist of the incorporators and such...

Section 5-17-6 - Withdrawal of Members; Expulsion for Cause; Termination of Membership; Readmission. - (a) Any member may withdraw from the credit union at...

Section 5-17-7 - Operating Fees; Fee Filed With Certificate of Organization. - THIS SECTION WAS AMENDED BY ACT 2022-120 IN THE 2022...

Section 5-17-8 - Reports to Administrator of Alabama Credit Union Administration; Powers of Administrator. - (a) Credit unions shall report to the Administrator of the...

Section 5-17-8.1 - Investigatory and Enforcement Powers of Administrator, Board, Designee, Etc. - (a) The administrator or the administrator's designee, in consultation with...

Section 5-17-9 - Fiscal Year; Meetings of Members; Amendment of Bylaws. - The fiscal year of all credit unions shall end December...

Section 5-17-10 - Election of Board of Directors, Credit Committee, and Supervisory Committee. - At the annual meeting (the organization meeting shall be the...

Section 5-17-11 - Election of Officers; Duties of Officers and Directors; Compensation; Liability. - (a) At the first meeting and at subsequent times prescribed...

Section 5-17-12 - Powers and Duties of Credit Committee. - The credit committee shall have the general supervision of all...

Section 5-17-13 - Powers and Duties of Supervisory Committee. - (a) The supervisory committee shall make or cause to be...

Section 5-17-14 - Capital; Lien on Shares and Deposits of Members; Entrance Fee. - The capital of a credit union shall consist of the...

Section 5-17-15 - Deposits for Minor or Trust Beneficiaries; Deposits in Names of Two Persons. - (a) A minor, in his or her own name, may...

Section 5-17-16 - Disposition of Shares or Deposit Account of Deceased Person. - Whenever a person shall die leaving a share or deposit...

Section 5-17-17 - Loans to Members, Directors, Officers, Etc. - Loans are made subject to the conditions contained in the...

Section 5-17-18 - Interest Rates and Finance Charges on Loans; Late Charge. - State chartered credit unions may charge such rates of interest...

Section 5-17-19 - Insurance and Reserves. - (a) Every credit union shall set aside such regular reserves...

Section 5-17-20 - Dividends. - The directors may declare a dividend from net earnings as...

Section 5-17-21 - Voluntary Dissolution. - (a) Unless otherwise provided in the bylaws of the credit...

Section 5-17-22 - Merger and Conversion Procedures. - Any credit union, with the approval of the Administrator of...

Section 5-17-23 - Change of Place of Business. - A credit union may change its place of business on...

Section 5-17-24 - Taxation. - A credit union shall be deemed an institution for savings...

Section 5-17-25 - Alabama Credit Union League - Advance Payment of Dues by Member Credit Unions. - Repealed by Act 2014-317, §2, effective May 1, 2014.

Section 5-17-26 - Alabama Credit Union League - Issuance of Advance Dues Certificates to Member Credit Unions. - Repealed by Act 2014-317, §2, effective May 1, 2014.

Section 5-17-27 - Alabama Credit Union League - Amortization of Credit Represented by Advance Dues Certificate. - Repealed by Act 2014-317, §2, effective May 1, 2014.

Section 5-17-28 - Alabama Credit Union League - Redemption and Purchase of Advance Dues Certificate Upon Dissolution, etc., of Member Credit Union. - Repealed by Act 2014-317, §2, effective May 1, 2014.

Section 5-17-29 - Penalties - Concealment of Discounts or Loans. - Any officer, director, employee, or committee member of a credit...

Section 5-17-30 - Penalties - Overdraws; Receipt of Commission, Emolument, etc., for Procuring Loans. - Any officer, director, committee member, or employee of a credit...

Section 5-17-31 - Penalties - Receipt of Property Other Than in Payment for Just Demand. - Any director, officer, committee member, or employee of a credit...

Section 5-17-32 - Penalties - False or Omitted Entries. - Any director, officer, committee member or employee of a credit...

Article 2 - Alabama Credit Union Administration.

Section 5-17-40 - Alabama Credit Union Administration Created; Functions; Transfer of Authority Previously Vested in State Banking Department. - THIS SECTION WAS AMENDED BY ACT 2018-470 IN THE 2018...

Section 5-17-41 - Administrator - Appointment; Vacancy; Eligibility. - (a) The Alabama Credit Union Administration shall be in the...

Section 5-17-42 - Administrator - Oath; Bond. - The administrator, before entering upon the discharge of his or...

Section 5-17-43 - Official Seal; Use of Sealed Papers as Evidence; Recording. - The Secretary of State shall provide the administrator with an...

Section 5-17-44 - Removal From Office of Administrator or Board Member. - (a) The administrator or any member of the Credit Union...

Section 5-17-45 - Legislative Findings; Powers of Credit Unions; Agreements; Reports. - (a) The Legislature finds as fact and determines that the...

Section 5-17-46 - Policies, Regulations, and Interpretations; Review for Ratification; Procedure for Adopting, Amending or Repealing. - (a) The administrator may, with the concurrence of a majority...

Section 5-17-47 - Procedure for Adopting, Amending, or Repealing Regulations and Interpretations; Contesting Regulations. - (a) Prior to the adoption, amendment, or repeal of any...

Section 5-17-48 - Annual Report; Public Distribution of Report and Other Material. - The administrator shall make from the reports of the department...

Section 5-17-49 - Violations to Be Submitted to Grand Jury. - Repealed by Act 2014-317, §2, effective May 1, 2014.

Section 5-17-50 - Employment and Compensation of Necessary Personnel; Assistant Administrator. - (a) Subject to the provisions of Section 36-26-1, et seq.,...

Section 5-17-51 - Immunity From Personal Liability. - Neither the administrator, any member of the Credit Union Board...

Section 5-17-52 - Oath and Duties of Examiner. - Before entering upon the discharge of his or her duties,...

Section 5-17-53 - Furnishing of Commission to Examiner; Exhibit to Credit Union Upon Making Examination. - Repealed by Act 2014-317, §2, effective May 1, 2014.

Section 5-17-54 - Bond of Alabama Credit Union Administration Employees. - Before entering upon the duties of their respective offices, the...

Section 5-17-55 - Credit Union Board Created; Composition; Appeals. - (a) There shall be a Credit Union Board of the...

Section 5-17-56 - Meetings; Executive Sessions; Confidential Information. - (a) The administrator shall comply with the Alabama Open Meetings...

Section 5-17-57 - Quorum. - A majority of the Credit Union Board shall constitute a...

Section 5-17-58 - Compensation and Expenses of Board Members. - No person appointed as member of said Credit Union Board...

Section 5-17-59 - Applicability of Alabama Business Corporation Act. - Any Alabama state chartered credit union shall be subject to...

Section 5-17-60 - Confidentiality of Conditions and Affairs of Credit Unions; Disclosures. - (a) Except as otherwise provided in this title or under...

Chapter 18 - Small Loans.

Section 5-18-1 - Short Title. - This chapter shall be known and may be cited as...

Section 5-18-2 - Legislative Findings of Fact and Declaration of Intent. - (a) The Legislature finds as facts and determines that: (1)...

Section 5-18-3 - Definitions. - The following terms, when used in this chapter, shall have...

Section 5-18-4 - License - Required; Exemptions; Penalties for Violation of Section. - (a) License required. No person shall engage in the business...

Section 5-18-5 - License - Application; Fees; Disposition of Fees. - Application for a license shall be in writing, under oath...

Section 5-18-6 - License - Investigation of Application; Issuance or Denial of License. - (a) Investigation of application. - Upon the filing of such...

Section 5-18-7 - License - Contents; Posting; Continuing Effect. - (a) Contents of license; posting. - Each license shall state...

Section 5-18-8 - License - Place of Business of Licensee. - (a) Separate license for each place of business. - Not...

Section 5-18-9 - License - Revocation, Suspension, etc.; Investigation of Complaints. - (a) Revocation of license. - The supervisor shall, upon 10...

Section 5-18-10 - Examinations of Licensees; Investigations; Enforcement Powers of Supervisor. - (a) Annual examinations of licensees. At least once each year...

Section 5-18-11 - Books, Accounts and Records of Licensees; Annual Report. - (a) Books and records. -Each licensee shall keep and use...

Section 5-18-12 - Promulgation of Rules, Regulations and Orders by Supervisor; Furnishing of Certified Copies of Licenses, Regulations or Orders. - (a) Rules, regulations, and orders. - The supervisor shall have...

Section 5-18-13 - Advertising; Schedule of Charges. - (a) Advertising, etc. No licensee or other person subject to...

Section 5-18-14 - Conduct of Other Business in Office of Licensee; Loan Business Confined to Licensed Offices; Acceptance of Liens on Real Estate as Security for Loans. - (a) Other business in same office. - No licensee shall...

Section 5-18-15 - Interest Rates, Charges, and Fees. - THIS SECTION WAS AMENDED BY ACT 2022-207 IN THE 2022...

Section 5-18-15.1 - Additional Late Payment Charge. - Notwithstanding the provisions of subsection (e) of Section 5-18-15, for...

Section 5-18-16 - Duties of Licensees as to Making and Payment of Loans. - (a) Copy of contract or statement; receipts; payment in advance;...

Section 5-18-17 - Insurance in Connection With Credit Transaction. - (a) With respect to any insurance written in connection with...

Section 5-18-18 - Charges, Rates, etc., as to Certain Loans. - Licensees may charge to a borrower the rates permitted by...

Section 5-18-19 - Collection of Loans Made Outside State. - Any loans made outside this state in accordance with the...

Section 5-18-20 - Review of Orders, etc., of Supervisor. - In addition to any other remedy he may have, any...

Section 5-18-21 - Enforceability of Provisions and Agreements Which Violate Chapter; Liability of Licensee for Actual Damage. - Except where other specific remedies are provided in this chapter...

Section 5-18-22 - Modification, Amendment or Repeal of Chapter. - This chapter or any part thereof may be modified, amended...

Section 5-18-23 - Maintenance of Listing of Licensees Doing Business in State; Public Access to Reports, Etc. - (a) The supervisor shall cause to be kept on file...

Chapter 18A - Deferred Presentment Services Act.

Section 5-18A-1 - Short Title; Purpose. - This chapter shall be known and may be cited as...

Section 5-18A-2 - Definitions. - As used in this chapter, the following terms shall have...

Section 5-18A-3 - License - Required; Applicability. - (a) On or after January 1, 2004, no person shall...

Section 5-18A-4 - License - Qualifications. - (a) Each applicant for a license shall satisfy all of...

Section 5-18A-5 - License - Application. - Each application for a license shall be in writing and...

Section 5-18A-6 - License - Fees; Financial Statement. - Each application for a license shall be accompanied by all...

Section 5-18A-7 - License - Issuance; Display; Payment of Fees; Surrender. - (a) Upon the filing of an application in the form...

Section 5-18A-8 - License - Change of Control. - The prior written approval of the supervisor shall be required...

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Code of Alabama Title 5 - Banks and Financial Institutions.

Code of Alabama
Title 5 - Banks and Financial Institutions.