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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...