Code of Alabama
Title 5 - Banks and Financial Institutions.

Section 5-18A-9 - Circumstances Requiring Written Report. - Within 15 days of the occurrence of any one of...

Section 5-18A-10 - Rules and Regulations; Judicial Review. - (a) The supervisor may promulgate reasonable rules and regulations for...

Section 5-18A-11 - Maintenance of Business Records; Notice of Intent to Conduct Business in Conjunction With Other Business; Examination of Place of Business. - (a) Each licensee shall keep and use in its business...

Section 5-18A-12 - Transaction Fees; Renewal or Extension; Repayment; Bad Check Charge. - (a) Subject to the following subsections, every licensee under this...

Section 5-18A-13 - Duties of Licensee. - (a) A licensee may not knowingly enter into a deferred...

Section 5-18A-14 - Denial of Application; Hearing. - (a) If the supervisor determines that an applicant is not...

Section 5-18A-15 - Suspension or Revocation of License; Hearing. - (a) The supervisor may, after notice and hearing, suspend or...

Section 5-18A-16 - Violations of Chapter. - If, after a hearing, the supervisor finds that a person...

Section 5-18A-17 - Consent Orders; Civil or Criminal Penalties; Extraordinary Circumstances. - (a) The supervisor may enter into consent orders at any...

Section 5-18A-18 - Written Complaint; Investigation; Compliance With Subpoena. - (a) Any person aggrieved by the conduct of a licensee...

Section 5-18A-19 - Public Notice of Provisions. - Every licensee shall conspicuously post a sign, as designed by...

Section 5-18A-20 - Excessive Charges. - Any person who willfully makes charges in excess of those...

Section 5-18A-21 - Disposition of Funds. - All license fees and administrative penalties collected under this chapter...

Section 5-18A-22 - Claims Preceding Effective Date of Chapter. - The provisions of this chapter shall not be construed to...

Chapter 19 - Consumer Finance.

Section 5-19-1 - Definitions. - For the purposes of this chapter, the following terms shall...

Section 5-19-1.1 - Legislative Findings. - The Legislature finds as fact and determines that: (1) The...

Section 5-19-3 - Maximum Finance Charges; Contracting for Minimum Finance Charge; Alternate per Month Computed Finance Charge. - (a) Except under open-end credit plans, the maximum finance charge...

Section 5-19-4 - Additional Charges for Default or Deferral; Prepayment; Renewal or Refinancing; Real Property Transactions. - (a) When a scheduled payment in a consumer credit transaction...

Section 5-19-5 - Acceptance of Negotiable Instruments as Evidence of Consumer Debt. - In a consumer credit sale, the seller may not take...

Section 5-19-6 - Copies of Instruments Signed by Debtors to Be Furnished to Debtors; Required Statement in Contracts, etc.; Limitation on Disclosure Requirements; Intent, Applicability of Limitation. - (a) Any creditor, when extending credit with respect to a...

Section 5-19-7 - Right to Refinance Amount of Certain Scheduled Payments. - With respect to a consumer credit transaction, if any scheduled...

Section 5-19-8 - Assignee of Seller Subject to Claims and Defenses of Buyer. - With respect to a consumer credit sale, an assignee of...

Section 5-19-9 - Application of Payments When Buyer Indebted to Same Seller for Two or More Consumer Credit Sales. - When the buyer is indebted to a particular seller for...

Section 5-19-10 - Contract Provisions for Attorney's Fees. - A contract for a consumer credit transaction with an original...

Section 5-19-12 - Buyer's Right to Cancel Home Solicitation Sale. - (a) A buyer has the right to cancel a home...

Section 5-19-13 - Repossession or Acceptance of Surrender of Goods Priced at One Thousand Dollars or Less. - If any seller or assignee of the seller repossesses or...

Section 5-19-14 - Rebates or Discounts, etc., as Inducement for Aiding Sale to Another Prohibited. - With respect to a consumer credit sale, the seller may...

Section 5-19-15 - Garnishment. - Prior to entry of judgment on a consumer credit transaction,...

Section 5-19-16 - Refusal by Court to Enforce Unconscionable Agreement. - With respect to a consumer credit transaction, if the court...

Section 5-19-17 - Inducing Obligation on More Than One Contract in Order to Obtain Higher Finance Charge Prohibited; Consolidation of Existing Precomputed Consumer Credit Transaction Contract and Subsequent Precomputed Consumer Credit Transaction. - (a) No creditor shall induce or permit any person or...

Section 5-19-18 - Installment Payment of Debt of One Thousand Dollars or Less. - With respect to consumer credit transactions, where the debt is...

Section 5-19-19 - Liabilities of Creditor Making Excess Finance Charge; Failure to Obtain License; Damages for Deliberate Violation or Reckless Disregard; Written Notice of Violations; Oral Statements Not Admissible; Fiduciary Duty Not Created. - (a)(1)(i) Any creditor charging a finance charge in excess of...

Section 5-19-20 - Insurance. - (a) With respect to any consumer credit transaction, the creditor...

Section 5-19-21 - Administrator Authorized to Make Rules and Regulations; Filing Notice of Intended Action With Legislative Reference Service; Transactions Entered Into After May 20, 1996. - (a) The administrator is authorized and empowered to promulgate rules...

Section 5-19-22 - License to Engage in Business of Making Consumer Loans or Taking Assignments of Consumer Credit Contracts - Required; Exceptions; Application; Investigation; Standards for Issuance; Hearing; Licensing Under Small Loan Act; Fees; Par... - (a) No creditor shall engage in any one or more...

Section 5-19-23 - License to Engage in Business of Making Consumer Loans or Taking Assignments of Consumer Credit Contracts - Revocation or Suspension. - (a) The administrator may issue to a person licensed under...

Section 5-19-24 - Examinations and Investigations of Licensees by Administrator. - (a) For the purpose of determining compliance with this chapter,...

Section 5-19-25 - Cease and Desist Orders by Administrator; Penalties for Violation of This Chapter; Right to Counsel at Hearing; Judicial Review. - After notice and hearing, the administrator may order a licensee...

Section 5-19-26 - Appeals to Circuit Court From Order of Administrator; Appeals From Decision of Circuit Court. - (a) Any interested party or intervener may appeal an order...

Section 5-19-29 - Injunctions. - (a) The administrator may bring an action to restrain a...

Section 5-19-30 - Penalty for Violations. - A creditor who willfully makes charges in excess of those...

Section 5-19-31 - Nonapplicability of Chapter to Certain Transactions; Certain Laws Not Repealed or Amended. - (a) The provisions of this chapter, except the provisions of...

Section 5-19-32 - Service Contracts. - Any creditor who extends credit with respect to a consumer...

Section 5-19-33 - Account Maintenance Fee. - (a) In addition to other lawful charges permitted under various...

Chapter 19A - Alabama Pawnshop Act.

Section 5-19A-1 - Short Title. - This chapter shall be known and may be cited as...

Section 5-19A-2 - Definitions. - The following words and phrases shall have the following meanings:...

Section 5-19A-3 - Pawnbroker to Enter on Pawn Ticket Record of Information. - At the time of making the pawn or purchase transaction,...

Section 5-19A-4 - Certain Information to Be Printed on Pawn Tickets. - The following information shall be printed on all pawn tickets:...

Section 5-19A-5 - Statement Verifying Pledgor Is Rightful Owner of Goods; Pawnbroker to Maintain Record of Transactions; Goods to Be Maintained on Premises for Certain Number of Days Before Resale. - (a) The pledgor or seller shall sign a statement verifying...

Section 5-19A-6 - Redemption or Automatic Forfeiture of Pledged Goods. - A pledgor shall have no obligation to redeem pledged goods...

Section 5-19A-7 - Pawnshop Charge; Amounts in Excess of Pawnshop Charge. - (a) A pawnbroker may contract for and receive a pawnshop...

Section 5-19A-8 - Certain Acts by Pawnbrokers Prohibited. - A pawnbroker, any clerk, agent, or employee of a pawnbroker...

Section 5-19A-9 - Pledgor Presenting Pawn Ticket Entitled to Redeem or Repurchase Goods; Lost or Damaged Pledged Goods in Possession of Pawnbroker; Lost, Destroyed, or Stolen Pawn Ticket. - (a) Any person properly identified as pledgor or as authorized...

Section 5-19A-10 - Liens for Pawnbrokers; Pledged Goods Not Redeemed on or Before Maturity Date Fixed in Ticket. - (a) A pawnbroker shall have a lien on the pledged...

Section 5-19A-11 - Licensing Generally; Annual Fee; Temporary License; When New License Not Required Upon Change in Ownership. - (a) A person may not engage in business as a...

Section 5-19A-12 - Eligibility for Pawnshop License; Application Fee. - (a) To be eligible for a pawnshop license, an applicant...

Section 5-19A-13 - Suspension or Revocation of License; Notice and Hearing; Surrender of License. - (a) The supervisor may, after notice and hearing, suspend or...

Section 5-19A-14 - Application for New Pawnshop License, Transfer of Existing License, Etc. - (a) An application for a new pawnshop license, the transfer...

Section 5-19A-15 - No Confiscation of Property Pledged to Pawnbroker if Property May Be Put on Seven-Day Hold; When Property May Be Placed on Hold. - (a) No pledged or purchased goods may be confiscated if...

Section 5-19A-16 - Penalties for Failure to Secure License. - Any person who engages in the business of operating a...

Section 5-19A-17 - Penalties for Willful Violation of Chapter or for False Entry in Required Records; Compliance Enforced by Supervisor; Order Requiring Person to Refrain From Violation. - (a) In addition to any other penalty which may be...

Section 5-19A-18 - Department of Public Safety to Supply Available Arrest and Conviction Records. - The Department of Public Safety on request shall supply to...

Section 5-19A-19 - Ordinances to Be in Compliance With but Not More Restrictive Than Chapter. - Any municipality may enact ordinances which are in compliance with...

Section 5-19A-20 - Pawnbrokers to Be Subject to Licensing and Issuance Fees Under Chapter 12 of Title 40; Chapter Not to Repeal Uniform Commercial Code. - Notwithstanding the foregoing, all persons currently doing business as pawnbrokers...

Chapter 20 - Alabama Credit Card Act.

Section 5-20-2 - Short Title. - This chapter shall be known and may be cited as...

Section 5-20-3 - Definitions. - Notwithstanding any other provision of law, for the purposes of...

Section 5-20-4 - Establishment or Acquisition of a Credit Card Bank. - Subject to the provisions of this chapter and to the...

Section 5-20-5 - Charges, Rates, and Fees. - Notwithstanding the provisions of any other law, in connection with...

Section 5-20-6 - Application for Approval; Filing Fee. - Any bank holding company, bank holding company subsidiary, domestic lender...

Section 5-20-7 - Supervision and Enforcement. - (a) All credit card banks organized under the laws of...

Section 5-20-8 - Applicable Law. - (a) A credit card bank shall be subject to all...

Section 5-20-9 - Severability. - If any provision or clause of this chapter, including without...

Section 5-20-10 - Construction With Other Laws; Repeal of Conflicting Laws. - To the extent other laws or parts of laws, whether...

Chapter 21 - George Wallace, jr., Plan for Linked Deposits of 1988.

Section 5-21-1 - Short Title. - Repealed by Act 2007-397, p. 790, §2, effective January 1,...

Section 5-21-2 - Legislative Purpose. - Repealed by Act 2007-397, p. 790, §2, effective January 1,...

Section 5-21-3 - Definitions. - Repealed by Act 2007-397, p. 790, §2, effective January 1,...

Section 5-21-4 - Creation of Plan; Term and Return Rate of Deposits. - Repealed by Act 2007-397, p. 790, §2, effective January 1,...

Section 5-21-5 - Amounts of Loans; Eligibility. - Repealed by Act 2007-397, p. 790, §2, effective January 1,...

Section 5-21-6 - Restriction of Fees or Charges. - Repealed by Act 2007-397, p. 790, §2, effective January 1,...

Section 5-21-7 - Interest Rates. - Repealed by Act 2007-397, §2, effective January 1, 2008.

Section 5-21-8 - Agreements Between State and Eligible Lending Institutions in Writing; Specific Terms, Conditions, etc., Included. - Repealed by Act 2007-397, p. 790, §2, effective January 1,...

Section 5-21-9 - Participation in Plan; Application. - Repealed by Act 2007-397, p. 790, §2, effective January 1,...

Section 5-21-10 - Annual Report. - Repealed by Act 2007-397, p. 790, §2, effective January 1,...

Section 5-21-11 - Effective Date; Termination Date. - Repealed by Act 2007-397, p. 790, §2, effective January 1,...

Chapter 22 - Reports of Transactions Involving Currency.

Section 5-22-1 - Purpose. - It is the purpose of this chapter to require submission...

Section 5-22-2 - Definitions. - For the purpose of this chapter, the following terms shall...

Section 5-22-3 - Record of Currency Transactions; Report on Written Request; When No Longer Required; Compliance With Federal Law Sufficient; Multiple Transactions; Disclosures. - (a) Every financial institution shall keep a record of each...

Section 5-22-4 - Effect of Federal Exemptions. - All exemptions from recordkeeping and reporting requirements under the federal...

Section 5-22-5 - When Reports May Be Disclosed. - Other than as provided for in Section 5-22-3, the State...

Section 5-22-6 - Criminal Penalties. - (a) Except as provided in subsection (b) of this section,...

Section 5-22-7 - Immunity From Liability. - Except as provided in Section 5-22-6, no financial institution, or...

Section 5-22-8 - Recoupment of Costs Not Authorized. - No part of the cost or expense incurred by the...

Chapter 23 - State Sponsorship of Financial Institution Credit Card.

Section 5-23-1 - Definitions. - The following terms shall have the meanings ascribed to them...

Section 5-23-2 - State Participation in Financial Institution Credit Card Program; Contact With Financial Institutions. - The State Treasurer is hereby authorized to participate in a...

Section 5-23-3 - Negotiation of State's Fee; Contracts With Financial Institutions; Use of State Seal and Insignia. - (a) If the Treasurer determines that the state may be...

Section 5-23-4 - Proceeds. - The net proceeds of the state fees shall be transmitted...

Section 5-23-5 - Rules and Regulations. - The State Treasurer is authorized to adopt such rules and...

Section 5-23-6 - Disclosure of Information. - It shall be legal and permissible for the financial institution...

Chapter 24 - Uniform Multiple-Person Accounts Act.

Article 1 - Definitions and General Provisions.

Section 5-24-1 - Definitions. - In this chapter: (1) ACCOUNT means a contract of deposit...

Section 5-24-2 - Scope of Chapter. - This chapter does not apply to (1) an account established...

Section 5-24-3 - Types of Account; Existing Accounts. - (a) An account may be for a single party or...

Section 5-24-4 - Forms. - (a) A contract of deposit may contain provisions in substantially...

Section 5-24-5 - Designation of Agent. - (a) By a signed writing, a party may designate one...

Section 5-24-6 - Applicability of Chapter. - The provisions of Article 2 concerning beneficial ownership as between...

Article 2 - Ownership as Between Parties and Others.

Section 5-24-11 - Ownership During Lifetime. - (a) In this section, "net contribution" of a party means...

Section 5-24-12 - Rights at Death. - (a) Except as otherwise provided in this chapter, on death...

Section 5-24-13 - Alteration of Rights. - (a) Rights at death under Section 5-24-12 are determined by...

Section 5-24-14 - Accounts and Transfers Nontestamentary. - Except as a consequence of, and to the extent directed...

Section 5-24-15 - Rights of Creditors and Others. - (a) If other assets of the estate are insufficient, a...

Article 3 - Protection of Financial Institutions.

Section 5-24-21 - Authority of Financial Institution. - A financial institution may enter into a contract of deposit...

Section 5-24-22 - Payment on Multiple-Party Account. - A financial institution, on request, may pay sums on deposit...

Section 5-24-23 - Payment on Pod Designation. - A financial institution, on request, may pay sums on deposit...

Section 5-24-24 - Payment to Designated Agent. - A financial institution, on request of an agent under an...

Section 5-24-25 - Payment to Minor. - If a financial institution is required or permitted to make...

Section 5-24-26 - Discharge. - (a) Payment made pursuant to this chapter in accordance with...

Section 5-24-27 - Set-Off. - Without qualifying any other statutory right to set-off or lien...

Article 4 - Short Title, Construction, Transitional Provisions.

Section 5-24-31 - Short Title. - This chapter may be cited as the Uniform Multiple-Person Accounts...

Section 5-24-32 - Uniformity of Application and Construction. - This chapter shall be applied and construed to effectuate its...

Section 5-24-33 - Supplementary General Principles of Law Applicable. - Unless displaced by the particular provisions of this chapter, the...

Section 5-24-34 - Transitional Provisions. - On March 1, 1998: (1) An act done before March...

Chapter 25 - Mortgage Brokers Licensing Act.

Section 5-25-1 - Short Title. - This chapter shall be known and cited as the Mortgage...

Section 5-25-2 - Definitions. - For purposes of this chapter, the following terms shall have...

Section 5-25-3 - Persons Excluded. - The following persons are not subject to the provisions of...

Section 5-25-4 - License to Transact Business as a Mortgage Broker. - (a) On and after January 1, 2002, no person shall...

Section 5-25-5 - Application for License. - (a) An application for a license under this chapter shall...

Section 5-25-6 - Issuance of License. - (a) Upon receipt of a completed application for a license...

Section 5-25-7 - Expiration and Renewal. - (a) All licenses issued pursuant to this chapter shall expire...

Section 5-25-8 - License Requirements. - (a) Each license issued under this chapter shall state the...

Section 5-25-9 - Maintenance and Examination of Records, Etc. - (a) Any person required to be licensed under this chapter...

Section 5-25-10 - Annual Report. - (a) Each licensee shall annually, on or before May 1,...

Section 5-25-11 - Principal Place of Business; Branch Office. - A licensee may transact business from both a principal place...

Section 5-25-12 - Disclosure by Licensee; Prohibited Activities. - (a) Licensees shall: (1) Prior to the collection of a...

Section 5-25-13 - Rules and Regulations. - (a) The department may promulgate those rules and regulations, not...

Section 5-25-14 - Denial, Suspension, or Revocation of License. - (a) The department may suspend or revoke a license on...

Section 5-25-15 - Appeal. - (a) Any interested party or intervener may appeal an order...

Section 5-25-16 - Enforcement and Penalties. - (a) Whenever it appears to the supervisor that any person...

Section 5-25-17 - Violations of Chapter. - Any person who willfully violates any of the provisions of...

Section 5-25-18 - Disposition of Funds. - All fees and administrative penalties collected shall be paid into...

Chapter 26 - Alabama Secure and Fair Enforcement for Mortgage Licensing Act of 2009.

Section 5-26-1 - Short Title. - This chapter may be cited as the Alabama Secure and...

Section 5-26-2 - Legislative Findings. - The activities of mortgage loan originators and the origination or...

Section 5-26-3 - Definitions. - For purposes of this chapter, the following definitions shall apply:...

Section 5-26-4 - License and Registration Required. - (1) In general. An individual, unless specifically exempted from this...

Section 5-26-5 - State License and Registration Application and Issuance. - (1) Application form. Applicants for a license shall apply in...

Section 5-26-6 - Issuance of License. - The supervisor shall not issue a mortgage loan originator license...

Section 5-26-7 - Pre-Licensing Education of Loan Originators. - (1) Minimum educational requirements. In order to meet the pre-licensing...

Section 5-26-8 - Testing of Loan Originators. - (1) In general. In order to meet the written test...

Section 5-26-9 - Standards for License Renewal. - (1) In general. The minimum standards for license renewal for...

Section 5-26-10 - Continuing Education for Mortgage Loan Originators. - (1) In general. In order to meet the annual continuing...

Section 5-26-11 - Authority to Require License. - In addition to any other duties imposed upon the supervisor...

Section 5-26-12 - Nationwide Mortgage Licensing System and Registry Information Challenge Process. - The supervisor shall establish a process whereby mortgage loan originators...

Section 5-26-13 - Enforcement Authorities, Violations, and Penalties. - (1) In order to ensure the effective supervision and enforcement...

Section 5-26-14 - Surety Bond Required. - (1) Coverage, form and regulations. Each mortgage loan originator shall...

Section 5-26-15 - Confidentiality. - In order to promote more effective regulation and reduce regulatory...

Section 5-26-16 - Investigation and Examination Authority. - In addition to any authority allowed under this chapter the...

Section 5-26-17 - Prohibited Acts and Practices. - It is a violation of this chapter for a person...

Section 5-26-18 - Mortgage Call Reports. - Each person employing a mortgage loan originator licensed under this...

Section 5-26-19 - Report to Nationwide Mortgage Licensing System and Registry. - Notwithstanding state privacy law, the supervisor is required to report...

Section 5-26-20 - Unique Identifier Shown. - The unique identifier of any person originating a residential mortgage...

Chapter 27 - Savings Promotion Contest

Section 5-27-1 - (Effective January 1, 2018) Legislative Findings. - The Legislature finds and declares the following: (1) Federal law...

Section 5-27-2 - (Effective January 1, 2018) Definitions. - When used in this chapter, the following words and phrases...

Section 5-27-3 - (Effective January 1, 2018) Savings Promotion Contest Authorized; Conditions. - (a) Subject to supervision by the appropriate federal or state...

Section 5-27-4 - (Effective January 1, 2018) Oversight. - Each savings promotion contest is subject to oversight by the...

Section 5-27-5 - (Effective January 1, 2018) Construction; Limitation on Prizes or Awards. - A savings promotion contest offered pursuant to this chapter does...

Chapter 28 - Libor Discontinuance and Replacement Act of 2021

Section 5-28-1 - Short Title. - This chapter shall be known and may be cited as...

Section 5-28-2 - Definitions. - As used in this chapter, the following terms shall have...

Section 5-28-3 - Recommended Benchmark Replacement for Certain Contracts, Securities, or Instruments; Fallback Provisions. - (a) On the LIBOR replacement date, the recommended benchmark replacement,...

Section 5-28-4 - Construction and Effect of Selection or Use of a Recommended Benchmark Replacement; Liability. - (a) The selection or use of a recommended benchmark replacement...

Section 5-28-5 - This Section Was Assigned by the Code Commissioner in the 2021 Regular Session, Effective April 29, 2021. This Is Not in the Current Code Supplement. - If any provision of this chapter or application thereof to...

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Code of Alabama Title 5 - Banks and Financial Institutions.

Code of Alabama
Title 5 - Banks and Financial Institutions.