Section 5-26-19 – Report to Nationwide Mortgage Licensing System and Registry.
Section 5-26-19 Report to Nationwide Mortgage Licensing System and Registry. Notwithstanding state privacy law, the supervisor is required to report regularly violations of this chapter as well as enforcement actions and other relevant information to the Nationwide Mortgage Licensing System and Registry, subject to the provisions contained in Section 5-26-15. (Act 2009-627, p. 1907, §19.)
Section 5-26-20 – Unique Identifier Shown.
Section 5-26-20 Unique identifier shown. The unique identifier of any person originating a residential mortgage loan shall be clearly shown on all residential mortgage loan application forms, solicitations, or advertisements, including business cards or websites, and any other documents as established by rule, regulation, or order of the supervisor. (Act 2009-627, p. 1907, §20.)
Section 5-27-1 – (Effective January 1, 2018) Legislative Findings.
Section 5-27-1 (Effective January 1, 2018) Legislative findings. The Legislature finds and declares the following: (1) Federal law allows both depository financial institutions and credit unions to hold savings promotion contests, subject to certain conditions and authorization under state law. (2) Savings promotion contests in other states and countries have led to an increase in […]
Section 5-27-2 – (Effective January 1, 2018) Definitions.
Section 5-27-2 (Effective January 1, 2018) Definitions. When used in this chapter, the following words and phrases shall have the following meanings: (1) APPROPRIATE STATE OR FEDERAL REGULATORY AGENCY. The state or federal agency that is statutorily responsible for the supervision of all or part of the operations of a participating financial institution. (2) DEPOSITOR. […]
Section 5-27-3 – (Effective January 1, 2018) Savings Promotion Contest Authorized; Conditions.
Section 5-27-3 (Effective January 1, 2018) Savings promotion contest authorized; conditions. (a) Subject to supervision by the appropriate federal or state regulatory agency, a financial institution may conduct a savings promotion contest in accordance with this chapter for the purposes of encouraging depositors to maintain savings accounts and increase personal savings. The financial institution may […]
Section 5-27-4 – (Effective January 1, 2018) Oversight.
Section 5-27-4 (Effective January 1, 2018) Oversight. Each savings promotion contest is subject to oversight by the federal or state agency responsible for regulating the financial institution, and the regulatory agency may issue cease and desist orders relating to a savings promotion contest offered by a financial institution which it regulates if the regulatory agency […]
Section 5-27-5 – (Effective January 1, 2018) Construction; Limitation on Prizes or Awards.
Section 5-27-5 (Effective January 1, 2018) Construction; limitation on prizes or awards. A savings promotion contest offered pursuant to this chapter does not constitute gambling or the promotion of gambling or a lottery or raffle pursuant to Section 65 of the Constitution of Alabama of 1901. No prize or award shall exceed twelve thousand five […]
Section 5-26-10 – Continuing Education for Mortgage Loan Originators.
Section 5-26-10 Continuing education for mortgage loan originators. (1) In general. In order to meet the annual continuing education requirements referred to in Section 5-26-9(1)(b), a licensed mortgage loan originator shall complete at least eight hours of education approved in accordance with subsection (2), which shall include at least: (a) Three hours of federal law […]
Section 5-28-1 – Short Title.
Section 5-28-1 Short title. This chapter shall be known and may be cited as the LIBOR Discontinuance and Replacement Act of 2021. (Act 2021-323, §1.)
Section 5-26-11 – Authority to Require License.
Section 5-26-11 Authority to require license. In addition to any other duties imposed upon the supervisor by law, the supervisor shall require mortgage loan originators to be licensed and registered through the Nationwide Mortgage Licensing System and Registry. In order to carry out this requirement the supervisor is authorized to participate in the Nationwide Mortgage […]