Section 5-26-13 – Enforcement Authorities, Violations, and Penalties.
Section 5-26-13 Enforcement authorities, violations, and penalties. (1) In order to ensure the effective supervision and enforcement of this chapter the supervisor may: (a) Deny, suspend, revoke, condition, or decline to renew a license for a violation of this chapter, rules or regulations issued under this chapter or order or directive entered under this chapter, […]
Section 5-28-4 – Construction and Effect of Selection or Use of a Recommended Benchmark Replacement; Liability.
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 as a benchmark replacement under or in respect of a contract, security, or instrument by operation of Section 5-28-3 shall constitute all of the following: (1) A commercially reasonable replacement […]
Section 5-26-14 – Surety Bond Required.
Section 5-26-14 Surety bond required. (1) Coverage, form and regulations. Each mortgage loan originator shall be covered by a surety bond in accordance with this section. In the event that the mortgage loan originator is an employee or exclusive agent of a person subject to the Alabama Consumer Credit Act or Mortgage Brokers Licensing Act, […]
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.
Section 5-28-5 Severability. If any provision of this chapter or application thereof to any person or circumstance is held invalid, the invalidity shall not affect other provisions or applications of this chapter that can be given effect without the invalid provision or application, and to this end the provisions of this chapter shall be severable. […]
Section 5-26-15 – Confidentiality.
Section 5-26-15 Confidentiality. In order to promote more effective regulation and reduce regulatory burden through supervisory information sharing: (1) PROTECTIONS. Except as otherwise provided in Public Law 110-289, Section 1512, the requirements under any federal law regarding the privacy or confidentiality of any information or material provided to the Nationwide Mortgage Licensing System and Registry, […]
Section 5-26-16 – Investigation and Examination Authority.
Section 5-26-16 Investigation and examination authority. In addition to any authority allowed under this chapter the supervisor shall have the authority to conduct investigations and examinations as follows: (1) AUTHORITY TO ACCESS INFORMATION. For purposes of initial licensing, license renewal, license suspension, license conditioning, license revocation or termination, or general or specific inquiry or investigation […]
Section 5-26-17 – Prohibited Acts and Practices.
Section 5-26-17 Prohibited acts and practices. It is a violation of this chapter for a person or individual subject to this chapter to: (1) Obtain property by intentional fraud or intentional misrepresentation; (2) Solicit or enter into a contract with a borrower that provides in substance that the person or individual subject to this chapter […]
Section 5-26-18 – Mortgage Call Reports.
Section 5-26-18 Mortgage call reports. Each person employing a mortgage loan originator licensed under this chapter shall submit to the Nationwide Mortgage Licensing System and Registry reports of condition, which shall be in such form and shall contain such information as the Nationwide Mortgage Licensing System and Registry may require. (Act 2009-627, p. 1907, §18.)
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.)