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 […]
Section 5-28-2 – Definitions.
Section 5-28-2 Definitions. As used in this chapter, the following terms shall have the following meanings: (1) BENCHMARK. An index of interest rates or dividend rates that is used, in whole or in part, as the basis of, or as a reference for, calculating or determining any valuation, payment, or other measurement under or in […]
Section 5-26-12 – Nationwide Mortgage Licensing System and Registry Information Challenge Process.
Section 5-26-12 Nationwide Mortgage Licensing System and Registry information challenge process. The supervisor shall establish a process whereby mortgage loan originators may challenge information entered into the Nationwide Mortgage Licensing System and Registry. (Act 2009-627, p. 1907, §12.)
Section 5-28-3 – Recommended Benchmark Replacement for Certain Contracts, Securities, or Instruments; Fallback Provisions.
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, by operation of law, shall be the benchmark replacement for any contract, security, or instrument that uses LIBOR as a benchmark and meets one of the following requirements: (1) Contains no fallback […]
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 […]