Section 5-18-8 – License – Place of Business of Licensee.
Section 5-18-8 License – Place of business of licensee. (a) Separate license for each place of business. – Not more than one place of business shall be maintained under the same license, but the supervisor may issue additional licenses to the same licensee upon his compliance with all the provisions of this chapter governing the […]
Section 5-18-23 – Maintenance of Listing of Licensees Doing Business in State; Public Access to Reports, Etc.
Section 5-18-23 Maintenance of listing of licensees doing business in state; public access to reports, etc. (a) The supervisor shall cause to be kept on file in the Bureau of Loans, open to public inspection during business hours, an alphabetical listing of all licensees doing business in Alabama, and such list shall reveal the true […]
Section 5-18-9 – License – Revocation, Suspension, etc.; Investigation of Complaints.
Section 5-18-9 License – Revocation, suspension, etc.; investigation of complaints. (a) Revocation of license. – The supervisor shall, upon 10 days’ written notice to the licensee stating the contemplated action and in general the grounds therefor and upon reasonable opportunity to be heard, revoke any license issued under this chapter if he finds that: (1) […]
Section 5-18-10 – Examinations of Licensees; Investigations; Enforcement Powers of Supervisor.
Section 5-18-10 Examinations of licensees; investigations; enforcement powers of supervisor. (a) Annual examinations of licensees. At least once each year and at such other time as may be deemed necessary by the Supervisor of the Bureau of Loans, an examination shall be made of the place of business of each licensee and of the loans, […]
Section 5-18-11 – Books, Accounts and Records of Licensees; Annual Report.
Section 5-18-11 Books, accounts and records of licensees; annual report. (a) Books and records. -Each licensee shall keep and use in his business such books, accounts and records as will enable the supervisor to determine whether such licensee is complying with the provisions of this chapter and with the orders and regulations lawfully made by […]
Section 5-18-12 – Promulgation of Rules, Regulations and Orders by Supervisor; Furnishing of Certified Copies of Licenses, Regulations or Orders.
Section 5-18-12 Promulgation of rules, regulations and orders by supervisor; furnishing of certified copies of licenses, regulations or orders. (a) Rules, regulations, and orders. – The supervisor shall have authority to make reasonable rules, regulations, and orders for the administration and enforcement of this chapter, in addition hereto and not inconsistent herewith. The regulation or […]
Section 5-18-13 – Advertising; Schedule of Charges.
Section 5-18-13 Advertising; schedule of charges. (a) Advertising, etc. No licensee or other person subject to this chapter shall advertise, display, distribute, or broadcast or cause to permit to be advertised, displayed, distributed, or broadcast in any manner whatsoever any false, misleading, or deceptive statement or representation with regard to the rates, terms, or conditions […]
Section 5-18-14 – Conduct of Other Business in Office of Licensee; Loan Business Confined to Licensed Offices; Acceptance of Liens on Real Estate as Security for Loans.
Section 5-18-14 Conduct of other business in office of licensee; loan business confined to licensed offices; acceptance of liens on real estate as security for loans. (a) Other business in same office. – No licensee shall conduct the business of making loans under this chapter within any office, suite, room or place of business in […]
Section 5-18-15 – Interest Rates, Charges, and Fees.
Section 5-18-15 Interest rates, charges, and fees. THIS SECTION WAS AMENDED BY ACT 2022-207 IN THE 2022 REGULAR SESSION, EFFECTIVE APRIL 4, 2022. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. (a) Maximum rates of interest and charge. Every licensee under this chapter may contract for and receive as interest on any loan of money […]
Section 5-18-15.1 – Additional Late Payment Charge.
Section 5-18-15.1 Additional late payment charge. Notwithstanding the provisions of subsection (e) of Section 5-18-15, for contracts entered into after June 7, 2007, the additional late charge a licensee licensed under this chapter, the Alabama Small Loan Act, may charge when a scheduled payment is in default or delinquent for 10 or more days, is […]