Section 5-18-1 – Short Title.
Section 5-18-1 Short title. This chapter shall be known and may be cited as the Alabama Small Loan Act. (Acts 1959, No. 374, p. 966, §25.)
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 […]
Section 5-18-16 – Duties of Licensees as to Making and Payment of Loans.
Section 5-18-16 Duties of licensees as to making and payment of loans. (a) Copy of contract or statement; receipts; payment in advance; release of obligation and security. – Every licensee shall: (1) At the time a loan is made deliver to the borrower or, if there are two or more borrowers, to one of them […]
Section 5-18-17 – Insurance in Connection With Credit Transaction.
Section 5-18-17 Insurance in connection with credit transaction. (a) With respect to any insurance written in connection with any credit transaction under this chapter, the creditor shall be subject to the same restrictions, prohibitions, powers, and allowances as any creditor bank, retail establishment, sales finance company, licensee, or any other creditor under Section 5-19-20, and […]
Section 5-18-18 – Charges, Rates, etc., as to Certain Loans.
Section 5-18-18 Charges, rates, etc., as to certain loans. Licensees may charge to a borrower the rates permitted by this chapter only on principal loan balances less than one thousand dollars ($1,000). No licensee shall induce or permit any person, jointly or severally, to become obligated directly or contingently, or both, on more than one […]
Section 5-18-19 – Collection of Loans Made Outside State.
Section 5-18-19 Collection of loans made outside state. Any loans made outside this state in accordance with the law applicable to such loan in the state in which the loan was made may be collected in this state. (Acts 1959, No. 374, p. 966, §17.)
Section 5-18-2 – Legislative Findings of Fact and Declaration of Intent.
Section 5-18-2 Legislative findings of fact and declaration of intent. (a) The Legislature finds as facts and determines that: (1) There exists among citizens of this state a widespread demand for small loans. The scope and intensity of this demand have been increased progressively by many social and economic forces; (2) The expense of making […]
Section 5-18-20 – Review of Orders, etc., of Supervisor.
Section 5-18-20 Review of orders, etc., of supervisor. In addition to any other remedy he may have, any licensee and any person considering himself aggrieved by any act or order of the supervisor under this chapter may, within 30 days from the entry of the order complained of, or within 60 days of the act […]
Section 5-18-21 – Enforceability of Provisions and Agreements Which Violate Chapter; Liability of Licensee for Actual Damage.
Section 5-18-21 Enforceability of provisions and agreements which violate chapter; liability of licensee for actual damage. Except where other specific remedies are provided in this chapter for violations, in which event those remedies shall apply, any provision of a loan contract which violates this chapter shall be unenforceable by the licensee to the extent, but […]
Section 5-18-22 – Modification, Amendment or Repeal of Chapter.
Section 5-18-22 Modification, amendment or repeal of chapter. This chapter or any part thereof may be modified, amended or repealed so as to effect a cancellation or alteration of any license or right of a licensee hereunder; provided, that such cancellation or alteration shall not impair or affect the obligation of any preexisting lawful contract […]
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 5-18-3 – Definitions.
Section 5-18-3 Definitions. The following terms, when used in this chapter, shall have the following meanings, unless the context clearly requires a different meaning. The meaning ascribed to the singular form shall apply also to the plural. (1) PERSON. Such term shall include individuals, copartnerships, associations, trusts, corporations and any other legal entities. (2) LICENSE. […]
Section 5-18-4 – License – Required; Exemptions; Penalties for Violation of Section.
Section 5-18-4 License – Required; exemptions; penalties for violation of section. (a) License required. No person shall engage in the business of lending in amounts of less than one thousand five hundred dollars ($1,500) and contract for, exact or receive, directly or indirectly, on or in connection with any such loan, any charges whether for […]
Section 5-18-5 – License – Application; Fees; Disposition of Fees.
Section 5-18-5 License – Application; fees; disposition of fees. Application for a license shall be in writing, under oath and in the form prescribed by the supervisor. The application shall give the approximate location where the business is to be conducted and shall contain such further relevant information as the supervisor may require, including the […]