Section 5-25-8 – License Requirements.
Section 5-25-8 License requirements. (a) Each license issued under this chapter shall state the address of the licensee’s principal place of business and the name of the licensee. (b) A licensee shall post the license in a conspicuous place in each place of business of the licensee. (c) A license may not be transferred or […]
Section 5-25-9 – Maintenance and Examination of Records, Etc.
Section 5-25-9 Maintenance and examination of records, etc. (a) Any person required to be licensed under this chapter shall maintain in its offices or such other location as the department shall permit the books, accounts, and records as the department may reasonably require in order to determine whether the person is complying with this chapter […]
Section 5-25-10 – Annual Report.
Section 5-25-10 Annual report. (a) Each licensee shall annually, on or before May 1, file a written report with the department containing that information the department may require concerning the licensee’s business and operations during the preceding calendar year, including financial statements. (b) Reports shall be made under oath and shall be in the form […]
Section 5-25-11 – Principal Place of Business; Branch Office.
Section 5-25-11 Principal place of business; branch office. A licensee may transact business from both a principal place of business and one or more branch offices provided each is licensed under this chapter. A principal place of business or branch office shall consist of at least one enclosed room or building of stationary construction in […]
Section 5-25-12 – Disclosure by Licensee; Prohibited Activities.
Section 5-25-12 Disclosure by licensee; prohibited activities. (a) Licensees shall: (1) Prior to the collection of a mortgage broker fee from a borrower, disclose to the borrower in writing the nature of the mortgage broker’s relationship to the borrower and the method by which the mortgage broker will be compensated for services. (2) Comply with […]
Section 5-25-13 – Rules and Regulations.
Section 5-25-13 Rules and regulations. (a) The department may promulgate those rules and regulations, not inconsistent with law, necessary for the enforcement of this chapter. (b) (1) Prior to the adoption, amendment, or repeal of any regulation, the supervisor shall give at least 35 days’ notice of its intended action by filing notice of intended […]
Section 5-25-14 – Denial, Suspension, or Revocation of License.
Section 5-25-14 Denial, suspension, or revocation of license. (a) The department may suspend or revoke a license on any ground on which it might refuse to issue an original license, or for a violation of any provision of this chapter or any rule or regulation issued under this chapter or for failure of the licensee […]
Section 5-25-15 – Appeal.
Section 5-25-15 Appeal. (a) Any interested party or intervener may appeal an order of the department to the Circuit Court of Montgomery County or to the circuit court of the county in which such party has its principal place of business in Alabama by filing notice of appeal with the department and with the register […]