Section 5-27-3 – (Effective January 1, 2018) Savings Promotion Contest Authorized; Conditions.
Section 5-27-3 (Effective January 1, 2018) Savings promotion contest authorized; conditions. (a) Subject to supervision by the appropriate federal or state regulatory agency, a financial institution may conduct a savings promotion contest in accordance with this chapter for the purposes of encouraging depositors to maintain savings accounts and increase personal savings. The financial institution may […]
Section 5-27-4 – (Effective January 1, 2018) Oversight.
Section 5-27-4 (Effective January 1, 2018) Oversight. Each savings promotion contest is subject to oversight by the federal or state agency responsible for regulating the financial institution, and the regulatory agency may issue cease and desist orders relating to a savings promotion contest offered by a financial institution which it regulates if the regulatory agency […]
Section 5-27-5 – (Effective January 1, 2018) Construction; Limitation on Prizes or Awards.
Section 5-27-5 (Effective January 1, 2018) Construction; limitation on prizes or awards. A savings promotion contest offered pursuant to this chapter does not constitute gambling or the promotion of gambling or a lottery or raffle pursuant to Section 65 of the Constitution of Alabama of 1901. No prize or award shall exceed twelve thousand five […]
Section 5-26-10 – Continuing Education for Mortgage Loan Originators.
Section 5-26-10 Continuing education for mortgage loan originators. (1) In general. In order to meet the annual continuing education requirements referred to in Section 5-26-9(1)(b), a licensed mortgage loan originator shall complete at least eight hours of education approved in accordance with subsection (2), which shall include at least: (a) Three hours of federal law […]
Section 5-28-1 – Short Title.
Section 5-28-1 Short title. This chapter shall be known and may be cited as the LIBOR Discontinuance and Replacement Act of 2021. (Act 2021-323, §1.)
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, […]