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 5-24-33 – Supplementary General Principles of Law Applicable.
Section 5-24-33 Supplementary general principles of law applicable. Unless displaced by the particular provisions of this chapter, the principles of law and equity supplement its provisions. (Acts 1997, No. 97-644, p. 1177, §1.)
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 […]
Section 5-24-34 – Transitional Provisions.
Section 5-24-34 Transitional provisions. On March 1, 1998: (1) An act done before March 1, 1998, and any accrued right is not impaired by this chapter. If a right is acquired, extinguished, or barred on the expiration of a prescribed period of time that has commenced to run by the provisions of any statute before […]
Section 5-25-16 – Enforcement and Penalties.
Section 5-25-16 Enforcement and penalties. (a) Whenever it appears to the supervisor that any person required to be licensed or registered under this chapter has violated any law of this state or any order or regulation of the department, the supervisor after notice and hearing may order such person or an affiliate acting on behalf […]
Section 5-25-1 – Short Title.
Section 5-25-1 Short title. This chapter shall be known and cited as the Mortgage Brokers Licensing Act. (Act 2001-692, p. 1439, §1.)
Section 5-25-17 – Violations of Chapter.
Section 5-25-17 Violations of chapter. Any person who willfully violates any of the provisions of this chapter shall be guilty of a misdemeanor and shall be punished by imprisonment for not more than one year or by a fine of not more than one thousand dollars ($1,000), or by both fine and imprisonment. (Act 2001-692, […]
Section 5-25-2 – Definitions.
Section 5-25-2 Definitions. For purposes of this chapter, the following terms shall have the following meanings: (1) BORROWER. A natural person who submits an application for a loan secured by a first or subordinate mortgage or deed of trust on a single-family to four-family home to be occupied by the borrower as the borrower’s primary […]
Section 5-25-18 – Disposition of Funds.
Section 5-25-18 Disposition of funds. All fees and administrative penalties collected shall be paid into the special fund provided by Section 5-2A-20 and used in the supervision and examination of licensees. (Act 2001-692, p. 1439, §18.)
Section 5-25-3 – Persons Excluded.
Section 5-25-3 Persons excluded. The following persons are not subject to the provisions of this chapter: (1) Any depository institution as defined in Section 3 of the Federal Deposit Insurance Act, any subsidiary institution that is owned and controlled by a depository institution, and employees of any of the foregoing. Bank holding companies and subsidiaries […]