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Section 5-19-1 – Definitions.

Section 5-19-1 Definitions. For the purposes of this chapter, the following terms shall have the following meanings respectively ascribed to them by this section: (1) FINANCE CHARGE. The sum of all charges, payable directly or indirectly by the person to whom credit is extended, and imposed directly or indirectly by the creditor as an incident […]

Section 5-19-1.1 – Legislative Findings.

Section 5-19-1.1 Legislative findings. The Legislature finds as fact and determines that: (1) The Alabama Consumer Credit Act, Title 5, Chapter 19, (commonly referred to as the “Mini-Code”), was enacted by the Legislature by Acts 1971, No. 2052, page 3290. All, or a portion, of the provisions of the Mini-Code apply to substantially all consumer […]

Section 5-19-10 – Contract Provisions for Attorney’s Fees.

Section 5-19-10 Contract provisions for attorney’s fees. A contract for a consumer credit transaction with an original amount financed not exceeding three hundred dollars ($300) may not provide for payment by the debtor of attorney’s fees after default by the debtor. A contract for a consumer credit transaction with an original amount financed exceeding three […]

Section 5-19-12 – Buyer’s Right to Cancel Home Solicitation Sale.

Section 5-19-12 Buyer’s right to cancel home solicitation sale. (a) A buyer has the right to cancel a home solicitation sale until midnight of the third business day following execution by the buyer of an agreement or offer to purchase, which notice is effective when delivered or when deposited in the mail properly addressed to […]

Section 5-19-15 – Garnishment.

Section 5-19-15 Garnishment. Prior to entry of judgment on a consumer credit transaction, the creditor may not attach unpaid earnings of the debtor by garnishment. Notwithstanding the garnishment procedure otherwise applicable after judgment, with respect to a consumer credit transaction, the amount of unpaid earnings of the debtor subject to garnishment shall not exceed the […]

Section 5-19-16 – Refusal by Court to Enforce Unconscionable Agreement.

Section 5-19-16 Refusal by court to enforce unconscionable agreement. With respect to a consumer credit transaction, if the court as a matter of law finds the contract or any provision of the contract to have been unconscionable at the time it was made, the court may refuse to enforce the contract, or it may enforce […]

Section 5-19-17 – Inducing Obligation on More Than One Contract in Order to Obtain Higher Finance Charge Prohibited; Consolidation of Existing Precomputed Consumer Credit Transaction Contract and Subsequent Precomputed Consumer Credit Transaction.

Section 5-19-17 Inducing obligation on more than one contract in order to obtain higher finance charge prohibited; consolidation of existing precomputed consumer credit transaction contract and subsequent precomputed consumer credit transaction. (a) No creditor shall induce or permit any person or any husband and wife, jointly or severally, to become obligated directly or contingently, or […]

Section 5-19-18 – Installment Payment of Debt of One Thousand Dollars or Less.

Section 5-19-18 Installment payment of debt of one thousand dollars or less. With respect to consumer credit transactions, where the debt is payable in installments, not made pursuant to an open-end credit plan and in which the original amount financed is one thousand dollars ($1,000) or less, the debt shall be scheduled to be payable […]

Section 5-19-19 – Liabilities of Creditor Making Excess Finance Charge; Failure to Obtain License; Damages for Deliberate Violation or Reckless Disregard; Written Notice of Violations; Oral Statements Not Admissible; Fiduciary Duty Not Created.

Section 5-19-19 Liabilities of creditor making excess finance charge; failure to obtain license; damages for deliberate violation or reckless disregard; written notice of violations; oral statements not admissible; fiduciary duty not created. (a)(1)(i) Any creditor charging a finance charge in excess of the amount authorized herein, except as specified in subdivision (2), shall forfeit debtor’s […]

Section 5-19-20 – Insurance.

Section 5-19-20 Insurance. (a) With respect to any consumer credit transaction, the creditor shall not require any insurance other than insurance against loss of or damage to any property in which the creditor is given a security interest and insurance insuring the lien of the creditor on the property which is collateral for the transaction. […]

Section 5-19-21 – Administrator Authorized to Make Rules and Regulations; Filing Notice of Intended Action With Legislative Reference Service; Transactions Entered Into After May 20, 1996.

Section 5-19-21 Administrator authorized to make rules and regulations; filing notice of intended action with Legislative Reference Service; transactions entered into after May 20, 1996. (a) The administrator is authorized and empowered to promulgate rules and regulations and official interpretations (collectively “regulations”) as may be necessary or appropriate for the execution and enforcement of this […]

Section 5-19-22 – License to Engage in Business of Making Consumer Loans or Taking Assignments of Consumer Credit Contracts – Required; Exceptions; Application; Investigation; Standards for Issuance; Hearing; Licensing Under Small Loan Act; Fees; Participation in Nationwide Mortgage Licensing System and Registry.

Section 5-19-22 License to engage in business of making consumer loans or taking assignments of consumer credit contracts – Required; exceptions; application; investigation; standards for issuance; hearing; licensing under Small Loan Act; fees; participation in Nationwide Mortgage Licensing System and Registry. (a) No creditor shall engage in any one or more of the following activities […]

Section 5-19-24 – Examinations and Investigations of Licensees by Administrator.

Section 5-19-24 Examinations and investigations of licensees by administrator. (a) For the purpose of determining compliance with this chapter, the administrator may, at any reasonable time, cause an examination to be made at the licensee’s place of business of the records and transactions of such licensee. As cost of examination, the licensee shall pay the […]

Section 5-19-29 – Injunctions.

Section 5-19-29 Injunctions. (a) The administrator may bring an action to restrain a creditor or a person acting in his behalf from engaging in any business subject to licensing under subsection (a) of Section 5-19-22 without first obtaining a license therefor as provided in Section 5-19-22 and a licensee or any person acting in his […]

Section 5-19-3 – Maximum Finance Charges; Contracting for Minimum Finance Charge; Alternate per Month Computed Finance Charge.

Section 5-19-3 Maximum finance charges; contracting for minimum finance charge; alternate per month computed finance charge. (a) Except under open-end credit plans, the maximum finance charge for any credit transaction where the original amount financed is less than two thousand dollars ($2,000), may equal but may not exceed the total of the following: (1) Fifteen […]