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https://law.justia.com/codes/alabama/title-5/chapter-16/section-5-16-47/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 16 - Savings and Loan Associations.›Section 5-16-47 - Disposition of Deposit in Trust for Another Upon Death of Trustee. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 16 - Savings and Loan Associations. › Section 5-16-47 - Disposition of Deposit in Trust for Another Upon Death of Trustee. | Section 5-16-47
Disposition of deposit in trust for another upon death of trustee.
Repealed by Act 2015-70 effective April 21, 2015.
(Acts 1967, No. 211, p. 575, §2.) |
https://law.justia.com/codes/alabama/title-5/chapter-16/section-5-16-48/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 16 - Savings and Loan Associations.›Section 5-16-48 - Engaging in Mortgage Brokerage Business; Purchase of Loans; Origination, Purchase... | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 16 - Savings and Loan Associations. › Section 5-16-48 - Engaging in Mortgage Brokerage Business; Purchase of Loans; Origination, Purchase and Sale of Mortgages. | Section 5-16-48
Engaging in mortgage brokerage business; purchase of loans; origination, purchase and sale of mortgages.
Repealed by Act 2015-70 effective April 21, 2015.
(Acts 1939, No. 459, p. 616; Code 1940, T. 5, §256.) |
https://law.justia.com/codes/alabama/title-5/chapter-16/section-5-16-49/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 16 - Savings and Loan Associations.›Section 5-16-49 - Forms. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 16 - Savings and Loan Associations. › Section 5-16-49 - Forms. | Section 5-16-49
Forms.
Repealed by Act 2015-70 effective April 21, 2015.
(Acts 1939, No. 459, p. 616; Code 1940, T. 5, §257.) |
https://law.justia.com/codes/alabama/title-5/chapter-16/section-5-16-50/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 16 - Savings and Loan Associations.›Section 5-16-50 - Deposits With State Treasurer, etc., of Securities Issued by Associations. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 16 - Savings and Loan Associations. › Section 5-16-50 - Deposits With State Treasurer, etc., of Securities Issued by Associations. | Section 5-16-50
Deposits with State Treasurer, etc., of securities issued by associations.
Repealed by Act 2015-70 effective April 21, 2015.
(Acts 1943, No. 444, p. 407.) |
https://law.justia.com/codes/alabama/title-5/chapter-16/section-5-16-51/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 16 - Savings and Loan Associations.›Section 5-16-51 - Associations Empowered to Enter Into Contracts, etc., for Insurance of Accounts, E... | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 16 - Savings and Loan Associations. › Section 5-16-51 - Associations Empowered to Enter Into Contracts, etc., for Insurance of Accounts, Etc. | Section 5-16-51
Associations empowered to enter into contracts, etc., for insurance of accounts, etc.
Repealed by Act 2015-70 effective April 21, 2015.
(Acts 1945, No. 120, p. 113, §1.) |
https://law.justia.com/codes/alabama/title-5/chapter-16/section-5-16-52/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 16 - Savings and Loan Associations.›Section 5-16-52 - State Associations May Make Contracts, Loans or Investments Available to Federal S... | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 16 - Savings and Loan Associations. › Section 5-16-52 - State Associations May Make Contracts, Loans or Investments Available to Federal Savings and Loan Associations. | Section 5-16-52
State associations may make contracts, loans or investments available to federal savings and loan associations.
Repealed by Act 2015-70 effective April 21, 2015.
(Acts 1945, No. 120, p. 113, §2.) |
https://law.justia.com/codes/alabama/title-5/chapter-16/section-5-16-53/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 16 - Savings and Loan Associations.›Section 5-16-53 - Termination of Status as Insured Corporation. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 16 - Savings and Loan Associations. › Section 5-16-53 - Termination of Status as Insured Corporation. | Section 5-16-53
Termination of status as insured corporation.
Repealed by Act 2015-70 effective April 21, 2015.
(Acts 1945, No. 119, p. 112.) |
https://law.justia.com/codes/alabama/title-5/chapter-17/article-1/section-5-17-1/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 1 - General Provisions.›Section 5-17-1 - "Credit Union" Defined. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 1 - General Provisions. › Section 5-17-1 - "Credit Union" Defined. | Section 5-17-1
"Credit union" defined.
A credit union is a cooperative society, incorporated for the twofold purpose of promoting thrift among its members and creating a source of credit for them at legitimate rates of interest, particularly among groups of industrial workers and farmers, fraternal and religious organi... |
https://law.justia.com/codes/alabama/title-5/chapter-17/article-1/section-5-17-2/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 1 - General Provisions.›Section 5-17-2 - Procedure for Organization and Incorporation. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 1 - General Provisions. › Section 5-17-2 - Procedure for Organization and Incorporation. | Section 5-17-2
Procedure for organization and incorporation.
(a) For the purposes of this chapter, both a natural person credit union and a corporate credit union are considered a credit union unless otherwise indicated.
(b) The following may apply to the Administrator of the Alabama Credit Union Administration for per... |
https://law.justia.com/codes/alabama/title-5/chapter-17/article-1/section-5-17-3/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 1 - General Provisions.›Section 5-17-3 - Use of Words "Credit Union" in Name or Title. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 1 - General Provisions. › Section 5-17-3 - Use of Words "Credit Union" in Name or Title. | Section 5-17-3
Use of words "credit union" in name or title.
It shall be a misdemeanor for any person, association, copartnership, or corporation, except corporations organized in accordance with the provisions of this chapter, credit unions incorporated under the laws of the United States, the trade associations of cr... |
https://law.justia.com/codes/alabama/title-5/chapter-17/article-1/section-5-17-4/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 1 - General Provisions.›Section 5-17-4 - Powers Generally. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 1 - General Provisions. › Section 5-17-4 - Powers Generally. | Section 5-17-4
Powers generally.
(a) A credit union shall have all of the following powers:
(1) To receive the savings of its members either as payment on shares or as deposits, including the right to conduct Christmas clubs, vacation clubs, and other thrift organizations within the membership.
(2) To accept deposits o... |
https://law.justia.com/codes/alabama/title-5/chapter-17/article-1/section-5-17-5/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 1 - General Provisions.›Section 5-17-5 - Membership. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 1 - General Provisions. › Section 5-17-5 - Membership. | Section 5-17-5
Membership.
Credit union membership shall consist of the incorporators and such other persons as may be elected to membership and who subscribe to at least one share and pay the initial installment thereon and the entrance fee. Organizations, incorporated or otherwise, composed for the most part of the s... |
https://law.justia.com/codes/alabama/title-5/chapter-17/article-1/section-5-17-6/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 1 - General Provisions.›Section 5-17-6 - Withdrawal of Members; Expulsion for Cause; Termination of Membership; Readmission. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 1 - General Provisions. › Section 5-17-6 - Withdrawal of Members; Expulsion for Cause; Termination of Membership; Readmission. | Section 5-17-6
Withdrawal of members; expulsion for cause; termination of membership; readmission.
(a) Any member may withdraw from the credit union at any time, but notice of withdrawal may be required. All amounts paid on shares or as deposits of an expelled or withdrawing member, with any dividends or interest accre... |
https://law.justia.com/codes/alabama/title-5/chapter-17/article-1/section-5-17-7/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 1 - General Provisions.›Section 5-17-7 - Operating Fees; Fee Filed With Certificate of Organization. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 1 - General Provisions. › Section 5-17-7 - Operating Fees; Fee Filed With Certificate of Organization. | Section 5-17-7
Operating fees; fee filed with certificate of organization.
THIS SECTION WAS AMENDED BY ACT 2022-120 IN THE 2022 REGULAR SESSION, EFFECTIVE JUNE 1, 2022. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT.
(a) All state chartered credit unions shall pay an annual operating fee and, if deemed necessary by the adm... |
https://law.justia.com/codes/alabama/title-5/chapter-17/article-1/section-5-17-8/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 1 - General Provisions.›Section 5-17-8 - Reports to Administrator of Alabama Credit Union Administration; Powers of Administ... | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 1 - General Provisions. › Section 5-17-8 - Reports to Administrator of Alabama Credit Union Administration; Powers of Administrator. | Section 5-17-8
Reports to Administrator of Alabama Credit Union Administration; powers of administrator.
(a) Credit unions shall report to the Administrator of the Alabama Credit Union Administration at least annually on or before January 31 in such manner and form as required by the administrator for that purpose. Add... |
https://law.justia.com/codes/alabama/title-5/chapter-17/article-1/section-5-17-8-1/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 1 - General Provisions.›Section 5-17-8.1 - Investigatory and Enforcement Powers of Administrator, Board, Designee, Etc. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 1 - General Provisions. › Section 5-17-8.1 - Investigatory and Enforcement Powers of Administrator, Board, Designee, Etc. | Section 5-17-8.1
Investigatory and enforcement powers of administrator, board, designee, etc.
(a) The administrator or the administrator's designee, in consultation with the agency's legal counsel acting under the administrator, may administer oaths and may examine under oath any person whose testimony may be required ... |
https://law.justia.com/codes/alabama/title-5/chapter-17/article-1/section-5-17-9/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 1 - General Provisions.›Section 5-17-9 - Fiscal Year; Meetings of Members; Amendment of Bylaws. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 1 - General Provisions. › Section 5-17-9 - Fiscal Year; Meetings of Members; Amendment of Bylaws. | Section 5-17-9
Fiscal year; meetings of members; amendment of bylaws.
The fiscal year of all credit unions shall end December 31. Special meetings may be held in the manner indicated in the bylaws. At all meetings a member shall have but a single vote whatever his share holdings. The bylaws may be amended as provided i... |
https://law.justia.com/codes/alabama/title-5/chapter-17/article-1/section-5-17-10/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 1 - General Provisions.›Section 5-17-10 - Election of Board of Directors, Credit Committee, and Supervisory Committee. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 1 - General Provisions. › Section 5-17-10 - Election of Board of Directors, Credit Committee, and Supervisory Committee. | Section 5-17-10
Election of board of directors, credit committee, and supervisory committee.
At the annual meeting (the organization meeting shall be the first annual meeting), members of the credit union shall elect a board of directors of not less than five members, may elect a credit committee of not less than three... |
https://law.justia.com/codes/alabama/title-5/chapter-17/article-1/section-5-17-11/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 1 - General Provisions.›Section 5-17-11 - Election of Officers; Duties of Officers and Directors; Compensation; Liability. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 1 - General Provisions. › Section 5-17-11 - Election of Officers; Duties of Officers and Directors; Compensation; Liability. | Section 5-17-11
Election of officers; duties of officers and directors; compensation; liability.
(a) At the first meeting and at subsequent times prescribed in the bylaws, the directors shall elect a president. The president must be either a member of the board of directors or an employee of the credit union who is not... |
https://law.justia.com/codes/alabama/title-5/chapter-17/article-1/section-5-17-12/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 1 - General Provisions.›Section 5-17-12 - Powers and Duties of Credit Committee. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 1 - General Provisions. › Section 5-17-12 - Powers and Duties of Credit Committee. | Section 5-17-12
Powers and duties of credit committee.
The credit committee shall have the general supervision of all loans to members. Applications for loans shall be on a form prepared by the credit committee and all applications shall set forth the purpose for which the loan is desired, the security, if any offered,... |
https://law.justia.com/codes/alabama/title-5/chapter-17/article-1/section-5-17-13/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 1 - General Provisions.›Section 5-17-13 - Powers and Duties of Supervisory Committee. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 1 - General Provisions. › Section 5-17-13 - Powers and Duties of Supervisory Committee. | Section 5-17-13
Powers and duties of supervisory committee.
(a) The supervisory committee shall make or cause to be made a comprehensive annual audit of the books and affairs of the credit union and shall submit a report of that audit to the board of directors and summary of that report to the members at the next annua... |
https://law.justia.com/codes/alabama/title-5/chapter-17/article-1/section-5-17-14/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 1 - General Provisions.›Section 5-17-14 - Capital; Lien on Shares and Deposits of Members; Entrance Fee. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 1 - General Provisions. › Section 5-17-14 - Capital; Lien on Shares and Deposits of Members; Entrance Fee. | Section 5-17-14
Capital; lien on shares and deposits of members; entrance fee.
The capital of a credit union shall consist of the payments that have been made to it by the several members thereof on shares. The credit union shall have a lien on the shares and deposits of a member for any sum due to the credit union fro... |
https://law.justia.com/codes/alabama/title-5/chapter-17/article-1/section-5-17-15/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 1 - General Provisions.›Section 5-17-15 - Deposits for Minor or Trust Beneficiaries; Deposits in Names of Two Persons. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 1 - General Provisions. › Section 5-17-15 - Deposits for Minor or Trust Beneficiaries; Deposits in Names of Two Persons. | Section 5-17-15
Deposits for minor or trust beneficiaries; deposits in names of two persons.
(a) A minor, in his or her own name, may make a general or special deposit in any credit union. The deposit shall be paid only to the minor, or upon his or her order, and not to the parents or guardians of the minor, and the pa... |
https://law.justia.com/codes/alabama/title-5/chapter-17/article-1/section-5-17-16/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 1 - General Provisions.›Section 5-17-16 - Disposition of Shares or Deposit Account of Deceased Person. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 1 - General Provisions. › Section 5-17-16 - Disposition of Shares or Deposit Account of Deceased Person. | Section 5-17-16
Disposition of shares or deposit account of deceased person.
Whenever a person shall die leaving a share or deposit account in a credit union not exceeding ten thousand dollars ($10,000), the credit union having the share or deposit account may discharge itself from liability thereafter by paying the fu... |
https://law.justia.com/codes/alabama/title-5/chapter-17/article-1/section-5-17-17/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 1 - General Provisions.›Section 5-17-17 - Loans to Members, Directors, Officers, Etc. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 1 - General Provisions. › Section 5-17-17 - Loans to Members, Directors, Officers, Etc. | Section 5-17-17
Loans to members, directors, officers, etc.
Loans are made subject to the conditions contained in the bylaws. A borrower may repay his loan in whole or in part any day the office of the credit union is open for business.
Provided that loans to directors, officers or members of a committee are not prohib... |
https://law.justia.com/codes/alabama/title-5/chapter-17/article-1/section-5-17-18/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 1 - General Provisions.›Section 5-17-18 - Interest Rates and Finance Charges on Loans; Late Charge. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 1 - General Provisions. › Section 5-17-18 - Interest Rates and Finance Charges on Loans; Late Charge. | Section 5-17-18
Interest rates and finance charges on loans; late charge.
State chartered credit unions may charge such rates of interest and other finance charges as are authorized for other financial institutions pursuant to the Alabama Consumer Credit Act or other applicable law and may charge a late charge in an am... |
https://law.justia.com/codes/alabama/title-5/chapter-17/article-1/section-5-17-19/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 1 - General Provisions.›Section 5-17-19 - Insurance and Reserves. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 1 - General Provisions. › Section 5-17-19 - Insurance and Reserves. | Section 5-17-19
Insurance and reserves.
(a) Every credit union shall set aside such regular reserves as are required to be set aside by the credit union in order to maintain insurance of member accounts under the provisions of Title II of the Federal Credit Union Act. Additionally, any credit union may be required by t... |
https://law.justia.com/codes/alabama/title-5/chapter-17/article-1/section-5-17-20/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 1 - General Provisions.›Section 5-17-20 - Dividends. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 1 - General Provisions. › Section 5-17-20 - Dividends. | Section 5-17-20
Dividends.
The directors may declare a dividend from net earnings as the bylaws may provide.
(Acts 1927, No. 597, p. 696; Code 1940, T. 28, §298; Acts 1971, No. 2294, p. 3698; Acts 1978, No. 469, p. 492, §11.) |
https://law.justia.com/codes/alabama/title-5/chapter-17/article-1/section-5-17-21/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 1 - General Provisions.›Section 5-17-21 - Voluntary Dissolution. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 1 - General Provisions. › Section 5-17-21 - Voluntary Dissolution. | Section 5-17-21
Voluntary dissolution.
(a) Unless otherwise provided in the bylaws of the credit union, the membership of the credit union may elect to dissolve the credit union upon an affirmative vote of two thirds of the members of the credit union who participate in the vote.
(b) The vote to voluntarily dissolve a ... |
https://law.justia.com/codes/alabama/title-5/chapter-17/article-1/section-5-17-22/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 1 - General Provisions.›Section 5-17-22 - Merger and Conversion Procedures. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 1 - General Provisions. › Section 5-17-22 - Merger and Conversion Procedures. | Section 5-17-22
Merger and conversion procedures.
Any credit union, with the approval of the Administrator of the Alabama Credit Union Administration, may merge with another credit union, under the existing certificate of organization of the other credit union, pursuant to any plan agreed upon by the majority of each b... |
https://law.justia.com/codes/alabama/title-5/chapter-17/article-1/section-5-17-23/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 1 - General Provisions.›Section 5-17-23 - Change of Place of Business. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 1 - General Provisions. › Section 5-17-23 - Change of Place of Business. | Section 5-17-23
Change of place of business.
A credit union may change its place of business on written notice to the Administrator of the Alabama Credit Union Administration.
(Acts 1927, No. 597, p. 696; Code 1940, T. 28, §301; Acts 1975, No. 561, p. 1267, §11; Acts 1985, No. 85-457, p. 425, §16.) |
https://law.justia.com/codes/alabama/title-5/chapter-17/article-1/section-5-17-24/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 1 - General Provisions.›Section 5-17-24 - Taxation. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 1 - General Provisions. › Section 5-17-24 - Taxation. | Section 5-17-24
Taxation.
A credit union shall be deemed an institution for savings and, together with all the accumulations therein, shall not be subject to taxation except as to real estate owned, as to the franchise tax required of other corporations and as to the excise tax required of financial institutions. The s... |
https://law.justia.com/codes/alabama/title-5/chapter-17/article-1/section-5-17-25/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 1 - General Provisions.›Section 5-17-25 - Alabama Credit Union League - Advance Payment of Dues by Member Credit Unions. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 1 - General Provisions. › Section 5-17-25 - Alabama Credit Union League - Advance Payment of Dues by Member Credit Unions. | Section 5-17-25
Alabama Credit Union League - Advance payment of dues by member credit unions.
Repealed by Act 2014-317, §2, effective May 1, 2014.
(Acts 1963, No. 422, p. 929, §1.) |
https://law.justia.com/codes/alabama/title-5/chapter-17/article-1/section-5-17-26/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 1 - General Provisions.›Section 5-17-26 - Alabama Credit Union League - Issuance of Advance Dues Certificates to Member Cred... | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 1 - General Provisions. › Section 5-17-26 - Alabama Credit Union League - Issuance of Advance Dues Certificates to Member Credit Unions. | Section 5-17-26
Alabama Credit Union League - Issuance of advance dues certificates to member credit unions.
Repealed by Act 2014-317, §2, effective May 1, 2014.
(Acts 1963, No. 422, p. 929, §2.) |
https://law.justia.com/codes/alabama/title-5/chapter-17/article-1/section-5-17-27/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 1 - General Provisions.›Section 5-17-27 - Alabama Credit Union League - Amortization of Credit Represented by Advance Dues C... | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 1 - General Provisions. › Section 5-17-27 - Alabama Credit Union League - Amortization of Credit Represented by Advance Dues Certificate. | Section 5-17-27
Alabama Credit Union League - Amortization of credit represented by advance dues certificate.
Repealed by Act 2014-317, §2, effective May 1, 2014.
(Acts 1963, No. 422, p. 929, §3.) |
https://law.justia.com/codes/alabama/title-5/chapter-17/article-1/section-5-17-28/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 1 - General Provisions.›Section 5-17-28 - Alabama Credit Union League - Redemption and Purchase of Advance Dues Certificate... | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 1 - General Provisions. › Section 5-17-28 - Alabama Credit Union League - Redemption and Purchase of Advance Dues Certificate Upon Dissolution, etc., of Member Credit Union. | Section 5-17-28
Alabama Credit Union League - Redemption and purchase of advance dues certificate upon dissolution, etc., of member credit union.
Repealed by Act 2014-317, §2, effective May 1, 2014.
(Acts 1963, No. 422, p. 929, §4.) |
https://law.justia.com/codes/alabama/title-5/chapter-17/article-1/section-5-17-29/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 1 - General Provisions.›Section 5-17-29 - Penalties - Concealment of Discounts or Loans. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 1 - General Provisions. › Section 5-17-29 - Penalties - Concealment of Discounts or Loans. | Section 5-17-29
Penalties - Concealment of discounts or loans.
Any officer, director, employee, or committee member of a credit union who intentionally conceals from the directors or a committee of such credit union any discount or loan made for and in behalf of the credit union between the regular meetings of its boar... |
https://law.justia.com/codes/alabama/title-5/chapter-17/article-1/section-5-17-30/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 1 - General Provisions.›Section 5-17-30 - Penalties - Overdraws; Receipt of Commission, Emolument, etc., for Procuring Loans... | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 1 - General Provisions. › Section 5-17-30 - Penalties - Overdraws; Receipt of Commission, Emolument, etc., for Procuring Loans. | Section 5-17-30
Penalties - Overdraws; receipt of commission, emolument, etc., for procuring loans.
Any officer, director, committee member, or employee of a credit union who willfully and knowingly overdraws his own account with such credit union and thereby obtains money or funds of any such credit union except as sp... |
https://law.justia.com/codes/alabama/title-5/chapter-17/article-1/section-5-17-31/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 1 - General Provisions.›Section 5-17-31 - Penalties - Receipt of Property Other Than in Payment for Just Demand. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 1 - General Provisions. › Section 5-17-31 - Penalties - Receipt of Property Other Than in Payment for Just Demand. | Section 5-17-31
Penalties - Receipt of property other than in payment for just demand.
Any director, officer, committee member, or employee of a credit union who knowingly receives or possesses himself of any of its property otherwise than in payment for a just demand and with intent to defraud shall be guilty of a Cla... |
https://law.justia.com/codes/alabama/title-5/chapter-17/article-1/section-5-17-32/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 1 - General Provisions.›Section 5-17-32 - Penalties - False or Omitted Entries. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 1 - General Provisions. › Section 5-17-32 - Penalties - False or Omitted Entries. | Section 5-17-32
Penalties - False or omitted entries.
Any director, officer, committee member or employee of a credit union who with intent to defraud makes or concurs in making any false entry, or with intent to defraud omits or concurs in omitting to make any material entry on its books and accounts, shall be guilty ... |
https://law.justia.com/codes/alabama/title-5/chapter-17/article-2/section-5-17-40/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 2 - Alabama Credit Union Administration.›Section 5-17-40 - Alabama Credit Union Administration Created; Functions; Transfer of Authority Prev... | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 2 - Alabama Credit Union Administration. › Section 5-17-40 - Alabama Credit Union Administration Created; Functions; Transfer of Authority Previously Vested in State Banking Department. | Section 5-17-40
Alabama Credit Union Administration created; functions; transfer of authority previously vested in State Banking Department.
THIS SECTION WAS AMENDED BY ACT 2018-470 IN THE 2018 REGULAR SESSION, EFFECTIVE JUNE 1, 2018. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT.
(a) There shall be an Alabama Credit Unio... |
https://law.justia.com/codes/alabama/title-5/chapter-17/article-2/section-5-17-41/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 2 - Alabama Credit Union Administration.›Section 5-17-41 - Administrator - Appointment; Vacancy; Eligibility. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 2 - Alabama Credit Union Administration. › Section 5-17-41 - Administrator - Appointment; Vacancy; Eligibility. | Section 5-17-41
Administrator - Appointment; vacancy; eligibility.
(a) The Alabama Credit Union Administration shall be in the charge of the administrator who shall be the chief executive officer of the administration.
(b) The administrator shall be a person of good character.
(c) The administrator shall be appointed b... |
https://law.justia.com/codes/alabama/title-5/chapter-17/article-2/section-5-17-42/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 2 - Alabama Credit Union Administration.›Section 5-17-42 - Administrator - Oath; Bond. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 2 - Alabama Credit Union Administration. › Section 5-17-42 - Administrator - Oath; Bond. | Section 5-17-42
Administrator - Oath; bond.
The administrator, before entering upon the discharge of his or her duties, shall take and subscribe to the oath prescribed by the constitution and laws of this state, and shall cause the Division of Risk Management of the Department of Finance or its successor agency to cove... |
https://law.justia.com/codes/alabama/title-5/chapter-17/article-2/section-5-17-43/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 2 - Alabama Credit Union Administration.›Section 5-17-43 - Official Seal; Use of Sealed Papers as Evidence; Recording. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 2 - Alabama Credit Union Administration. › Section 5-17-43 - Official Seal; Use of Sealed Papers as Evidence; Recording. | Section 5-17-43
Official seal; use of sealed papers as evidence; recording.
The Secretary of State shall provide the administrator with an official seal. Every paper executed by him as such administrator, in pursuance of any authority conferred on him by law and sealed with his official seal, shall be received in evide... |
https://law.justia.com/codes/alabama/title-5/chapter-17/article-2/section-5-17-44/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 2 - Alabama Credit Union Administration.›Section 5-17-44 - Removal From Office of Administrator or Board Member. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 2 - Alabama Credit Union Administration. › Section 5-17-44 - Removal From Office of Administrator or Board Member. | Section 5-17-44
Removal from office of administrator or board member.
(a) The administrator or any member of the Credit Union Board may be removed from office by a vote of two thirds of the members of the entire Credit Union Board for:
(1) neglect of duty;
(2) malfeasance;
(3) misfeasance;
(4) extortion or corruption i... |
https://law.justia.com/codes/alabama/title-5/chapter-17/article-2/section-5-17-45/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 2 - Alabama Credit Union Administration.›Section 5-17-45 - Legislative Findings; Powers of Credit Unions; Agreements; Reports. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 2 - Alabama Credit Union Administration. › Section 5-17-45 - Legislative Findings; Powers of Credit Unions; Agreements; Reports. | Section 5-17-45
Legislative findings; powers of credit unions; agreements; reports.
(a) The Legislature finds as fact and determines that the credit unions having their principal place of business in Alabama must keep pace with technological and other improvements constantly being made throughout the United States so a... |
https://law.justia.com/codes/alabama/title-5/chapter-17/article-2/section-5-17-46/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 2 - Alabama Credit Union Administration.›Section 5-17-46 - Policies, Regulations, and Interpretations; Review for Ratification; Procedure for... | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 2 - Alabama Credit Union Administration. › Section 5-17-46 - Policies, Regulations, and Interpretations; Review for Ratification; Procedure for Adopting, Amending or Repealing. | Section 5-17-46
Policies, regulations, and interpretations; review for ratification; procedure for adopting, amending or repealing.
(a) The administrator may, with the concurrence of a majority of the members of the Credit Union Board, promulgate such reasonable regulations, consistent with the laws of this state, as m... |
https://law.justia.com/codes/alabama/title-5/chapter-17/article-2/section-5-17-47/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 2 - Alabama Credit Union Administration.›Section 5-17-47 - Procedure for Adopting, Amending, or Repealing Regulations and Interpretations; Co... | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 2 - Alabama Credit Union Administration. › Section 5-17-47 - Procedure for Adopting, Amending, or Repealing Regulations and Interpretations; Contesting Regulations. | Section 5-17-47
Procedure for adopting, amending, or repealing regulations and interpretations; contesting regulations.
(a) Prior to the adoption, amendment, or repeal of any regulation or interpretation, the administrator shall:
(1) Give at least 30 days' notice of the intended action. The notice shall include a state... |
https://law.justia.com/codes/alabama/title-5/chapter-17/article-2/section-5-17-48/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 2 - Alabama Credit Union Administration.›Section 5-17-48 - Annual Report; Public Distribution of Report and Other Material. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 2 - Alabama Credit Union Administration. › Section 5-17-48 - Annual Report; Public Distribution of Report and Other Material. | Section 5-17-48
Annual report; public distribution of report and other material.
The administrator shall make from the reports of the department during the year an annual report to the Governor on the activities of the Alabama Credit Union Administration and such other information as the Governor may request and shall ... |
https://law.justia.com/codes/alabama/title-5/chapter-17/article-2/section-5-17-49/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 2 - Alabama Credit Union Administration.›Section 5-17-49 - Violations to Be Submitted to Grand Jury. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 2 - Alabama Credit Union Administration. › Section 5-17-49 - Violations to Be Submitted to Grand Jury. | Section 5-17-49
Violations to be submitted to grand jury.
Repealed by Act 2014-317, §2, effective May 1, 2014.
(Acts 1985, No. 85-457, p. 425, §26.) |
https://law.justia.com/codes/alabama/title-5/chapter-17/article-2/section-5-17-50/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 2 - Alabama Credit Union Administration.›Section 5-17-50 - Employment and Compensation of Necessary Personnel; Assistant Administrator. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 2 - Alabama Credit Union Administration. › Section 5-17-50 - Employment and Compensation of Necessary Personnel; Assistant Administrator. | Section 5-17-50
Employment and compensation of necessary personnel; assistant administrator.
(a) Subject to the provisions of Section 36-26-1, et seq., the administrator may appoint or employ such assistants, employees, and attorneys as may be necessary to the efficient operation of the department. The administrator sh... |
https://law.justia.com/codes/alabama/title-5/chapter-17/article-2/section-5-17-51/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 2 - Alabama Credit Union Administration.›Section 5-17-51 - Immunity From Personal Liability. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 2 - Alabama Credit Union Administration. › Section 5-17-51 - Immunity From Personal Liability. | Section 5-17-51
Immunity from personal liability.
Neither the administrator, any member of the Credit Union Board nor any special agent or employee of the Alabama Credit Union Administration shall be personally liable for any acts done in good faith while in the performance of his or her duties as provided by law.
(Act... |
https://law.justia.com/codes/alabama/title-5/chapter-17/article-2/section-5-17-52/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 2 - Alabama Credit Union Administration.›Section 5-17-52 - Oath and Duties of Examiner. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 2 - Alabama Credit Union Administration. › Section 5-17-52 - Oath and Duties of Examiner. | Section 5-17-52
Oath and duties of examiner.
Before entering upon the discharge of his or her duties, every examiner shall take and file with the administrator an oath faithfully to discharge his or her duties as examiner. Each examiner shall act under the direction of the administrator and shall examine fully the book... |
https://law.justia.com/codes/alabama/title-5/chapter-17/article-2/section-5-17-53/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 2 - Alabama Credit Union Administration.›Section 5-17-53 - Furnishing of Commission to Examiner; Exhibit to Credit Union Upon Making Examinat... | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 2 - Alabama Credit Union Administration. › Section 5-17-53 - Furnishing of Commission to Examiner; Exhibit to Credit Union Upon Making Examination. | Section 5-17-53
Furnishing of commission to examiner; exhibit to credit union upon making examination.
Repealed by Act 2014-317, §2, effective May 1, 2014.
(Acts 1985, No. 85-457, p. 425, §30.) |
https://law.justia.com/codes/alabama/title-5/chapter-17/article-2/section-5-17-54/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 2 - Alabama Credit Union Administration.›Section 5-17-54 - Bond of Alabama Credit Union Administration Employees. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 2 - Alabama Credit Union Administration. › Section 5-17-54 - Bond of Alabama Credit Union Administration Employees. | Section 5-17-54
Bond of Alabama Credit Union Administration employees.
Before entering upon the duties of their respective offices, the administrator shall cause the Division of Risk Management of the Department of Finance or its successor agency to include each employee of the Alabama Credit Union Administration under... |
https://law.justia.com/codes/alabama/title-5/chapter-17/article-2/section-5-17-55/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 2 - Alabama Credit Union Administration.›Section 5-17-55 - Credit Union Board Created; Composition; Appeals. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 2 - Alabama Credit Union Administration. › Section 5-17-55 - Credit Union Board Created; Composition; Appeals. | Section 5-17-55
Credit Union Board created; composition; appeals.
(a) There shall be a Credit Union Board of the Alabama Credit Union Administration which shall consist of the administrator, who shall be an ex officio member and chair of the board, and seven other persons, appointed by the Governor, by and with the con... |
https://law.justia.com/codes/alabama/title-5/chapter-17/article-2/section-5-17-56/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 2 - Alabama Credit Union Administration.›Section 5-17-56 - Meetings; Executive Sessions; Confidential Information. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 2 - Alabama Credit Union Administration. › Section 5-17-56 - Meetings; Executive Sessions; Confidential Information. | Section 5-17-56
Meetings; executive sessions; confidential information.
(a) The administrator shall comply with the Alabama Open Meetings Law, Chapter 25A of Title 36. The Credit Union Board shall meet not less than once every calendar year. Any meeting of the Credit Union Board may be held at any place in the state wh... |
https://law.justia.com/codes/alabama/title-5/chapter-17/article-2/section-5-17-57/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 2 - Alabama Credit Union Administration.›Section 5-17-57 - Quorum. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 2 - Alabama Credit Union Administration. › Section 5-17-57 - Quorum. | Section 5-17-57
Quorum.
A majority of the Credit Union Board shall constitute a quorum for the transaction of any business.
(Acts 1985, No. 85-457, p. 425, §34.) |
https://law.justia.com/codes/alabama/title-5/chapter-17/article-2/section-5-17-58/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 2 - Alabama Credit Union Administration.›Section 5-17-58 - Compensation and Expenses of Board Members. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 2 - Alabama Credit Union Administration. › Section 5-17-58 - Compensation and Expenses of Board Members. | Section 5-17-58
Compensation and expenses of board members.
No person appointed as member of said Credit Union Board shall receive any compensation for his services; except, that each appointed member of said Credit Union Board shall receive $25.00 per day for each day said Credit Union Board is in session, but in no e... |
https://law.justia.com/codes/alabama/title-5/chapter-17/article-2/section-5-17-59/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 2 - Alabama Credit Union Administration.›Section 5-17-59 - Applicability of Alabama Business Corporation Act. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 2 - Alabama Credit Union Administration. › Section 5-17-59 - Applicability of Alabama Business Corporation Act. | Section 5-17-59
Applicability of Alabama Business Corporation Act.
Any Alabama state chartered credit union shall be subject to the provisions of the Alabama Business Corporation Act, specifically to Sections 10-2A-260, 10-2A-261, 10-2A-283, 10-2A-284, 10-2A-25, 10-2A-26, 10-2A-27, 10-2A-28 and 10-2A-29.
(Acts 1985, No... |
https://law.justia.com/codes/alabama/title-5/chapter-17/article-2/section-5-17-60/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 2 - Alabama Credit Union Administration.›Section 5-17-60 - Confidentiality of Conditions and Affairs of Credit Unions; Disclosures. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 2 - Alabama Credit Union Administration. › Section 5-17-60 - Confidentiality of Conditions and Affairs of Credit Unions; Disclosures. | Section 5-17-60
Confidentiality of conditions and affairs of credit unions; disclosures.
(a) Except as otherwise provided in this title or under state or federal law, the administrator, a member of the Credit Union Board, or an examiner or other state employee may not disclose the condition and affairs of any credit un... |
https://law.justia.com/codes/alabama/title-5/chapter-18/section-5-18-1/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 18 - Small Loans.›Section 5-18-1 - Short Title. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 18 - Small Loans. › 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.) |
https://law.justia.com/codes/alabama/title-5/chapter-18/section-5-18-2/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 18 - Small Loans.›Section 5-18-2 - Legislative Findings of Fact and Declaration of Intent. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 18 - Small Loans. › 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;
(... |
https://law.justia.com/codes/alabama/title-5/chapter-18/section-5-18-3/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 18 - Small Loans.›Section 5-18-3 - Definitions. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 18 - Small Loans. › 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,... |
https://law.justia.com/codes/alabama/title-5/chapter-18/section-5-18-4/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 18 - Small Loans.›Section 5-18-4 - License - Required; Exemptions; Penalties for Violation of Section. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 18 - Small Loans. › 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... |
https://law.justia.com/codes/alabama/title-5/chapter-18/section-5-18-5/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 18 - Small Loans.›Section 5-18-5 - License - Application; Fees; Disposition of Fees. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 18 - Small Loans. › 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 su... |
https://law.justia.com/codes/alabama/title-5/chapter-18/section-5-18-6/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 18 - Small Loans.›Section 5-18-6 - License - Investigation of Application; Issuance or Denial of License. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 18 - Small Loans. › Section 5-18-6 - License - Investigation of Application; Issuance or Denial of License. | Section 5-18-6
License - Investigation of application; issuance or denial of license.
(a) Investigation of application. - Upon the filing of such application and the payment of such fees, the supervisor shall investigate the facts concerning the application and the requirements provided for in subsection (b) of this se... |
https://law.justia.com/codes/alabama/title-5/chapter-18/section-5-18-7/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 18 - Small Loans.›Section 5-18-7 - License - Contents; Posting; Continuing Effect. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 18 - Small Loans. › Section 5-18-7 - License - Contents; Posting; Continuing Effect. | Section 5-18-7
License - Contents; posting; continuing effect.
(a) Contents of license; posting. - Each license shall state the address at which the business is to be conducted and shall state fully the name of the licensee and, if the licensee is a copartnership or association, the names of the members thereof and, if... |
https://law.justia.com/codes/alabama/title-5/chapter-18/section-5-18-8/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 18 - Small Loans.›Section 5-18-8 - License - Place of Business of Licensee. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 18 - Small Loans. › Section 5-18-8 - License - Place of Business of Licensee. | Section 5-18-8
License - Place of business of licensee.
(a) Separate license for each place of business. - Not more than one place of business shall be maintained under the same license, but the supervisor may issue additional licenses to the same licensee upon his compliance with all the provisions of this chapter gov... |
https://law.justia.com/codes/alabama/title-5/chapter-18/section-5-18-9/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 18 - Small Loans.›Section 5-18-9 - License - Revocation, Suspension, etc.; Investigation of Complaints. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 18 - Small Loans. › Section 5-18-9 - License - Revocation, Suspension, etc.; Investigation of Complaints. | Section 5-18-9
License - Revocation, suspension, etc.; investigation of complaints.
(a) Revocation of license. - The supervisor shall, upon 10 days' written notice to the licensee stating the contemplated action and in general the grounds therefor and upon reasonable opportunity to be heard, revoke any license issued u... |
https://law.justia.com/codes/alabama/title-5/chapter-18/section-5-18-10/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 18 - Small Loans.›Section 5-18-10 - Examinations of Licensees; Investigations; Enforcement Powers of Supervisor. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 18 - Small Loans. › 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 an... |
https://law.justia.com/codes/alabama/title-5/chapter-18/section-5-18-11/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 18 - Small Loans.›Section 5-18-11 - Books, Accounts and Records of Licensees; Annual Report. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 18 - Small 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 reg... |
https://law.justia.com/codes/alabama/title-5/chapter-18/section-5-18-12/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 18 - Small Loans.›Section 5-18-12 - Promulgation of Rules, Regulations and Orders by Supervisor; Furnishing of Certifi... | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 18 - Small Loans. › 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 chapt... |
https://law.justia.com/codes/alabama/title-5/chapter-18/section-5-18-13/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 18 - Small Loans.›Section 5-18-13 - Advertising; Schedule of Charges. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 18 - Small Loans. › 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 ... |
https://law.justia.com/codes/alabama/title-5/chapter-18/section-5-18-14/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 18 - Small Loans.›Section 5-18-14 - Conduct of Other Business in Office of Licensee; Loan Business Confined to License... | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 18 - Small 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. | 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... |
https://law.justia.com/codes/alabama/title-5/chapter-18/section-5-18-15/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 18 - Small Loans.›Section 5-18-15 - Interest Rates, Charges, and Fees. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 18 - Small Loans. › 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 o... |
https://law.justia.com/codes/alabama/title-5/chapter-18/section-5-18-15-1/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 18 - Small Loans.›Section 5-18-15.1 - Additional Late Payment Charge. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 18 - Small Loans. › 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 delinq... |
https://law.justia.com/codes/alabama/title-5/chapter-18/section-5-18-16/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 18 - Small Loans.›Section 5-18-16 - Duties of Licensees as to Making and Payment of Loans. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 18 - Small Loans. › 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 a copy of the ... |
https://law.justia.com/codes/alabama/title-5/chapter-18/section-5-18-17/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 18 - Small Loans.›Section 5-18-17 - Insurance in Connection With Credit Transaction. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 18 - Small Loans. › 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 ... |
https://law.justia.com/codes/alabama/title-5/chapter-18/section-5-18-18/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 18 - Small Loans.›Section 5-18-18 - Charges, Rates, etc., as to Certain Loans. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 18 - Small Loans. › 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... |
https://law.justia.com/codes/alabama/title-5/chapter-18/section-5-18-19/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 18 - Small Loans.›Section 5-18-19 - Collection of Loans Made Outside State. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 18 - Small Loans. › 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.) |
https://law.justia.com/codes/alabama/title-5/chapter-18/section-5-18-20/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 18 - Small Loans.›Section 5-18-20 - Review of Orders, etc., of Supervisor. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 18 - Small Loans. › 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 complained of... |
https://law.justia.com/codes/alabama/title-5/chapter-18/section-5-18-21/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 18 - Small Loans.›Section 5-18-21 - Enforceability of Provisions and Agreements Which Violate Chapter; Liability of Li... | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 18 - Small Loans. › 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 u... |
https://law.justia.com/codes/alabama/title-5/chapter-18/section-5-18-22/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 18 - Small Loans.›Section 5-18-22 - Modification, Amendment or Repeal of Chapter. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 18 - Small Loans. › 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 an... |
https://law.justia.com/codes/alabama/title-5/chapter-18/section-5-18-23/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 18 - Small Loans.›Section 5-18-23 - Maintenance of Listing of Licensees Doing Business in State; Public Access to Repo... | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 18 - Small Loans. › 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 r... |
https://law.justia.com/codes/alabama/title-5/chapter-18a/section-5-18a-1/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 18A - Deferred Presentment Services Act.›Section 5-18A-1 - Short Title; Purpose. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 18A - Deferred Presentment Services Act. › Section 5-18A-1 - Short Title; Purpose. | Section 5-18A-1
Short title; purpose.
This chapter shall be known and may be cited as the "Deferred Presentment Services Act." The purpose of this chapter is to protect consumers who enter into short-term cash advances from abuses that occur in the marketplace. This chapter shall be liberally construed to effectuate it... |
https://law.justia.com/codes/alabama/title-5/chapter-18a/section-5-18a-2/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 18A - Deferred Presentment Services Act.›Section 5-18A-2 - Definitions. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 18A - Deferred Presentment Services Act. › Section 5-18A-2 - Definitions. | Section 5-18A-2
Definitions.
As used in this chapter, the following terms shall have the following meanings:
(1) CHECK. A debit authorization or a check signed by the maker and made payable to a person licensed under this chapter.
(2) CONTINUOUS TRANSACTION. To extend a deferred presentment transaction with the same ac... |
https://law.justia.com/codes/alabama/title-5/chapter-18a/section-5-18a-3/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 18A - Deferred Presentment Services Act.›Section 5-18A-3 - License - Required; Applicability. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 18A - Deferred Presentment Services Act. › Section 5-18A-3 - License - Required; Applicability. | Section 5-18A-3
License - Required; applicability.
(a) On or after January 1, 2004, no person shall engage in the business of deferred presentment services without having first obtained a license from the supervisor. A separate license shall be required for each location from which the business is conducted.
(b) Trust ... |
https://law.justia.com/codes/alabama/title-5/chapter-18a/section-5-18a-4/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 18A - Deferred Presentment Services Act.›Section 5-18A-4 - License - Qualifications. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 18A - Deferred Presentment Services Act. › Section 5-18A-4 - License - Qualifications. | Section 5-18A-4
License - Qualifications.
(a) Each applicant for a license shall satisfy all of the following requirements to qualify for a license:
(1) Have a financial statement showing that the applicant has at least twenty thousand dollars ($20,000) in unencumbered cash assets or its equivalent available for each l... |
https://law.justia.com/codes/alabama/title-5/chapter-18a/section-5-18a-5/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 18A - Deferred Presentment Services Act.›Section 5-18A-5 - License - Application. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 18A - Deferred Presentment Services Act. › Section 5-18A-5 - License - Application. | Section 5-18A-5
License - Application.
Each application for a license shall be in writing and under oath to the supervisor, in a form prescribed by the supervisor, and shall include the legal name, residence, business address, and telephone number of the applicant. If the applicant is a partnership, association, or cor... |
https://law.justia.com/codes/alabama/title-5/chapter-18a/section-5-18a-6/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 18A - Deferred Presentment Services Act.›Section 5-18A-6 - License - Fees; Financial Statement. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 18A - Deferred Presentment Services Act. › Section 5-18A-6 - License - Fees; Financial Statement. | Section 5-18A-6
License - Fees; financial statement.
Each application for a license shall be accompanied by all of the following:
(1) A nonrefundable license fee of five hundred dollars ($500) for each location, office, or branch at which the applicant conducts business. The license fees are subject to increase by the ... |
https://law.justia.com/codes/alabama/title-5/chapter-18a/section-5-18a-7/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 18A - Deferred Presentment Services Act.›Section 5-18A-7 - License - Issuance; Display; Payment of Fees; Surrender. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 18A - Deferred Presentment Services Act. › Section 5-18A-7 - License - Issuance; Display; Payment of Fees; Surrender. | Section 5-18A-7
License - Issuance; display; payment of fees; surrender.
(a) Upon the filing of an application in the form prescribed by the supervisor, accompanied by the fee and documents required pursuant to Section 5-18A-6, the supervisor shall investigate to ascertain whether the qualifications prescribed by Secti... |
https://law.justia.com/codes/alabama/title-5/chapter-18a/section-5-18a-8/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 18A - Deferred Presentment Services Act.›Section 5-18A-8 - License - Change of Control. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 18A - Deferred Presentment Services Act. › Section 5-18A-8 - License - Change of Control. | Section 5-18A-8
License - Change of control.
The prior written approval of the supervisor shall be required for the continued operation of a deferred presentment services business whenever a change in control of a license is proposed. Control in the case of a corporation shall mean direct or indirect ownership, or the ... |
https://law.justia.com/codes/alabama/title-5/chapter-18a/section-5-18a-9/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 18A - Deferred Presentment Services Act.›Section 5-18A-9 - Circumstances Requiring Written Report. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 18A - Deferred Presentment Services Act. › Section 5-18A-9 - Circumstances Requiring Written Report. | Section 5-18A-9
Circumstances requiring written report.
Within 15 days of the occurrence of any one of the following events, a licensee shall file a written report with the supervisor describing the event and its expected impact on the activities of the licensee in this state:
(1) The filing for bankruptcy or reorganiz... |
https://law.justia.com/codes/alabama/title-5/chapter-18a/section-5-18a-10/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 18A - Deferred Presentment Services Act.›Section 5-18A-10 - Rules and Regulations; Judicial Review. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 18A - Deferred Presentment Services Act. › Section 5-18A-10 - Rules and Regulations; Judicial Review. | Section 5-18A-10
Rules and regulations; judicial review.
(a) The supervisor may promulgate reasonable rules and regulations for the implementation, administration, execution, and enforcement of this chapter.
(b) Prior to adoption, amendment, or repeal of any regulation, the supervisor shall give at least 35 days' notic... |
https://law.justia.com/codes/alabama/title-5/chapter-18a/section-5-18a-11/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 18A - Deferred Presentment Services Act.›Section 5-18A-11 - Maintenance of Business Records; Notice of Intent to Conduct Business in Conjunct... | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 18A - Deferred Presentment Services Act. › Section 5-18A-11 - Maintenance of Business Records; Notice of Intent to Conduct Business in Conjunction With Other Business; Examination of Place of Business. | Section 5-18A-11
Maintenance of business records; notice of intent to conduct business in conjunction with other business; examination of place of business.
(a) Each licensee shall keep and use in its business any books, accounts, and records that the supervisor may require to carry into effect this chapter and the adm... |
https://law.justia.com/codes/alabama/title-5/chapter-18a/section-5-18a-12/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 18A - Deferred Presentment Services Act.›Section 5-18A-12 - Transaction Fees; Renewal or Extension; Repayment; Bad Check Charge. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 18A - Deferred Presentment Services Act. › Section 5-18A-12 - Transaction Fees; Renewal or Extension; Repayment; Bad Check Charge. | Section 5-18A-12
Transaction fees; renewal or extension; repayment; bad check charge.
(a) Subject to the following subsections, every licensee under this chapter may charge and collect a maximum fee on any deferred presentment transaction not to exceed 17.5 percent of the amount advanced. The maximum amount that may be... |
https://law.justia.com/codes/alabama/title-5/chapter-18a/section-5-18a-13/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 18A - Deferred Presentment Services Act.›Section 5-18A-13 - Duties of Licensee. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 18A - Deferred Presentment Services Act. › Section 5-18A-13 - Duties of Licensee. | Section 5-18A-13
Duties of licensee.
(a) A licensee may not knowingly enter into a deferred presentment transaction with a customer that has outstanding deferred presentment transactions from any lender at any location that exceeds five hundred dollars ($500) for the term of the loan.
(b) Before a licensee shall presen... |
https://law.justia.com/codes/alabama/title-5/chapter-18a/section-5-18a-14/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 18A - Deferred Presentment Services Act.›Section 5-18A-14 - Denial of Application; Hearing. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 18A - Deferred Presentment Services Act. › Section 5-18A-14 - Denial of Application; Hearing. | Section 5-18A-14
Denial of application; hearing.
(a) If the supervisor determines that an applicant is not qualified to receive a license, the supervisor shall notify the applicant in writing that the application has been denied, stating the basis for denial.
(b) If the supervisor denies an application or if the superv... |
https://law.justia.com/codes/alabama/title-5/chapter-18a/section-5-18a-15/ | AL | Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 18A - Deferred Presentment Services Act.›Section 5-18A-15 - Suspension or Revocation of License; Hearing. | 2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 18A - Deferred Presentment Services Act. › Section 5-18A-15 - Suspension or Revocation of License; Hearing. | Section 5-18A-15
Suspension or revocation of license; hearing.
(a) The supervisor may, after notice and hearing, suspend or revoke any license if the supervisor finds that the licensee has knowingly or through lack of due care committed any of the following actions:
(1) Failed to pay the annual license fee imposed by t... |
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