SB399 By Senator Chambliss RFD Banking and Insurance Rd 1 12-APR-16

SYNOPSIS: This bill would provide that lenders regulated by the Superintendent of the State Banking Department must require a copy of a photo identification card of the loan applicant to be included with each loan application for a loan offered over the Internet.

This bill would also authorize the superintendent to promulgate rules.

A BILL TO BE ENTITLED AN ACT

Relating to loans offered on the Internet; to provide that lenders regulated by the Superintendent of the State Banking Department must require a copy of a photo identification card of the loan applicant to be included with each loan application for a loan offered over the Internet; and to authorize the superintendent to promulgate rules.

BE IT ENACTED BY THE LEGISLATURE OF ALABAMA:

Section 1. (a) Any lender regulated or licensed by the Superintendent of the State Banking Department under Title 5 of the Code of Alabama 1975, which offers any type of loan over the Internet shall require a copy of a valid, government-issued photo identification card of the loan applicant with each loan application.

(b) The superintendent may promulgate rules to implement this section.

Section 2. This act shall become effective on the first day of the third month following its passage and approval by the Governor, or its otherwise becoming law.

Loans

Banking Department

Banks and Banking

Consumers and Consumer Protection