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HB314
Rep(s). By Representatives Johnson (K), Collins, Martin, Shiver, Lee, Moore (B), Brown, Rogers,
Rowe, Hammon, Carns, Davis, Wood, Greer, Nordgren, Black, Williams (JW), Clouse, Drake, Ellis,
Ford, Crawford, Butler, Blackshear, Scott, Patterson, Wadsworth, Weaver and Wingo HB314 ENROLLED,
An Act, Relating to the Alabama Small Loan Act; to amend Sections 5-18-4, 5-18-10, 5-18-13,
and 5-18-15, Code of Alabama 1975, to increase the lending authority and further provide for
the interest rates; and to provide further for the minimum and maximum term of loans. BE IT
ENACTED BY THE LEGISLATURE OF ALABAMA:Section 1. Sections 5-18-4, 5-18-10, 5-18-13, and 5-18-15,
Code of Alabama 1975, are amended to read as follows: §5-18-4. "(a) License required.
No person shall engage in the business of lending in amounts of less than one thousand dollars
($1,000) one thousand five hundred dollars ($1500) and contract for, exact or receive, directly
or indirectly, on or in connection with any such loan, any...
alisondb.legislature.state.al.us/alison/searchableinstruments/2017RS/bills/HB314.htm - 24K - Match Info - Similar pages
SB249
182044-2:n:02/13/2017:FC/tgw LRS2017-585R1 SB249 By Senators Dial, Whatley, Ward, Livingston,
Waggoner, Shelnutt, Albritton, Holley, Beasley and Smith RFD Banking and Insurance Rd 1 28-FEB-17
SYNOPSIS: Under existing law, the Alabama Small Loan Act authorizes licensed lenders to make
loans up to $1,000 subject to interest rates and charges provided by law. This bill would
authorize licensed lenders under the act to make loans up to $1500 and adjust the interest
rates for loans based on the lending authority. This bill would also provide a minimum three-month
term on loans and a maximum term of 18 months. A BILL TO BE ENTITLED AN ACT Relating to the
Alabama Small Loan Act; to amend Sections 5-18-4, 5-18-10, 5-18-13, and 5-18-15, Code of Alabama
1975, to increase the lending authority and further provide for the interest rates; and to
provide further for the minimum and maximum term of loans. BE IT ENACTED BY THE LEGISLATURE
OF ALABAMA:Section 1. Sections 5-18-4, 5-18-10, 5-18-13, and...
alisondb.legislature.state.al.us/alison/searchableinstruments/2017RS/bills/SB249.htm - 24K - Match Info - Similar pages
SB284
183291-2:n:03/07/2017:JMH/th LRS2017-1008R1 SB284 By Senators Orr and Smitherman RFD Judiciary
Rd 1 07-MAR-17 SYNOPSIS: Under existing law, the maximum rate of interest on a small loan
is three percent a month on amounts not more than $200 and two percent a month for amounts
in excess of $200, and the maximum term of the small loan is limited to 25 months. Under existing
law, in lieu of these interest rates, the lender may utilize an alternative rate of charge
that consists of an acquisition fee of up to 10 percent of the principal and a monthly installment
handling fee. Under existing law, the maximum term of a small loan on which the alternative
rate of charge may be utilized is 12 months. This bill would provide that the minimum term
for a small loan in which the lender is charging the alternative rate is six months. This
bill would prohibit the lender from collecting an additional acquisition charge if the loan
is refinanced within the first six months. Under existing law, the term...
alisondb.legislature.state.al.us/alison/searchableinstruments/2017RS/bills/SB284.htm - 36K - Match Info - Similar pages
HB535
Rep(s). By Representatives Garrett, Coleman, Faulkner and Todd HB535 ENGROSSED A BILL TO BE
ENTITLED AN ACT Relating to deferred presentment services; to amend Sections 5-18A-2, 5-18A-3,
5-18A-12, and 5-18A-13, Code of Alabama 1975; to clarify that no person may engage in the
business of deferred presentment services by mail, telephone, over the Internet, or in person
without a license; to specify that certain transactions in violation are void; to provide
for hours of operation of a deferred presentment services business; to prohibit renewal or
extension of a deferred presentment transaction at the expiration of the initial term; to
provide further for a repayment plan; to limit the extension of a new deferred presentment
services transaction until a certain time after repayment and the extension of a new transaction
while the customer is utilizing a repayment plan; to require a licensee to notify the customer
of the availability of other products in certain circumstances; and to...
alisondb.legislature.state.al.us/alison/searchableinstruments/2017RS/bills/HB535.htm - 18K - Match Info - Similar pages
SB404
185932-1:n:04/26/2017:JMH/tgw LRS2017-1928 SB404 By Senator Whatley RFD Banking and Insurance
Rd 1 27-APR-17 SYNOPSIS: Under existing law, a person who engages in the business of deferred
presentment services must be licensed by the State Banking Department. Under existing law,
when a deferred presentment services transaction becomes due, the licensee may renew or extend
the transaction for one additional term. After one renewal or extension, the licensee may
not enter into a new transaction with the customer until the next business day after the previous
transaction is paid in full. Under existing law, if the customer is unable to pay upon the
expiration of the initial term and one renewal or extension, the licensee may offer an extended
repayment plan of four equal monthly installments. This bill would clarify that a person may
not engage in the business of deferred presentment services with a consumer in this state
by mail, telephone, over the Internet, or in person without a...
alisondb.legislature.state.al.us/alison/searchableinstruments/2017RS/bills/SB404.htm - 20K - Match Info - Similar pages
SB261
182498-1:n:02/27/2017:JMH/th LRS2017-727 SB261 By Senators Whatley, Marsh, Reed, Albritton,
Scofield, Ward, Allen, Livingston, Williams, Smitherman, Chambliss and Waggoner RFD Judiciary
Rd 1 28-FEB-17 SYNOPSIS: This bill would provide for the regulation of consumer lawsuit lenders
and consumer lawsuit lending agreements. This bill would define a consumer lawsuit lender
as a person who provides money or extends credit to a consumer based on the consumer's potential
recovery of money in a legal dispute and in which the consumer may use the money or credit
for a purpose other than prosecuting the legal dispute on which the extension money or credit
is conditioned and in which the consumer lawsuit lender's recourse against the consumer is
limited primarily to the amount recovered. This bill would require consumer lawsuit lenders
to obtain a license from the State Banking Department to make consumer lawsuit loans and extensions
of credit and would make consumer lawsuit lenders and consumer...
alisondb.legislature.state.al.us/alison/searchableinstruments/2017RS/bills/SB261.htm - 8K - Match Info - Similar pages
HB215
Rep(s). By Representative Johnson (K) HB215 ENROLLED, An Act, To repeal Chapter 7 (commencing
with Section 8-7-1) of Title 8, and to add Chapter 7A (commencing with Section 8-7A-1), the
Code of Alabama 1975; to provide for regulation of money transmissions by the Alabama Securities
Commission; to require any person engaging in the business of monetary transmissions to obtain
a license from the commission and specify requirements for licensing and exceptions; to require
a licensee to maintain records and specify the commission would periodically examine each
licensee; to specify the powers of the commission with regard to enforcement; to provide an
aggrieved person with an opportunity for a hearing; to allow the commission to promulgate
rules; to provide criminal penalties for violations; and in connection therewith would have
as its purpose or effect the requirement of a new or increased expenditure of local funds
within the meaning of Amendment 621 of the Constitution of Alabama of...
alisondb.legislature.state.al.us/alison/searchableinstruments/2017RS/bills/HB215.htm - 40K - Match Info - Similar pages
SB173
SB173 ENGROSSED By Senator Orr A BILL TO BE ENTITLED AN ACT To repeal Chapter 7 (commencing
with Section 8-7-1) of Title 8, and to add Chapter 7A (commencing with Section 8-7A-1), the
Code of Alabama 1975; to provide for regulation of money transmissions by the Alabama Securities
Commission; to require any person engaging in the business of monetary transmissions to obtain
a license from the commission and specify requirements for licensing and exceptions; to require
a licensee to maintain records and specify the commission would periodically examine each
licensee; to specify the powers of the commission with regard to enforcement; to provide an
aggrieved person with an opportunity for a hearing; to allow the commission to promulgate
rules; to provide criminal penalties for violations; and in connection therewith would have
as its purpose or effect the requirement of a new or increased expenditure of local funds
within the meaning of Amendment 621 of the Constitution of Alabama of...
alisondb.legislature.state.al.us/alison/searchableinstruments/2017RS/bills/SB173.htm - 40K - Match Info - Similar pages
HB341
182254-5:n:03/01/2017:PMG/th LRS2017-561R3 HB341 By Representatives McMillan, Shiver, Davis,
Greer, Faust and Gaston RFD Boards, Agencies and Commissions Rd 1 02-MAR-17 SYNOPSIS: Under
existing law, the Home Builders Licensure Board licenses and regulates persons who engage
in home building and private residential construction when the costs of a project exceed $10,000.
This bill would revise the minimum cost of a project that brings a homebuilder under the jurisdiction
of the Home Builders Licensure Board from $10,000 to $1,000. This bill would revise definitions.
This bill would authorize the board to collect costs relating to hearings for disciplinary
actions. This bill would increase administrative fines for a violation. This bill would allow
the cap on the payment amount to an aggrieved homeowner from the Homeowners' Recovery Fund
when the homeowner is injured due to a violation committed by a licensee, to be set by rule.
This bill would also authorize the board to revoke the...
alisondb.legislature.state.al.us/alison/searchableinstruments/2017RS/bills/HB341.htm - 43K - Match Info - Similar pages
SB322
SB322 By Senator Waggoner ENROLLED, An Act, To amend Section 35-8B-1, 35-8B-2, and 35-8B-3,
Code of Alabama 1975, as amended by Act 2016-222 of the 2016 Regular Session, relating to
community development districts; to create an additional class of community development district;
and to provide for the incorporation and powers of the district. BE IT ENACTED BY THE LEGISLATURE
OF ALABAMA:Section 1. Section 35-8B-1, 35-8B-2, and 35-8B-3, Code of Alabama 1975, as amended
by Act 2016-222 of the 2016 Regular Session, are amended to read as follows: §35-8B-1. "(a)
"Community development district" shall mean a private residential development that:
(1) Is a size of at least 250 acres of contiguous land area; (2) has at least 100 residential
sites, platted and recorded in the probate office of the county as a residential subdivision;
(3) has streets that were or will be built with private funds; (4) has a social club with:
(i) an 18-hole golf course of regulation size; (ii) a restaurant or...
alisondb.legislature.state.al.us/alison/searchableinstruments/2017RS/bills/SB322.htm - 18K - Match Info - Similar pages
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