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16-33C-7
Section 16-33C-7 PACT contracts. (a) Each PACT contract shall include, but shall not
be limited to, the following terms: (1) The amount and the number of contract payments required
from a purchaser on behalf of a designated beneficiary. (2) The terms and conditions under
which purchasers shall remit contract payments, including, but not limited to, the date or
dates upon which each contract payment shall be due. (3) Provisions for late payment charges
and for default. (4) Provisions for withdrawal from the PACT Program, including refunds and
any penalty therefor. (5) The name and date of birth of the designated beneficiary on whose
behalf a contract is drawn. (6) Terms and conditions under which another person may be subsequently
substituted for the designated beneficiary originally named. (7) The name of the person entitled
to terminate the PACT contract, the terms and conditions under which a PACT contract may be
terminated, and the name of the person entitled to any refund due as a...
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16-33C-3
Section 16-33C-3 Definitions. The following terms as used in this chapter shall have
the meanings ascribed to them, unless the context clearly indicates otherwise: (1) ABLE PROGRAM.
The Achieving a Better Life Experience Program established pursuant to this chapter and defined
in Section 529A of the Internal Revenue Code of 1986, as amended, or other applicable
federal law, to assist individuals and families to save private funds to support individuals
with disabilities to maintain health, independence, and quality of life. (2) ABLE SAVINGS
ACCOUNT. An individual ABLE trust fund account established by a contributor pursuant to this
chapter to apply distributions from the account toward qualified disability expenses for an
eligible designated beneficiary, both terms as defined in Section 529A of the Internal
Revenue Code of 1986, as amended, or other applicable federal law. (3) ABLE TRUST FUND. The
fiduciary trust fund established pursuant to this chapter comprised of separate and...
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16-33C-6
Section 16-33C-6 PACT Program generally. (a) The PACT Program is established as one
college savings alternative under the plan whereby purchasers enter into PACT contracts for
the future payment of tuition and mandatory fees at eligible educational institutions. The
PACT Program includes the PACT Trust Fund and the PACT Administrative Fund created pursuant
to this chapter. (b) The official location of the trust fund shall be the State Treasurer's
office, and the facilities of the State Treasurer shall be used and employed in the administration
of the fund including, but without limitation thereto, the keeping of records, the management
of bank accounts and other investments, the transfer of funds, and the safekeeping of securities
evidencing investments. The PACT Trust Fund is hereby created as the source for payment of
the PACT Program's obligations under PACT contracts. The amounts on deposit in the PACT Trust
Fund shall not constitute property of the state, and the state may have no...
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5-24-1
Section 5-24-1 Definitions. In this chapter: (1) ACCOUNT means a contract of deposit
between a depositor and a financial institution, and includes a checking account, savings
account, time deposit, certificate of deposit, and share account. (2) AGENT means a person
authorized to make account transactions for a party. (3) BENEFICIARY means a person named
as one to whom sums on deposit in an account are payable on request after death of all parties
or for whom a party is named as trustee. (4) DEVISEE means any person designated in a will
to receive a testamentary disposition of real or personal property. (5) FINANCIAL INSTITUTION
means an organization authorized to do business under state or federal laws relating to financial
institutions, and includes a bank, trust company, savings bank, building and loan association,
savings and loan company or association, and credit union. (6) HEIRS means those persons,
including surviving spouse, who are entitled under the statutes of intestate...
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27-15-53
Section 27-15-53 Requirements for death master file comparisons. (a) An insurer shall
perform a comparison of its insureds' in-force life insurance policies, annuity contracts,
and retained asset accounts against a death master file, to identify potential death master
file matches of its insureds. Such comparison shall be completed by January 1, 2019. Thereafter,
an insurer shall maintain a program designed to compare each such policy, contract, or account
with a death master file no less frequently than every three years, it being the intent that
insurers fashion a program that best fits their business systems while at the same time protecting
consumers by assuring reasonable checks are being performed to identify unreported deaths.
For those potential death master file matches identified as a result of a death master file
comparison, the insurer shall do all of the following: (1) Within 90 days of a death master
file match: a. Complete a commercially reasonable effort, which shall be...
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27-17A-10
Section 27-17A-10 Certificate required. (a) No person may sell a preneed contract without
first having a valid certificate of authority. (b)(1) No person may receive any funds for
payment on a preneed contract who does not hold a valid certificate of authority. (2) Any
preneed transaction in which a buyer pays to the seller before need, in whole or in part,
a purchase price for funeral or cemetery merchandise and services, and in which the seller
is not obligated to deliver the contracted for merchandise or to perform the services until
need, in whole or in part, shall be evidenced by a written preneed contract satisfying the
requirements of this chapter and signed by the seller and the purchaser. No person may receive
or accept any form of consideration in such a transaction without a fully signed written preneed
contract. A transaction not evidenced by a signed written preneed contract shall be voidable
at the election of the buyer and, if such election is made, the seller shall...
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16-33C-11
Section 16-33C-11 ACES savings agreements. (a) Each savings agreement made pursuant
to this chapter shall include, but shall not be limited to, the following terms and provisions:
(1) The maximum and minimum annual contributions and maximum account balance allowed on behalf
of a designated beneficiary. (2) Provisions for withdrawals, refunds, transfers, returns of
excess contributions and any penalties. (3) The terms and conditions for remitting contributions,
including, but not limited to, that contributions may be made in cash only. (4) The name,
address, date of birth, and Social Security number of the designated beneficiary on whose
behalf the ABLE or ACES savings account is opened. (5) Terms and conditions for designation
of a substitute beneficiary. (6) Terms and conditions for termination of the account, including
any transfers to the state upon the death of the qualified beneficiary, if applicable, refunds,
withdrawals, transfers, applicable penalties, the name of the person...
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8-32-2
Section 8-32-2 Definitions. As used in this chapter, the following terms shall have
the following meanings: (1) ADMINISTRATOR. The person designated by a provider to be responsible
for the administration of service contracts or the service contracts plan or to make the filings
required by this chapter. (2) COMMISSIONER. The Commissioner of Insurance of this state. (3)
CONSUMER. A natural person who buys, primarily for personal, family, or household purposes,
and not for resale, any tangible personal property normally used for personal, family, or
household purposes and not for commercial or research purposes. (4) MAINTENANCE AGREEMENT.
A contract of limited duration that provides for scheduled maintenance only. (5) MANUFACTURER.
A person that is one of the following: a. A manufacturer or producer of property that sells
the property under its own name or label. b. A subsidiary of the person who manufactures or
produces the property. c. A corporation which owns at least 80 percent of the...
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40-18-19
Section 40-18-19 Exemptions - Generally. (a) The following exemptions from income taxation
shall be allowed to every individual resident taxpayer: (1) Retirement allowances, pensions
and annuities, or optional allowances, approved by the Board of Control of the Teachers' Retirement
System of Alabama, which exempt status is set out in Section 16-25-23. (2) Retirement
allowances, pensions and annuities or optional allowances, approved by the Board of Control
of the Employees' Retirement System of Alabama, which exempt status is set out in Section
36-27-28. (3) The first eight thousand dollars ($8,000) of any retirement compensation, retirement
allowances, pensions and annuities, or optional allowances, received by any eligible firefighter,
as defined in Sections 36-32-1 and 36-32-2, or his or her designated beneficiary, from any
firefighting agency established in the State of Alabama, but only if such retirement compensation,
retirement allowances, pensions and annuities, or optional...
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9-17-33
Section 9-17-33 Disposition of proceeds from sale of oil or gas production. (a) As used
in this section, the following terms shall have the following meanings: (1) CHECK STUB.
The financial record attached to a check, included with a check, or mailed separately at or
near the time the check is mailed. (2) DIVISION ORDER. A contract between the interest owner
and the purchaser, operator, or the owner of the right to drill and to produce, directing
the distribution of the value from the sale of the oil, gas, and other liquid hydrocarbons
in the proportions set out in the division order, which division order is prepared by the
purchaser, operator, and/or the owner of the right to drill and to produce on the basis of
the ownership shown in a title opinion prepared after examination of abstracts or based on
other generally acceptable legal ownership documentation and which is executed by the interest
owners or others having an interest in the production. (3) INTEREST OWNER. A person owning...
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