5-23-1
Section 5-23-1 Definitions. The following terms shall have the meanings ascribed to them unless the context clearly indicates otherwise: (1) TREASURER. The State Treasurer of Alabama. (2) FINANCIAL INSTITUTION. Any bank, savings and loans association or credit union operating in Alabama which is chartered under federal or state statutes. (3) FINANCIAL INSTITUTION CREDIT CARD. A credit card that entitles the holder to make open-account purchases up to an approved amount and which is issued through a financial institution. (4) SPONSORING ENTITY. An entity, including specifically the State of Alabama, which solicits the use of a particular financial institution credit card bearing the entity's name in exchange for a fee from the credit card issuer. (5) STATE FEES. All moneys generated from this program that are remitted to the State of Alabama. (Acts 1990, No. 90-524, p. 764, §1.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/5-23-1.htm - 1K - Match Info - Similar pages
16-46-5
Section 16-46-5 License for operation of schools; fees; financial stability. (a) No private postsecondary institution, except those enumerated in Section 16-46-3, shall operate within this state unless the private postsecondary institution first secures a license from the Department of Postsecondary Education, regardless of whether the private postsecondary institution enrolls Alabama students or has a physical presence within the State of Alabama. Procedures for licensing and bonding of private postsecondary institutions operating courses in separate locations shall be established in the rules and regulations pursuant to Section 16-46-7. (b) For all applicable private postsecondary schools or institutions that apply for a license and that meet the criteria identified in this section, the Department of Postsecondary Education shall issue a license to be publicly displayed on the premises where the private postsecondary institution operates. (c) The application for a license for a...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/16-46-5.htm - 8K - Match Info - Similar pages
27-40-2
Section 27-40-2 Exemptions from chapter. The provisions of this chapter shall not apply with respect to any of the following: (1) Any insurance company licensed to do business in this state. (2) Any banking or other financial institution regulated by the state, or savings and loan association, or credit union authorized to do business in this state, or any national banking institution or federal savings and loan association incorporated under the laws of the United States and located within this state. (3) A charge for insurance in connection with an installment sale of a motor vehicle or boat or mobile home. (4) The financing of insurance premiums in this state in accordance with the provisions of this title relating to rates of insurance. (5) Any insurance agent or agency licensed in Alabama that charges a collection fee on unpaid balances for insurance premiums under Section 27-12-17 or under the Alabama Consumer Credit Act. (Acts 1975, No. 1042, p. 2088, §1; Acts 1994, No. 94-118,...
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15-5-62
Section 15-5-62 Definitions. For the purposes of this article, the following words shall have the following meanings: (1) FELONY OFFENSE. Any act that could be charged as a felony criminal offense under the Code of Alabama 1975, whether or not a formal criminal prosecution or delinquent proceeding began at the time the forfeiture was initiated. (2) FINANCIAL INSTITUTION. A bank, credit union, or savings and loan association. (3) INNOCENT OWNER. A bona fide purchaser or lienholder of property that is subject to forfeiture, including any of the following: a. A person who has a valid claim, lien, or other interest in the property seized who did not know or consent to the conduct that caused the property to be forfeited, seized, or abandoned under subdivision (1) of Section 15-5-63. b. A person who did not participate in the commission of a crime or delinquent act giving rise to the forfeiture. c. A victim of an alleged criminal offense. (4) INSTITUTED PROMPTLY. The filing by the district...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/15-5-62.htm - 3K - Match Info - Similar pages
10A-20-7.01
Section 10A-20-7.01 Definitions. For the purposes of this article, the following terms shall have the meanings respectively ascribed to them by this section: (1) BOARD OF DIRECTORS. The board of directors of the corporation created under this article. (2) CORPORATION. An Alabama industrial development corporation created under this article. (3) FINANCIAL INSTITUTION. Any banking, mortgaging corporation or trust company, savings and loan association, insurance company or related corporation, partnership, foundation, pension funds or other institution engaged primarily in lending or investing funds. (4) LOAN LIMIT. For any member, the maximum amount permitted to be outstanding at one time on loans made by the member to the corporation, as determined under the provision of this article. (5) MEMBER. Any financial institution authorized to do business within this state which shall undertake to lend money to a corporation created under this article, upon its call and in accordance with the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/10A-20-7.01.htm - 1K - Match Info - Similar pages
5-27-1
Section 5-27-1 (Effective January 1, 2018) Legislative findings. The Legislature finds and declares the following: (1) Federal law allows both depository financial institutions and credit unions to hold savings promotion contests, subject to certain conditions and authorization under state law. (2) Savings promotion contests in other states and countries have led to an increase in the number and amount of funds in personal savings accounts. (3) Savings promotion contests encourage people to save money by adding a feature to personal savings accounts that includes a chance to win prizes. (4) Savings promotion contests are not lotteries because they do not require individuals to pay consideration for a chance to win a prize, and the individual maintains ownership of the money that is deposited into a savings account or other qualifying account. (5) The prizes are funded through the interest that accrues across the pool of savings accounts participating in the promotion contest. (6) It is...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/5-27-1.htm - 1K - Match Info - Similar pages
7-9A-206
Section 7-9A-206 Security interest arising in purchase or delivery of financial asset. (a) Security interest when person buys through securities intermediary. A security interest in favor of a securities intermediary attaches to a person's security entitlement if: (1) the person buys a financial asset through the securities intermediary in a transaction in which the person is obligated to pay the purchase price to the securities intermediary at the time of the purchase; and (2) the securities intermediary credits the financial asset to the buyer's securities account before the buyer pays the securities intermediary. (b) Security interest secures obligation to pay for financial asset. The security interest described in subsection (a) secures the person's obligation to pay for the financial asset. (c) Security interest in payment against delivery transaction. A security interest in favor of a person that delivers a certificated security or other financial asset represented by a writing...
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8-6-140
Section 8-6-140 Definitions. For the purposes of this article, the following words have the following meanings unless the context otherwise requires: (1) BENEFICIARY FORM. A registration of a security which indicates the present owner of the security and the intention of the owner regarding the person who will become the owner of the security upon the death of the owner. (2) DEVISEE. Any person designated in a will to receive a disposition of real or personal property. (3) HEIRS. Those persons, including the surviving spouse, who are entitled under the statutes of intestate succession to the property of a decedent. (4) PERSON. An individual, a corporation, an organization, or other legal entity. (5) PERSONAL REPRESENTATIVE. Includes executor, administrator, successor personal representative, special administrator, and persons who perform substantially the same function under the law governing their status. (6) PROPERTY. Includes both real and personal property or any interest therein...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/8-6-140.htm - 4K - Match Info - Similar pages
35-5A-2
Section 35-5A-2 Definitions. As used in this chapter, the following terms shall have the following meanings, respectively, unless the context clearly indicates otherwise: (1) ADULT. An individual who has attained the age of 21 years. (2) BENEFIT PLAN. An employer's plan for the benefit of an employee or partner, or an individual retirement account. (3) BROKER. A person lawfully engaged in the business of effecting transactions in securities or commodities for the person's own account or for the account of others. (4) CONSERVATOR. A person appointed or qualified by a court to act as general, limited, or temporary guardian of a minor's property or a person legally authorized to perform substantially the same functions. (5) COURT. Circuit court. (6) CUSTODIAL PROPERTY. a. Any interest in property transferred to a custodian under this chapter and b. The income from and proceeds of that interest in property. (7) CUSTODIAN. A person so designated under Section 35-5A-10 or a successor or...
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40-16-10
Section 40-16-10 Computation of net income of financial institutions. (a) In computing the net income of financial institutions subject to the tax imposed by this chapter, there shall be allowed, in addition to the deductions specified therein, a deduction for the sum of the net operating losses which may be carried forward to the taxable year for which the net income of the financial institution is being computed. (1) The term "net operating loss" for the purposes of this chapter means the amount by which net income of the financial institution, before the deduction allowed by this section, with respect to a taxable year is less than zero. For purposes of this section, the financial institution's net income shall be determined under this chapter applicable to the year in which the net operating loss arises. (2) A net operating loss shall be carried forward to the earliest subsequent taxable year in which the financial institution has net income greater than zero, determined without...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-16-10.htm - 4K - Match Info - Similar pages
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