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5-13B-106
Section 5-13B-106 Books, accounts, and records. Each foreign bank which is licensed to establish
and maintain an Alabama state branch, Alabama state agency, or Alabama representative office
shall maintain or make available at any such office appropriate books, accounts, and records
reflecting (1) all transactions effected by or on behalf of such office and (2) all actions
taken in this state by employees of the foreign banking corporation located in this state
to effect transactions on behalf of any office of such foreign bank located outside this state.
(Acts 1995, No. 95-115, p. 134, §54.)...
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40-27-1
Section 40-27-1 Compact adopted; terms. The following Multistate Tax Compact is hereby approved,
adopted and enacted into law by the State of Alabama: Multistate Tax Compact Article I. Purposes.
The purposes of this compact are to: 1. Facilitate proper determination of state and local
tax liability of multistate taxpayers, including the equitable apportionment of tax bases
and settlement of apportionment disputes. 2. Promote uniformity or compatibility in significant
components of tax systems. 3. Facilitate taxpayer convenience and compliance in the filing
of tax returns and in other phases of tax administration. 4. Avoid duplicative taxation. Article
II. Definitions. As used in this compact: 1. "State" means a state of the United
States, the District of Columbia, the Commonwealth of Puerto Rico, or any territory or possession
of the United States. 2. "Subdivision" means any governmental unit or special district
of a state. 3. "Taxpayer" means any corporation, partnership, firm,...
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5-13B-102
Section 5-13B-102 Examination; payment of fees. (a) An Alabama state branch, Alabama state
agency, or Alabama representative office shall be subject to examination by the superintendent
at such intervals and in such a manner as he or she shall establish by regulation or order.
(b) In conducting an examination pursuant to this section, the superintendent shall: (1) Have
full access to the offices, books, accounts, and records of each office located in this state,
as well as all of the books, accounts, and records maintained in this state of any office
not located in this state of such foreign bank; and (2) Have authority to require the attendance
of and to examine under oath all persons whose testimony may be required relative to the activities
of such office. (c) A foreign bank which is licensed to establish and maintain an Alabama
state branch, Alabama state agency, or Alabama representative office shall be assessed a reasonable
fee for the expenses incurred by the superintendent in...
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27-61-1
Section 27-61-1 Surplus Lines Insurance Multi-State Compliance Compact. The Surplus Lines Insurance
Multi-State Compliance Compact Act is enacted into law and entered into with all jurisdictions
mutually adopting the compact in the form substantially as follows: PREAMBLE WHEREAS, with
regard to Non-Admitted Insurance policies with risk exposures located in multiple states,
the 111th United States Congress has stipulated in Title V, Subtitle B, the Non-Admitted and
Reinsurance Reform Act of 2010, of the Dodd-Frank Wall Street Reform and Consumer Protection
Act, hereafter, the NRRA, that: (A) The placement of Non-Admitted Insurance shall be subject
to the statutory and regulatory requirements solely of the insured's Home State, and (B) Any
law, regulation, provision, or action of any State that applies or purports to apply to Non-Admitted
Insurance sold to, solicited by, or negotiated with an insured whose Home State is another
State shall be preempted with respect to such application;...
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5-13B-115
Section 5-13B-115 Seizure of foreign bank's property and business; liquidation. (a) If the
superintendent finds that any of the factors set forth in Section 5-13B-113 are true with
respect to any foreign bank which is licensed to establish and maintain an Alabama state branch
or Alabama state agency and that it is necessary for the protection of the interests of the
creditors of such foreign bank's business in this state or for the protection of the public
interest that he or she take immediate possession of the property and business of the foreign
bank, the superintendent may by order forthwith take possession of the property and business
of the foreign bank in this state and retain possession until the foreign bank resumes business
in this state or is finally liquidated. The foreign bank may, with the consent of the superintendent,
resume business in this state upon such conditions as the superintendent may prescribe by
regulation or order. (b) At any time within 10 days after the...
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5-20-4
Section 5-20-4 Establishment or acquisition of a credit card bank. Subject to the provisions
of this chapter and to the prior approval of the superintendent, any bank holding company,
bank holding company subsidiary, domestic lender or foreign lender may, either singly or jointly
with other bank holding companies, bank holding company subsidiaries, domestic lenders or
foreign lenders, establish or acquire, and own and control all the voting shares of a single
credit card bank located in Alabama when and for so long as the following conditions are satisfied:
(1) If the credit card bank is to be organized under the laws of this state, such bank shall
be organized as provided in this chapter and in the manner provided in Chapter 5A of this
title; (2) In connection with the application to organize, or to acquire control of a credit
card bank, the applicant or applicants shall pay one filing fee to the Alabama Department
of Banking in an amount not less than $15,000 to be set by the...
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5-13B-107
Section 5-13B-107 Separate assets. (a) Each foreign bank which is licensed to establish and
maintain an Alabama state branch or Alabama state agency in this state shall keep the assets
of its business in this state separate and apart from the assets of its business outside this
state. (b) The creditors of a foreign bank arising out of transactions with, and recorded
on the books of, its Alabama state branch or Alabama state agency shall be entitled to absolute
preference and priority over creditors of such foreign bank offices located outside of Alabama
with respect to the assets of such foreign bank's offices in this state. (Acts 1995, No. 95-115,
p. 134, §55.)...
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5-13B-91
Section 5-13B-91 Representative office - Factors for approval of application. (a) A foreign
bank making an application for a license to establish and maintain an Alabama representative
office shall deliver to the superintendent two, or more as the superintendent may require
by regulation, duplicate originals of the foreign bank's application. (b) The superintendent
shall issue a license to a foreign bank to establish and maintain an Alabama representative
office if he or she finds that: (1) The foreign bank is of good character and sound financial
standing; (2) The management of the foreign banks and the proposed management of the Alabama
representative office are adequate; and (3) The convenience and needs of persons to be served
by the proposed Alabama representative office will be promoted. (c) If the superintendent
determines to issue a license to a foreign bank to establish and maintain an Alabama representative
office, he or she shall, when all fees have been paid as required...
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27-27-29
Section 27-27-29 Principal place of business and home office of domestic insurers; maintenance
of assets in state; removal of records or assets; exceptions. (a) Every domestic insurer shall
have, and maintain, its principal place of business and home office in this state and shall
keep in this state complete records of its assets, transactions, and affairs in accordance
with such methods and systems as are customary or suitable as to the kind, or kinds, of insurance
transacted. (b) Every domestic insurer shall have, and maintain, its assets in this state,
or in a financial institution conducting business in this state except as to: (1) Real property
and personal property appurtenant to the real property lawfully owned by the insurer and located
outside this state. (2) The property of the insurer as may be customary, necessary, and convenient
to enable and facilitate the operation of its branch offices and regional home offices located
outside this state as referred to in subsection...
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5-13B-21
Section 5-13B-21 Definitions. As used in this article, unless a different meaning is required
by the context, the following words and phrases shall have the following meanings: (a) "Alabama
bank" means a bank whose home state is Alabama. (b) "Alabama state bank" means
a bank chartered under the laws of Alabama. (c) "Bank" has the same meaning as set
forth in 12 U.S.C. §1813(h); provided that the term "bank" shall not include any
"foreign bank" as defined in 12 U.S.C. §3101(7), except that such term shall include
any foreign bank organized under the laws of a territory of the United States, Puerto Rico,
Guam, American Samoa, or the Virgin Islands, the deposits of which are insured by the Federal
Deposit Insurance Corporation. (d) "Bank holding company" has the meaning set forth
in 12 U.S.C. §1841(a) (1). (e) "Bank supervisory agency" means: (1) The Office
of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Board of
Governors of the Federal Reserve...
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