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5-19-22
Section 5-19-22 License to engage in business of making consumer loans or taking assignments
of consumer credit contracts - Required; exceptions; application; investigation; standards
for issuance; hearing; licensing under Small Loan Act; fees; participation in Nationwide Mortgage
Licensing System and Registry. (a) No creditor shall engage in any one or more of the following
activities without first having obtained a license from the administrator: (1) Making consumer
loans to Alabama residents, regardless of whether the creditor has a place of business in
Alabama or an employee residing in Alabama. (2) Making consumer loans originated by an individual
required to be licensed as a mortgage loan originator under the Alabama Secure and Fair Enforcement
for Mortgage Licensing Act of 2009. (3) Taking assignments of consumer credit contracts, either
from a place of business in Alabama or through use of an employee residing in Alabama whose
employment includes taking assignments of consumer...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/5-19-22.htm - 7K - Match Info - Similar pages
8-35-2
is in effect with respect to the consumer's credit report. (b) A consumer credit reporting
agency shall place a security freeze on a consumer's credit report no later than three business
days after receiving the consumer's written request sent by certified mail. (c) The consumer
credit reporting agency shall send a written confirmation of the security freeze to the consumer
within 10 business days of placing the security freeze and at the same time shall provide
the consumer with a unique personal identification number or password, other than the
consumer's Social Security number, to be used by the consumer when providing authorization
for the release of the consumer's credit report for a specific period of time. (d) If the
consumer wishes to allow the consumer's credit report to be accessed for a specific period
of time while a security freeze is in place, the consumer shall contact the consumer credit
reporting agency through the contact method established by the consumer credit...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/8-35-2.htm - 12K - Match Info - Similar pages
5-19-4
Section 5-19-4 Additional charges for default or deferral; prepayment; renewal or refinancing;
real property transactions. (a) When a scheduled payment in a consumer credit transaction
is in default 10 days or more, the creditor may charge and collect a late charge not exceeding
the greater of eighteen dollars ($18) or five percent of the amount of the scheduled payment
in default, not to exceed one hundred dollars ($100). The late charge may be collected only
once on any scheduled payment, regardless of the period during which the scheduled payment
remains in default. (b) With respect to the deferral of one or more wholly unpaid scheduled
payments in a consumer credit transaction, in which the finance charge was determined by the
precomputed method, the creditor may collect, by agreement with the debtor either before or
after default, an additional charge for each full month that any wholly unpaid scheduled payments
are outstanding after the due date of each scheduled payment equal to...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/5-19-4.htm - 6K - Match Info - Similar pages
27-29A-8
Section 27-29A-8 Confidentiality. (a) Documents, materials, or other information, including
the ORSA Summary Report, in the possession of or control of the Department of Insurance that
are obtained by, created by, or disclosed to the commissioner or any other person under this
chapter, are recognized by this state as being proprietary and to contain trade secrets. All
such documents, materials, or other information shall be confidential by law and privileged,
shall not be subject to any open records, freedom of information, sunshine, or other public
record disclosure laws, shall not be subject to subpoena, and shall not be subject to discovery
or admissible in evidence in any private civil action. However, the commissioner is authorized
to use the documents, materials, or other information in the furtherance of any regulatory
or legal action brought as a part of the commissioner's official duties. The commissioner
shall not otherwise make the documents, materials, or other information...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-29A-8.htm - 6K - Match Info - Similar pages
27-29-4
Section 27-29-4 Registration of insurers. (a)(1) Every insurer which is authorized to do business
in this state and which is a member of an insurance holding company system shall register
with the commissioner, except a foreign insurer subject to registration requirements and standards
adopted by statute or regulation in the jurisdiction of its domicile which are substantially
similar to those contained in this section and both of the following: a. Subdivision (1) of
subsection (a) of Section 27-29-5, and subsections (b) and (d) of Section 27-29-5. b. Either
subdivision (2) of subsection (a) of Section 27-29-5 or a provision such as the following:
Each registered insurer shall keep current the information required to be disclosed in its
registration statement by reporting all material changes or additions within 15 days after
the end of the month in which it learns of each change or addition. (2) Any insurer which
is subject to registration under this section shall register within 15...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-29-4.htm - 8K - Match Info - Similar pages
22-18-50
or procedures related to specific employees or other matters related to the Commission's internal
personnel practices and procedures; c. Current, threatened, or reasonably anticipated litigation;
d. Negotiation of contracts for the purchase or sale of goods, services, or real estate; e.
Accusing any person of a crime or formally censuring any person; f. Disclosure of trade secrets
or commercial or financial information that is privileged or confidential; g. Disclosure of
information of a personal nature where disclosure would constitute a clearly unwarranted
invasion of personal privacy; h. Disclosure of investigatory records compiled for law
enforcement purposes; i. Disclosure of information related to any investigatory reports prepared
by or on behalf of or for use of the Commission or other committee charged with responsibility
of investigation or determination of compliance issues pursuant to the Compact; or j. Matters
specifically exempted from disclosure by federal or member...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/22-18-50.htm - 41K - Match Info - Similar pages
27-61-1
functions. 5. CORPORATE RECORDS OF THE COMMISSION The Commission shall maintain its corporate
books and records in accordance with the Bylaws. 6. QUALIFIED IMMUNITY, DEFENSE, AND INDEMNIFICATION
a. The Members, officers, executive director, employees, and representatives of the Commission,
the Executive Committee, and any other Committee of the Commission shall be immune from suit
and liability, either personally or in their official capacity, for any claim for damage to
or loss of property or personal injury or other civil liability caused by or
arising out of any actual or alleged act, error, or omission that occurred, or that the person
against whom the claim is made had a reasonable basis for believing occurred within the scope
of Commission employment, duties, or responsibilities; provided that nothing in this paragraph
shall be construed to protect any such person from suit and/or liability for any damage, loss,
injury, or liability caused by the intentional or willful or wanton...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-61-1.htm - 62K - Match Info - Similar pages
27-60-2
committees as its bylaws may provide for the carrying out of its functions. 4. Corporate records
of the commission. The commission shall maintain its corporate books and records in accordance
with the bylaws. 5. Qualified immunity, defense, and indemnification. a. The members, officers,
executive director, employees, and representatives of the commission shall be immune from
suit and liability, either personally or in their official capacity, for any claim for damage
to or loss of property or personal injury or other civil liability caused by
or arising out of any actual or alleged act, error, or omission that occurred, or that the
person against whom the claim is made had a reasonable basis for believing occurred within
the scope of commission employment, duties, or responsibilities. Nothing in this paragraph
shall be construed to protect any such person from suit or liability, or both, for any damage,
loss, injury, or liability caused by the intentional or willful and wanton...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-60-2.htm - 45K - Match Info - Similar pages
5-17-7
Section 5-17-7 Operating fees; fee filed with certificate of organization. (a) All state chartered
credit unions shall pay an annual operating fee and, if deemed necessary by the administrator,
an assessment, the exact amount of which shall be fixed from time to time by the Administrator
of the Alabama Credit Union Administration. (b) Except as hereinafter provided, the annual
operating fee set by the administrator shall not exceed the fee calculated by use of the following
scale or the administrator may authorize payment of the schedule used by federal credit unions
if the administrator determines it to be appropriate: (1) Credit unions having total assets
of less than $500,000.00 shall pay a fee not in excess of $.12 for each $100.00 of assets,
subject to a minimum of $200.00. (2) Credit unions with assets of $500,000 but not in excess
of $1,000,000 shall pay a fee of $600 plus $.05 per $100 of assets over $500,000 but not in
excess of $1,000,000; credit unions with assets of...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/5-17-7.htm - 6K - Match Info - Similar pages
5-17-2
Section 5-17-2 Procedure for organization and incorporation. (a) For the purposes of this chapter,
both a natural person credit union and a corporate credit union are considered a credit union
unless otherwise indicated. (b) The following may apply to the Administrator of the Alabama
Credit Union Administration for permission to organize a credit union: (1) For a natural person
credit union, any seven residents of the state. (2) For a corporate credit union, any seven
or more individuals each representing different natural person credit unions. (c) A credit
union is organized in the following manner: The applicants shall execute in duplicate a certificate
of organization by the terms of which they agree to be bound. The certificate shall state:
(1) the name and location of the proposed credit union, (2) the names and addresses of the
subscribers to the certificate and the number of shares subscribed by each, and (3) the par
value of the shares of the credit union. They shall next...
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