5-19-20
Section 5-19-20 Insurance. (a) With respect to any consumer credit transaction, the
creditor shall not require any insurance other than insurance against loss of or damage to
any property in which the creditor is given a security interest and insurance insuring the
lien of the creditor on the property which is collateral for the transaction. (b) (1) Credit
life and disability and involuntary unemployment insurance may be offered and, if accepted,
may be provided by the creditor. The charge to the debtor for the insurance shall not exceed
the premium permitted for the coverages. Insurance with respect to any credit transaction
shall not exceed the approximate amount and term of the credit. (2) This subdivision (2) applies
to all consumer credit transactions entered into on or after June 19, 1996. If the consumer
credit transaction is scheduled to be repaid in substantially equal installments which include
a portion of the amount financed, the amount of credit life insurance at any time...
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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...
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5-19-19
Section 5-19-19 Liabilities of creditor making excess finance charge; failure to obtain
license; damages for deliberate violation or reckless disregard; written notice of violations;
oral statements not admissible; fiduciary duty not created. (a)(1)(i) Any creditor charging
a finance charge in excess of the amount authorized herein, except as specified in subdivision
(2), shall forfeit debtor's actual economic damages not to exceed the finance charge, and
shall refund to the debtor such amount of the actual economic damages, which may be done by
reducing the amount of the debtor's obligation. If the debtor is entitled to a refund and
the creditor refuses to refund within a reasonable time, not to exceed 60 days, after written
demand, including the filing of a legal action, the debtor shall recover a penalty of five
times the amount of the actual economic damages not to exceed the finance charge, but in any
event not less than one hundred dollars ($100). Provided, however, as to any...
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5-19-1
Section 5-19-1 Definitions. For the purposes of this chapter, the following terms shall
have the following meanings respectively ascribed to them by this section: (1) FINANCE
CHARGE. The sum of all charges, payable directly or indirectly by the person to whom credit
is extended, and imposed directly or indirectly by the creditor as an incident to the extension
of credit. The amount of the finance charge in connection with any credit transaction (i)
shall be determined, and shall include and exclude the fees and charges, as provided by Section
106 of the Federal Truth-in-Lending Act, 15 U.S.C. Section 1605 and the regulations
of the Federal Reserve Board promulgated pursuant to the Federal Truth-in-Lending Act, 12
C.F.R. Part 226, and the Official Staff Commentary adopted by the Federal Reserve Board pursuant
to that regulation, and without limiting or affecting the foregoing subparagraph (i), (ii)
shall exclude, without limitation, late charges and other charges resulting from or...
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5-19-10
Section 5-19-10 Contract provisions for attorney's fees. A contract for a consumer credit
transaction with an original amount financed not exceeding three hundred dollars ($300) may
not provide for payment by the debtor of attorney's fees after default by the debtor. A contract
for a consumer credit transaction with an original amount financed exceeding three hundred
dollars ($300) may provide for the payment by the debtor of reasonable attorney's fees not
exceeding 15 percent of the unpaid debt after default and referral of the contract to an attorney
who is not a salaried employee of the creditor. An open-end credit plan may not provide for
attorney's fees when the unpaid balance does not exceed three hundred dollars ($300), but
may provide for reasonable attorney's fees after default by the debtor when the unpaid balance
exceeds three hundred dollars ($300). In a consumer credit transaction contract where the
original amount financed exceeds ten thousand dollars ($10,000) or the...
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34-27-31
Section 34-27-31 Recovery Fund created; fees paid to fund; injured party's recovery
from fund; procedures, appeals, etc.; licensee to report any legal action taken against him
or her. (a) The commission shall establish and maintain a Recovery Fund from which an aggrieved
party may recover actual or compensatory damages, not including interest and court costs,
sustained only within the State of Alabama as a result of conduct of a broker or salesperson
in violation of Article 1 or 2 of this chapter or the rules and regulations of the commission.
(b) Notwithstanding any other provision to the contrary, payments from the Recovery Fund are
subject to the following conditions and limitations: (1) The fund shall not be obligated for
the acts or omissions of a broker or salesperson while acting on his or her own behalf or
on behalf of his or her child, spouse, or parent regarding property in which he or she or
his or her spouse, child, or parent has, or is attempting to acquire, an interest;...
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37-11A-1
Section 37-11A-1 Execution and text of compact. The Governor, on behalf of this state,
shall execute a compact, in substantially the following form, with the State of Mississippi,
and the Legislature approves and ratifies the compact in the form substantially as follows:
Northeast Mississippi - Northwest Alabama Railroad Authority Compact. The contracting states
solemnly agree: Article I. The purpose of this compact is to promote and develop trade, commerce,
industry, and employment opportunities for the public good and welfare in northeast Mississippi
and northwest Alabama through the establishment of a joint interstate authority to acquire
certain railroad properties and facilities which the operator thereof has notified the Interstate
Commerce Commission of an intention to abandon and which are located in any of Franklin, Marion,
or Winston Counties, Alabama or in Alcorn or Tishomingo Counties, Mississippi. Article II.
This compact shall become effective immediately as to the State...
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5-19-3
Section 5-19-3 Maximum finance charges; contracting for minimum finance charge; alternate
per month computed finance charge. (a) Except under open-end credit plans, the maximum finance
charge for any credit transaction where the original amount financed is less than two thousand
dollars ($2,000), may equal but may not exceed the total of the following: (1) Fifteen dollars
($15) per one hundred dollars ($100) per year for the first seven hundred fifty dollars ($750)
of the original amount financed; and (2) Ten dollars ($10) per one hundred dollars ($100)
per year for that portion of the original amount financed exceeding seven hundred fifty dollars
($750) and less than two thousand dollars ($2,000). The maximum finance charge under this
subsection shall be determined by computing the maximum rates authorized by this subsection
on the original amount financed for the full term of the contract without regard to scheduled
payments and the maximum finance charge so determined, or any lesser...
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5-19-15
Section 5-19-15 Garnishment. Prior to entry of judgment on a consumer credit transaction,
the creditor may not attach unpaid earnings of the debtor by garnishment. Notwithstanding
the garnishment procedure otherwise applicable after judgment, with respect to a consumer
credit transaction, the amount of unpaid earnings of the debtor subject to garnishment shall
not exceed the lesser of: (1) Twenty-five percent of the debtor's disposable earnings for
that week; or (2) The amount by which the debtor's disposable earnings for that week exceed
30 times the federal minimum hourly wage in effect when payable. "Disposable earnings"
means that part of the earnings of a debtor remaining after deduction of amounts required
by law to be withheld, and disposable earnings shall not include periodic payments pursuant
to a pension, retirement, or disability program. (Acts 1971, No. 2052, p. 3290, §11; Acts
1988, No. 88-294, p. 454, §1; Acts 1996, No. 96-576, p. 887, §2.)...
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5-19-31
Section 5-19-31 Nonapplicability of chapter to certain transactions; certain laws not
repealed or amended. (a) The provisions of this chapter, except the provisions of subdivision
(1) of Section 5-19-1 and Section 5-19-3, shall not apply (i) to any consumer
credit transaction or other transaction involving an interest in real property or the sale,
lease, or mortgage of an interest in real property where the creditor is exempt from licensing
under this chapter, (ii) where the credit transaction is not a consumer transaction, (iii)
where the credit transaction is by a trust institution as defined in Section 5-12A-1(1),
in its capacity as a fiduciary under any plan or agreement qualified under 26 U.S.C. 401(a)
or defined by 5 U.S.C. 8437, 26 U.S.C. 403(b), or 26 U.S.C. 457, or a trust exempt under 26
U.S.C. 501, or (iv) to any municipal pension system created under the laws of the State of
Alabama. The provisions of this chapter shall not apply where the credit transaction is a
policy...
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