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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5-19-1
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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5-19-4
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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5-19-20
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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5-19-10
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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40-2B-2
Section 40-2B-2 Alabama Tax Tribunal. (a) Statement of Purpose. To increase public confidence
in the fairness of the state tax system, the state shall provide an independent agency with
tax expertise to resolve disputes between the Department of Revenue and taxpayers, prior to
requiring the payment of the amounts in issue or the posting of a bond, but after the taxpayer
has had a full opportunity to attempt settlement with the Department of Revenue based, among
other things, on the hazards of litigation. By establishing an independent Alabama Tax Tribunal
within the executive branch of government, this chapter provides taxpayers with a means of
resolving controversies that insures both the appearance and the reality of due process and
fundamental fairness. The tax tribunal shall provide hearings in all tax matters, except those
specified by statute, and render decisions and orders relating thereto. A tax tribunal hearing
shall be commenced by the filing of a notice of appeal protesting...
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5-18-15
Section 5-18-15 Interest rates, charges, and fees. (a) Maximum rates of interest and
charge. Every licensee under this chapter may contract for and receive as interest on any
loan of money less than one thousand five hundred dollars ($1,500) an amount at a rate not
exceeding three percent a month on that part of the unpaid principal balance not in excess
of two hundred dollars ($200), and two percent a month on that part of the unpaid principal
balance in excess of two hundred dollars ($200) but less than one thousand five hundred dollars
($1,500). (b) Account maintenance fee. In addition to the maximum rate of interest and charges
pursuant to subsection (a), a licensee may enter into a contract of loan under this chapter
in which the borrower agrees to pay an account maintenance fee of not more than three dollars
($3) for each month of the scheduled period of repayment of the loan provided that the scheduled
monthly payments are equal to or greater than thirty dollars ($30). Such...
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5-19-18
Section 5-19-18 Installment payment of debt of one thousand dollars or less. With respect
to consumer credit transactions, where the debt is payable in installments, not made pursuant
to an open-end credit plan and in which the original amount financed is one thousand dollars
($1,000) or less, the debt shall be scheduled to be payable in substantially equal installments
at equal periodic intervals, except to the extent that the schedule of payments is adjusted
to the seasonal or irregular income of the debtor or when the transaction is a single principal
payment obligation irrespective of the scheduled interest payments, and: (1) Over a period
of not more than 36 months and 15 days if the original amount financed is more than three
hundred dollars ($300); or (2) Over a period of not more than 24 months and 15 days if the
original amount financed is three hundred dollars ($300) or less. (Acts 1971, No. 2052, p.
3290, §14; Acts 1989, No. 89-879, p. 1771, §1; Acts 1996, No. 96-576, p....
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8-8-14
Section 8-8-14 Interest surcharge on loans or credit sales; refunds; maximum interest
rate indexed to prime rate; maximum interest rates for open-end credit plans. (a) In addition
to other lawful charges under various state laws, and notwithstanding any restrictions thereunder,
a legal licensed lending institution, a vendor making credit sales, any financial institution
operating in Alabama or any individual may, if provided in the contract, charge and collect
at the time of making a loan or credit sale, on each contract of loan or credit sale, an interest
surcharge of not more than six percent of the part of the amount financed, which is not in
excess of two thousand dollars ($2000). In addition to any rebate to which the debtor is otherwise
entitled, when any contract upon which an interest surcharge has been charged is prepaid in
full by any means within 90 days of date of the contract, the creditor shall refund or credit
the debtor with a pro rata portion of the interest surcharge,...
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27-40-9
Section 27-40-9 Service charges; prepayment of obligation. (a) For the purpose of this
section, "consumer insurance premium finance agreement" means an insurance
premium finance agreement as defined in Section 27-40-1 wherein the insurance contracts
which are the subject of the premium finance agreement are for personal, family, or household
purposes or where the premiums for those agreements are two thousand dollars ($2,000) or less.
For the purpose of this section, "commercial premium finance agreement" means
any insurance premium finance agreement other than a consumer premium finance agreement. (b)
A premium finance company shall not charge, contract for, receive, or collect a service charge
other than in accordance with the following provisions: (1) The service charge is to be computed
on the balance of the premium due, after subtracting the down payment made by the insured
in accordance with the premium finance agreement, from the effective date of the insurance
for which the...
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