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8-8-15
Section 8-8-15 Bad check charge; deemed not finance charge. (a) Any lender of money,
extender of other credit, or merchant making a sale of merchandise, goods, or services, or
the assignee of the lender, extender of credit, or merchant who receives a check, draft, negotiable
order of withdrawal, or like instrument drawn on a bank or other depository institution given
by any person in full or partial repayment of a loan, other extension of credit, or a sale
of merchandise, goods, or services may, if the instrument is not paid or is dishonored by
the institution, charge and collect, through regular billing procedure or otherwise, from
the borrower, person to whom the credit was extended, or from whom the instrument was received,
a bad check charge of not more than the greater of either twenty-five dollars ($25) or an
amount equal to the actual charge by the depository institution for the return of unpaid or
dishonored instruments. (b) Commencing January 1, 1999, the bad check charge in...
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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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7-9A-317
Section 7-9A-317 Interests that take priority over or take free of security interest
or agricultural lien. (a) Conflicting security interests and rights of lien creditors. A security
interest or agricultural lien is subordinate to the rights of: (1) a person entitled to priority
under Section 7-9A-322; and (2) except as otherwise provided in subsection (e), a person
that becomes a lien creditor before the earlier of the time: (A) the security interest or
agricultural lien is perfected; or (B) one of the conditions specified in Section 7-9A-203(b)(3)
is met and a financing statement covering the collateral is filed. (b) Buyers that receive
delivery. Except as otherwise provided in subsection (e), a buyer, other than a secured party,
of tangible chattel paper, tangible documents, goods, instruments, or a certificated security
takes free of a security interest or agricultural lien if the buyer gives value and receives
delivery of the collateral without knowledge of the security interest...
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7-9A-320
Section 7-9A-320 Buyer of goods; Alabama Farmers Credit Protection Fund. (a) Buyer in
ordinary course of business. Except as otherwise provided in subsection (e), a buyer in ordinary
course of business, other than a person buying farm products from a person engaged in farming
operations, takes free of a security interest created by the buyer's seller, even if the security
interest is perfected and the buyer knows of its existence. (b) Buyer of consumer goods. Except
as otherwise provided in subsection (e), a buyer of goods from a person who used or bought
the goods for use primarily for personal, family, or household purposes takes free of a security
interest, even if perfected, if the buyer buys: (1) without knowledge of the security interest;
(2) for value; (3) primarily for the buyer's personal, family, or household purposes; and
(4) before the filing of a financing statement covering the goods. (c) Effectiveness of filing
for subsection (b). To the extent that it affects the...
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7-2-702
Section 7-2-702 Seller's remedies on discovery of buyer's insolvency. (1) Where the
seller discovers the buyer to be insolvent he may refuse delivery except for cash, including
payment for all goods theretofore delivered under the contract, and stop delivery under this
article (Section 7-2-705). (2) Where the seller discovers that the buyer has received
goods on credit while insolvent he may reclaim the goods upon demand made within 10 days after
the receipt, but if misrepresentation of solvency has been made to the particular seller in
writing within three months before delivery the 10-day limitation does not apply. Except as
provided in this subsection the seller may not base a right to reclaim goods on the buyer's
fraudulent or innocent misrepresentation of solvency or of intent to pay. (3) The seller's
right to reclaim under subsection (2) is subject to the rights of a buyer in ordinary course
or other good faith purchaser or lien creditor under this article (Section 7-2-403)....
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27-42-3
Section 27-42-3 Applicability of chapter. This chapter shall apply to all kinds of direct
insurance, excluding all of the following: (1) Life, annuity, health, or disability insurance.
(2) Mortgage guaranty, financial guaranty, or other forms of insurance offering protection
against investment risks. (3) Fidelity or surety bonds, or any other bonding obligations.
(4) Credit insurance, vendors' single interest insurance, or collateral protection insurance
or any similar insurance protecting the interests of a creditor arising out of a creditor-debtor
transaction. (5) Insurance of warranties or service contracts, including insurance that provides
for the repair, replacement, or service of goods or property, or indemnification for repair,
replacement, or service, for the operational or structural failure of the goods or property
due to a defect in materials, workmanship, or normal wear and tear, or provides reimbursement
for the liability incurred by the issuer of agreements or service...
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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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7-2-103
Section 7-2-103 Definitions and index of definitions. (1) In this article unless the
context otherwise requires: (a) "Buyer" means a person who buys or contracts to
buy goods. (b) "Good faith" in the case of a merchant means honesty in fact and
the observance of reasonable commercial standards of fair dealing in the trade. (c) "Receipt"
of goods means taking physical possession of them. (d) "Seller" means a person who
sells or contracts to sell goods. (2) Other definitions applying to this article or to specified
parts thereof and the sections in which they appear are: "Acceptance." Section
7-2-606. "Banker's credit." Section 7-2-325. "Between merchants."
Section 7-2-104. "Cancellation." Section 7-2-106 (4). "Commercial
unit." Section 7-2-105. "Confirmed credit." Section 7-2-325.
"Conforming to contract." Section 7-2-106. "Contract for sale."
Section 7-2-106. "Cover." Section 7-2-712. "Entrusting."
Section 7-2-403. "Financing agency." Section 7-2-104. "Future
goods." Section 7-2-105....
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8-32-3
Section 8-32-3 Requirements for selling or offering to sell service contracts. (a) Either
the provider or its designee shall: (1) Provide a receipt for, or other written evidence of,
the purchase of the service contract to the contract holder. (2) Provide a copy of the service
contract to the service contract holder within a reasonable period of time from the date of
purchase. (b) A provider may, but is not required to, appoint an administrator or other designee
to be responsible for any or all of the administration of service contracts and compliance
with this chapter. (c) Each provider of service contracts sold in this state shall file a
registration with the commissioner on a form prescribed by the commissioner. Each provider
shall pay to the commissioner a fee in the amount of two hundred dollars ($200) annually.
All fees collected shall be paid into a special revolving fund to be set up by the State Treasurer
referred to as the "Service Contract Revolving Fund." The Service...
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8-32-5
Section 8-32-5 Required provisions, service contracts. (a) Service contracts sold or
offered for sale in this state, in their entirety, shall be written, printed, or typed in
eight point type size, or larger, and shall comply with the requirements set forth in this
section, as applicable. (b) Service contracts insured under a reimbursement insurance
policy pursuant to subdivision (1) of subsection (f) of Section 8-32-3 shall contain
a statement in substantially the following form: "Obligations of the provider under this
service contract are guaranteed under a service contract reimbursement insurance policy."
If the provider fails to pay or to provide service on a claim within 60 days after proof of
loss has been filed, the service contract holder is entitled to make a claim directly against
the reimbursement insurance company. The service contract shall state the name and address
of the reimbursement insurance company. (c) Service contracts not insured under a reimbursement
insurance...
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