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5-25-12
Section 5-25-12 Disclosure by licensee; prohibited activities. (a) Licensees shall: (1) Prior
to the collection of a mortgage broker fee from a borrower, disclose to the borrower in writing
the nature of the mortgage broker's relationship to the borrower and the method by which the
mortgage broker will be compensated for services. (2) Comply with applicable federal and state
laws, rules, and regulations. (b) Licensees shall not: (1) Intentionally misrepresent or conceal
a material fact, term, or condition of the transaction to which he or she is a party, pertinent
to an application for a mortgage loan or a borrower. (2) Fail to use due diligence and make
reasonable efforts to procure a mortgage loan on behalf of the borrower. (3) Fail to disburse
funds in accordance with a written commitment to make a mortgage loan. (4) Delay closing of
a mortgage loan for the purpose of increasing interest rate, costs, fees, or other charges
payable by the borrower. (5) Collect any mortgage broker...
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7-9A-102
Section 7-9A-102 Definitions and index of definitions. (a) Article 9A definitions. In this
article: (1) "Accession" means goods that are physically united with other goods
in such a manner that the identity of the original goods is not lost. (2) "Account,"
except as used in "account for," means a right to payment of a monetary obligation,
whether or not earned by performance, (i) for property that has been or is to be sold, leased,
licensed, assigned, or otherwise disposed of, (ii) for services rendered or to be rendered,
(iii) for a policy of insurance issued or to be issued, (iv) for a secondary obligation incurred
or to be incurred, (v) for energy provided or to be provided, (vi) for the use or hire of
a vessel under a charter or other contract, (vii) arising out of the use of a credit or charge
card or information contained on or for use with the card, or (viii) as winnings in a lottery
or other game of chance operated or sponsored by a State, governmental unit of a State, or...
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5-25-2
Section 5-25-2 Definitions. For purposes of this chapter, the following terms shall have the
following meanings: (1) BORROWER. A natural person who submits an application for a loan secured
by a first or subordinate mortgage or deed of trust on a single-family to four-family home
to be occupied by the borrower as the borrower's primary residence. (2) COMMITMENT. A written
statement by a lender that sets forth the terms and conditions upon which the lender is willing
to make a particular mortgage loan to a particular borrower. A good faith estimate provided
under the Federal Real Estate Settlement Procedures Act is not a commitment for the purposes
of Act 2009-624. (3) CONTROL. The direct or indirect possession of the power to direct or
cause the direction of the management and policies of a person, whether through the ownership
of voting securities, by contract, or otherwise, and shall include the terms controlling,
controlled by, and under common control with. (4) DEPARTMENT. The...
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5-18-16
Section 5-18-16 Duties of licensees as to making and payment of loans. (a) Copy of contract
or statement; receipts; payment in advance; release of obligation and security. - Every licensee
shall: (1) At the time a loan is made deliver to the borrower or, if there are two or more
borrowers, to one of them a copy of the loan contract, executed by the borrower, in the English
language showing in clear and distinct terms: a. The name and address of the lender and one
of the primary obligors on the loan. b. The date of the loan contract. c. Schedule of installments
or description thereof. d. The cash advance. e. The face amount of the note evidencing the
loan. f. The amount collected or paid for insurance, if any. g. The amount collected or paid
for filing or other fees allowed by this chapter. h. The collateral or security for the loan.
(2) Give to the person making any cash payment on account of any loan a receipt at the time
the payment is made which receipt need only show the total...
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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;...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-61-1.htm - 62K - Match Info - Similar pages
13A-9-130
Section 13A-9-130 Residential mortgage fraud. (a) This article shall be known and may be cited
as the Alabama Residential Mortgage Fraud Act. (b) For the protection of the general public,
including borrowers and lending institutions, and for the integrity of the mortgage lending
process, the Legislature enacts the "Alabama Residential Mortgage Fraud Act." (c)(1)
An individual commits the offense of residential mortgage fraud when with the intent to defraud,
he or she does any of the following: a. Knowingly makes any material deliberate misstatement
or misrepresentation, knowing the same to be a misstatement or misrepresentation during the
mortgage lending process with the specific intention that it be relied on by a mortgage broker,
mortgage lender, mortgage servicer, mortgage processor, borrower, or any other party to the
mortgage lending process. b. Knowingly uses or facilitates the use of any material deliberate
and known misstatement or misrepresentation knowing the same to contain...
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5-26-3
Section 5-26-3 Definitions. For purposes of this chapter, the following definitions shall apply:
(1) DEPOSITORY INSTITUTION. The term "depository institution" has the same meaning
as in Section 3 of the Federal Deposit Insurance Act, and includes any credit union. (2) FEDERAL
BANKING AGENCIES. The term "federal banking agencies" means the Board of Governors
of the Federal Reserve System, the Comptroller of the Currency, the Director of the Office
of Thrift Supervision, the National Credit Union Administration, and the Federal Deposit Insurance
Corporation. (3) IMMEDIATE FAMILY MEMBER. The term "immediate family member" means
a spouse, child, sibling, parent, grandparent, or grandchild. This includes stepparents, stepchildren,
stepsiblings, and adoptive relationships. (4) INDIVIDUAL. The term "individual"
means a natural person. (5) LOAN PROCESSOR OR UNDERWRITER. (a) In General. The term "loan
processor or underwriter" means an individual who performs clerical or support duties
as an...
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5-25-4
Section 5-25-4 License to transact business as a mortgage broker. (a) On and after January
1, 2002, no person shall transact business in this state directly or indirectly as a mortgage
broker unless he or she is licensed as a mortgage broker by the department, or is a person
exempted from the licensing requirements pursuant to Section 5-25-3. (b) A licensee shall
obtain a license for each location where the business of the mortgage broker is transacted.
(c) On or after January 1, 2002, every person who directly or indirectly controls a person
who violates subsection (a), including a general partner, executive officer, joint venturer,
or director of the person, violates subsection (a) with and to the same extent as the person,
unless the person whose violation arises under this subsection sustains the burden of proof
that he or she did not know and, in the exercise of reasonable care, could not have known
of the existence of the facts by reason of which the original violation is alleged...
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27-12-15
Section 27-12-15 Purchase of insurance as condition precedent to sale or loan on property.
No person, firm, or corporation engaged in selling real or personal property or of lending
money on the security of real or personal property and no trustee, director, officer, agent,
or other employee of any such person, firm, or corporation shall require, or attempt or purport
to require, as a condition precedent, concurrent, or subsequent, to the sale or to financing
the purchase of such property or to lending money upon the security of a mortgage thereon
nor as a condition precedent, concurrent, or subsequent, for the renewal or extension of any
such loan or mortgage or for the performance of any other act in connection therewith that
the person, firm, or corporation purchasing such property, or for whom such purchase is to
be financed, or to whom the money is to be loaned, or for whom such extension, renewal, or
other act is to be granted or performed negotiate any policy of insurance, or...
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35-4-431
Section 35-4-431 Definitions. (a) As used in this article, the following words have the following
meanings: (1) ASSOCIATION. An association or unit owners' association, as defined in Section
35-8A-103 of the Alabama Uniform Condominium Act of 1991; an association as defined in Section
35-8-2 of the Condominium Ownership Act; or a nonprofit or cooperative membership organization
composed exclusively of owners of mobile homes, manufactured housing, time-shares, camping
resort interests, or other interests in real property that is responsible for the maintenance,
improvements, services, or expenses related to real property that is owned, used, or enjoyed
in common by the members. (2) PAYEE. The person or entity who claims the right to receive
or collect a private transfer fee payable under a private transfer obligation. A payee may
or may not have a pecuniary interest in the private transfer fee obligation. (3) PRIVATE TRANSFER
FEE. A fee or charge payable upon the transfer of an interest...
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