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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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5-25-2
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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5-26-18
Section 5-26-18 Mortgage call reports. Each person employing a mortgage loan originator licensed
under this chapter shall submit to the Nationwide Mortgage Licensing System and Registry reports
of condition, which shall be in such form and shall contain such information as the Nationwide
Mortgage Licensing System and Registry may require. (Act 2009-627, p. 1907, ยง18.)...
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5-26-10
Section 5-26-10 Continuing education for mortgage loan originators. (1) In general. In order
to meet the annual continuing education requirements referred to in Section 5-26-9(1)(b),
a licensed mortgage loan originator shall complete at least eight hours of education approved
in accordance with subsection (2), which shall include at least: (a) Three hours of federal
law and regulations; (b) Two hours of ethics, which shall include instruction on fraud, consumer
protection, and fair lending issues; and (c) Two hours of training related to lending standards
for the nontraditional mortgage product marketplace. (2) Approved educational courses. For
purposes of subsection (1), continuing education courses shall be reviewed and approved by
the Nationwide Mortgage Licensing System and Registry based upon reasonable standards. Review
and approval of a continuing education course shall include review and approval of the course
provider. (3) Approval of employer and affiliate educational...
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5-26-9
Section 5-26-9 Standards for license renewal. (1) In general. The minimum standards for license
renewal for mortgage loan originators shall include the following: (a) The mortgage loan originator
continues to meet the minimum standards for license issuance under Section 5-26-6(1) to (6),
inclusive. (b) The mortgage loan originator has satisfied the annual continuing education
requirements described in Section 5-26-10. (c) The mortgage loan originator has paid all required
fees for renewal of the license. The fee related to the renewal of the license shall be seventy-five
dollars ($75). This license renewal fee shall be in addition to the fees required to renew
through the Nationwide Mortgage Licensing System and Registry. (2) Failure to satisfy minimum
standards of license renewal. The license of a mortgage loan originator failing to satisfy
the minimum standards for license renewal shall expire. The supervisor may adopt procedures
for the reinstatement of expired licenses consistent...
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27-60-2
Section 27-60-2 Interstate Insurance Product Regulation Compact. The State of Alabama hereby
agrees to the following interstate compact known as the Interstate Insurance Product Regulation
Compact: ARTICLE I. PURPOSES. The purposes of this compact are, through means of joint and
cooperative action among the compacting states: 1. To promote and protect the interest of
consumers of individual and group annuity, life insurance, disability income, and long-term
care insurance products; 2. To develop uniform standards for insurance products covered under
the compact; 3. To establish a central clearinghouse to receive and provide prompt review
of insurance products covered under the compact and, in certain cases, advertisements related
thereto, submitted by insurers authorized to do business in one or more compacting states;
4. To give appropriate regulatory approval to those product filings and advertisements satisfying
the applicable uniform standard; 5. To improve coordination of...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-60-2.htm - 45K - Match Info - Similar pages
5-26-8
Section 5-26-8 Testing of loan originators. (1) In general. In order to meet the written test
requirement referred to in Section 5-26-6(5), an individual shall pass, in accordance with
the standards established under this subsection, a qualified written test developed by the
Nationwide Mortgage Licensing System and Registry and administered by a test provider approved
by the Nationwide Mortgage Licensing System and Registry based upon reasonable standards.
(2) Qualified test. A written test shall not be treated as a qualified written test for purposes
of subsection (1) unless the test adequately measures the applicant's knowledge and comprehension
in appropriate subject areas, including: (a) Ethics; (b) Federal law and regulation pertaining
to mortgage origination; (c) State law and regulation pertaining to mortgage origination;
(d) Federal and state law and regulation, including instruction on fraud, consumer protection,
the nontraditional mortgage marketplace, and fair lending...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/5-26-8.htm - 2K - Match Info - Similar pages
5-26-7
Section 5-26-7 Pre-licensing education of loan originators. (1) Minimum educational requirements.
In order to meet the pre-licensing education requirement referred to in Section 5-26-6(4)
a person shall complete at least 20 hours of education approved in accordance with subsection
(2), which shall include at least: (a) Three hours of federal law and regulations; (b) Three
hours of ethics, which shall include instruction on fraud, consumer protection, and fair lending
issues; and (c) Two hours of training related to lending standards for the nontraditional
mortgage product marketplace. (2) Approved educational courses. For purposes of subsection
(1), pre-licensing education courses shall be reviewed and approved by the Nationwide Mortgage
Licensing System and Registry based upon reasonable standards. Review and approval of a pre-licensing
education course shall include review and approval of the course provider. (3) Approval of
employer and affiliate educational courses. Nothing in this...
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5-25-7
Section 5-25-7 Expiration and renewal. (a) All licenses issued pursuant to this chapter shall
expire on December 31 of each year. Application for renewal shall be made annually on or before
December 1 of each year to be effective for the following year. (b) Any licensee making proper
application, including all supporting documents and all applicable fees required by this chapter
and any regulations promulgated by the department, for a license renewal to operate during
the following calendar year, and filing the application December 1, shall be permitted to
continue to operate pending final approval or disapproval of the application for the license
renewal for the following year if final approval or disapproval is not granted prior to February
1. (c) Each renewal application shall be accompanied by a five hundred dollar ($500) annual
license application fee, which fee will not be refunded or prorated. (d) Any person holding
a license pursuant to this chapter who fails to file a proper...
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32-6-64
Section 32-6-64 License plate design; numbering, sponsoring, and manufacturing of license plates;
release of personal information. (a)(1) The design of license plates, including all emblems,
slogans, symbols, or characters appearing on the plates, shall be by rule as promulgated by
the Commissioner of Revenue, and as otherwise specified by law. The face of the license plate
to be displayed shall be fully treated with a reflective material which will increase the
nighttime visibility and legibility of the plate. (2) Characters on the license plate which
designate the county of issuance shall be numeric, and all numerals on the license plates
shall be no smaller than two and three-fourths inches in height. The following numbering scheme
shall be used: a. Jefferson County, 1; Mobile County, 2; Montgomery County, 3. b. All other
counties shall be ranked alphabetically and assigned consecutive numbers beginning with 4
and concluding with 67. c. The Department of Revenue shall be responsible...
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