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...
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27-44-8
Section 27-44-8 Powers and duties of association. (a) If a member insurer is an impaired insurer,
the association may, in its discretion and subject to any conditions imposed by the association
that do not impair the contractual obligations of the impaired insurer, and that are approved
by the commissioner: (1) Guarantee or reinsure, or cause to be guaranteed, assumed, or reinsured,
any or all of the covered policies of the impaired insurers. (2) Provide such moneys, pledges,
notes, guarantees, or other means as are proper to effectuate subdivision (1), and assure
payment of the contractual obligations of the impaired insurer pending action under subdivision
(1). (b) If a member insurer is an insolvent insurer, the association shall, in its discretion
and subject to the approval of the commissioner, do either of the following: (1)a. Guarantee,
assume, or reinsure, or cause to be guaranteed, assumed, or reinsured, the covered policies
of the insolvent insurer. b. Assure payment of 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, §18.)...
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5-1A-10
Section 5-1A-10 Use of lender information or trade name in solicitations. (a) For purposes
of this section, the following terms shall have the following meanings: (1) LENDER. A bank,
industrial bank, savings and loan association, savings bank, credit union, finance company,
mortgage bank, mortgage broker, loan originator or holder of the loan, or other person who
makes loans in this state, and any affiliate thereof, or any third party operating with the
consent of the lender. A person shall not be considered a lender based on the person's former
employment with the lender. (2) PERSON. Any individual, firm, corporation, partnership, organization,
association, or other legal entity. (b) A person other than the lender may not use the trade
name or trademark of the lender or a trade name or trademark confusingly similar to that of
the lender in a solicitation for the offering of services or products without the consent
of the lender unless the solicitation clearly and conspicuously states...
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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...
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5-8A-1
Section 5-8A-1 Liquidation of solvent banks. Any solvent bank may dissolve under the provisions
of Alabama law relating to voluntary dissolution of a business corporation provided that the
superintendent has given his written approval to such dissolution. The superintendent may
require the directors to give bond in an amount fixed by him with surety or sureties to be
approved by him, payable to the State of Alabama, for the protection of the superintendent
and all other persons interested; provided, however, the amount of any such bond required
shall not be greater than the total liability of the bank to its depositors and other creditors.
Upon receipt of the written approval of the superintendent of the statutory dissolution procedures,
it shall be unlawful for said bank to receive any further deposits. (Acts 1980, No. 80-658,
§5-8-1.)...
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24-1A-42
Section 24-1A-42 Definitions. As used in this article, the following terms shall have the following
meanings: (1) ALABAMA HOME BUYERS INITIATIVE. A program that includes a conventional mortgage
program not to exceed one billion dollars ($1,000,000,000) in aggregate loan amount to be
administered by the program administrator, under which single family mortgage loans, as defined
in Section 24-1A-2, are purchased by the program administrator and sold to the initial holder,
and one or more alternative housing programs. No mortgage loan shall be made to any person
who is not a citizen of the United States or is not legally present in the United States with
appropriate documentation from the federal government. (2) ALTERNATIVE HOUSING PROGRAM. Any
program or other activity that is certified to the State Treasurer by the program administrator
under Section 24-1A-44(c)(2), that will be administered by the program administrator, and
that will promote home ownership in Alabama, including,...
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8-7A-7
Section 8-7A-7 Security. (a) A licensee shall maintain a surety bond, letter of credit, or
other similar security in an amount, determined by rule or order of the commission, sufficient
to secure faithful performance of the obligations of the licensee with respect to money transmission
in Alabama. (b) Security must be in a form satisfactory to the commission and payable to the
commission for the benefit of any claimant against the licensee. (c) A claimant against a
licensee may maintain an action on the bond, or the commission may maintain an action on behalf
of the claimant. (d) A surety bond must cover claims for a minimum of five years after the
licensee ceases to provide money transmission services in this state. The surety bond may
be reduced or eliminated, at the discretion of the commission, to the extent the amount of
the licensee's outstanding payment instruments and stored-value obligations are less than
the surety bond coverage. (e) The commission has discretion to accept...
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15-13-152
Section 15-13-152 Qualification for property bail. The qualifications for property bail are
that each surety be a resident of the state, and an owner of real property therein, and that
any property pledged shall be worth, exclusive of all encumbrances and homestead exemptions
presently against the property, the amount expressed in the appearance bond. Any proper approving
officer, in approving property bail, may allow more than one person to justify severally as
bail in amounts less than that expressed in the appearance bond, provided the whole be equivalent
to the amount in the appearance bond. The worth shall not be determined by the assessed value
of the property but shall be calculated, determined, and evaluated in the manner set forth
in the affidavit described in part (A) of this section. If the property owner(s) claim a homestead
exemption in the affidavit then they shall also execute the waiver of a homestead exemption
form as provided in part (B) below. The affidavit shall be...
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34-27-69
Section 34-27-69 Surety bond; suspension, etc., of license for violation of article; reinstatement;
relicensure; board must be notified of initiation, etc., of legal action. (a) Every applicant
for a license under this article, either original or renewal, shall furnish a surety bond
payable to the State of Alabama in the amount of $5,000 if a time-sharing salesman or $10,000
if a broker, with a surety company authorized to do business in Alabama, which bond shall
provide that the obligor therein will pay up to $5,000 or $10,000, respectively, the aggregate
sum of all judgments which may be recovered against such licensee for actual loss or damage
arising from his or her activities conducted under this article. Said bond shall be filed
with the Alabama Real Estate Commission prior to the issuance of such license. A new bond
or a renewal or continuation of the original bond shall be required for each licensing period.
If a continuous bond is filed with the commission prior to the...
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