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5-2A-7
Section 5-2A-7 Superintendent - Expansion of banking powers; rules and regulations.
(a) The Legislature finds as fact and determines that the financial industry composed of those
banks and savings and loan associations having their principal place of business in Alabama
must keep pace with technological and other improvements constantly being made throughout
the United States so as to enable Alabama banks and savings and loan associations to render
better and more efficient services to the citizens of Alabama. It is necessary and desirable
that the superintendent be given additional authority in these fields. (b) The superintendent
is hereby authorized to expand banking powers of Alabama banks or the powers of Alabama savings
and loan associations in order to: (1) Accommodate or take advantage of changing technologies;
and (2) Assure the ability of Alabama banks and Alabama savings and loan associations to be
responsive in their respective businesses to the needs and conveniences...
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37-11A-1
Section 37-11A-1 Execution and text of compact. The Governor, on behalf of this state,
shall execute a compact, in substantially the following form, with the State of Mississippi,
and the Legislature approves and ratifies the compact in the form substantially as follows:
Northeast Mississippi - Northwest Alabama Railroad Authority Compact. The contracting states
solemnly agree: Article I. The purpose of this compact is to promote and develop trade, commerce,
industry, and employment opportunities for the public good and welfare in northeast Mississippi
and northwest Alabama through the establishment of a joint interstate authority to acquire
certain railroad properties and facilities which the operator thereof has notified the Interstate
Commerce Commission of an intention to abandon and which are located in any of Franklin, Marion,
or Winston Counties, Alabama or in Alcorn or Tishomingo Counties, Mississippi. Article II.
This compact shall become effective immediately as to the State...
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5-7A-61
Section 5-7A-61 Definitions. As used in this article, the following terms shall have
the following meanings, respectively, unless the context clearly indicates otherwise: (1)
SAVINGS INSTITUTION. A savings and loan association or savings bank organized under the laws
of this state or organized under the laws of the United States and having its principal place
of business in this state, whether a "capital stock saving institution" which is
authorized to issue capital stock, or a "mutual savings institution," shares of
which are owned by its members. (2) RESULTING BANK. The state chartered bank that results
from conversion of a savings institution to a state chartered bank pursuant to this article.
(3) SUPERINTENDENT. The Superintendent of Banks for the State of Alabama. (4) STATE CHARTERED
BANK. A bank the same as if such bank were incorporated, chartered and permitted to do business,
all as provided in Section 5-5A-1 et seq. (5) PLAN OF CONVERSION. That written document
containing all...
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5-13B-111
Section 5-13B-111 Asset maintenance. (a) Each foreign bank which is licensed to establish
and maintain an Alabama state branch or Alabama state agency shall hold in this state currency,
bonds, notes, debentures, drafts, bills of exchange, or other evidences of indebtedness, including
loan participation agreements or certificates, or other obligations payable in the United
States or in United States funds or, with the prior approval of the superintendent, in funds
freely convertible into United States funds, or such other assets as the superintendent shall
by regulation or order permit, in an amount which shall bear such relationship as the superintendent
shall by regulation or order prescribe to liabilities of such foreign bank payable at or through
its Alabama state branch or Alabama state agency, including acceptances, but excluding amounts
due and other liabilities to other offices, agencies, or branches of, and wholly owned, except
for a nominal number of directors' shares,...
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5-25-3
Section 5-25-3 Persons excluded. The following persons are not subject to the provisions
of this chapter: (1) Any depository institution as defined in Section 3 of the Federal
Deposit Insurance Act, any subsidiary institution that is owned and controlled by a depository
institution, and employees of any of the foregoing. Bank holding companies and subsidiaries
of bank holding companies, thrift holding companies and subsidiaries of thrift holding companies,
trust companies, savings or building and loan associations, savings banks and other thrift
institutions, credit unions, and all other affiliates of each of the above persons if more
than 50 percent of the affiliate's shares or other ownership interests are owned or controlled
by such person, and federally or state constituted agencies and employees of any of the foregoing.
(2) Any person licensed under Section 5-19-22. (3) An attorney licensed to practice
law in Alabama who is not principally engaged in negotiating mortgage loans...
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5-19-22
Section 5-19-22 License to engage in business of making consumer loans or taking assignments
of consumer credit contracts - Required; exceptions; application; investigation; standards
for issuance; hearing; licensing under Small Loan Act; fees; participation in Nationwide Mortgage
Licensing System and Registry. (a) No creditor shall engage in any one or more of the following
activities without first having obtained a license from the administrator: (1) Making consumer
loans to Alabama residents, regardless of whether the creditor has a place of business in
Alabama or an employee residing in Alabama. (2) Making consumer loans originated by an individual
required to be licensed as a mortgage loan originator under the Alabama Secure and Fair Enforcement
for Mortgage Licensing Act of 2009. (3) Taking assignments of consumer credit contracts, either
from a place of business in Alabama or through use of an employee residing in Alabama whose
employment includes taking assignments of consumer...
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5-5A-18.1
Section 5-5A-18.1 Banks and trust companies to have power of federally chartered or
regulated financial institution. In addition to all other rights and powers provided under
this title, banks and trust companies chartered by this state and supervised by the superintendent
and banks or trust companies chartered by any other state which are doing business or proposing
to conduct any bank or trust company activities in this state and each of their subsidiaries,
subject to the prior approval of the superintendent, may make any loan or investment , exercise
any power, and engage in any activity which they could make , exercise, or engage in if incorporated
or operating as a federally chartered or regulated financial institution and they shall be
entitled to all rights, privileges, and protections granted or available to federally chartered
or regulated financial institutions. In addition to other conditions determined at the superintendent's
discretion, any approval granted under this...
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5-7A-62
Section 5-7A-62 Application to convert charter; written plan of conversion; authorizing
resolution; submission to superintendent; fee; tentative approval; vote of stockholders or
members; directors; articles of incorporation and bylaws; statement of superintendent's objections;
amendment; appeal of disapproval; application to FDIC; final approval and permit. Any savings
institution may apply to the superintendent for permission to convert its charter in order
to do business as a state chartered bank in accordance with the following procedures: (1)
The board of directors shall approve a written plan of conversion, the application for conversion
and shall adopt an authorizing resolution, all by a vote of a majority of all the directors.
The plan of conversion shall include a statement of: a. The proposed organization and management
structure of the resulting bank if the application were approved, and the proposed name under
which it would do business as a bank; b. The method and time...
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5-20-3
Section 5-20-3 Definitions. Notwithstanding any other provision of law, for the purposes
of this chapter, the following terms shall have the meanings prescribed by this section:
(1) ALABAMA BANK. A bank which is organized under the laws of this state or of the United
States and which has its principal place of business in this state. (2) BANK. Any "insured
bank" as such term is defined in Section 3(h) of the Federal Deposit Insurance
Act, 12 U.S.C. §1813(h). (3) BANK HOLDING COMPANY. Any company which is a bank holding company
under the Bank Holding Company Act of 1956, as amended, 12 U.S.C. §1841(a). (4) CREDIT CARD.
Any type of arrangement or agreement pursuant to which any domestic lender or credit card
bank, whether directly or indirectly through any domestic lender acting as its agent, gives
a debtor the privilege of using a credit card or other credit confirmation, device or instrument
of any type in transactions out of which debt arises: a. By the domestic lender or credit...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/5-20-3.htm - 3K - Match Info - Similar pages
5-2A-61
Section 5-2A-61 Created; commissioner and deputy commissioner generally; examiners;
disclosure of information by officers; seal of commissioner. (a) There is hereby created a
Savings and Loan Bureau which shall be a bureau of the State Banking Department. (b) The bureau
shall be set up, established and administered by the Savings and Loan Commissioner under the
executive direction and control of the State Banking Department, and the commissioner shall
be the same person as the Superintendent of Banks. The Deputy Superintendent of Banks shall
be the deputy commissioner. The salaries of the commissioner and the deputy commissioner shall
be payable out of the treasury, as the salaries of other state officials are paid, and the
commissioner and his deputy shall be allowed and paid for necessary travelling expenses while
travelling upon official business as provided in Article 2 of Chapter 7 of Title 36. (c) The
deputy commissioner shall serve as secretary at the meetings of the Savings and...
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