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7-4-207
Section 7-4-207 Transfer warranties. (a) A customer or collecting bank that transfers an item
and receives a settlement or other consideration warrants to the transferee and to any subsequent
collecting bank that: (1) The warrantor is a person entitled to enforce the item; (2) All
signatures on the item are authentic and authorized; (3) The item has not been altered; (4)
The item is not subject to a defense or claim in recoupment (Section 7-3-305(a)) of any party
that can be asserted against the warrantor; and (5) The warrantor has no knowledge of any
insolvency proceeding commenced with respect to the maker or acceptor or, in the case of an
unaccepted draft, the drawer. (b) If an item is dishonored, a customer or collecting bank
transferring the item and receiving settlement or other consideration is obliged to pay the
amount due on the item (i) according to the terms of the item at the time it was transferred,
or (ii) if the transfer was of an incomplete item, according to its terms...
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7-4-406
Section 7-4-406 Customer's duty to discover and report unauthorized signature or alteration.
(a) A bank that sends or makes available to a customer a statement of account showing payment
of items for the account shall either return or make available to the customer the items paid
or provide information in the statement of account sufficient to allow the customer reasonably
to identify the items paid. The statement of account provides sufficient information if the
item is described by item number, amount, and date of payment. (b) If the items are not returned
to the customer, the person retaining the items shall either retain the items or, if the items
are destroyed, maintain the capacity to furnish legible copies of the items until the expiration
of seven years after receipt of the items. A customer may request an item from the bank that
paid the item, and that bank must provide in a reasonable time either the item or, if the
item has been destroyed or is not otherwise obtainable, a...
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7-4-402
Section 7-4-402 Bank's liability to customer for wrongful dishonor; time of determining insufficiency
of account. (a) Except as otherwise provided in this article, a payor bank wrongfully dishonors
an item if it dishonors an item that is properly payable, but a bank may dishonor an item
that would create an overdraft unless it has agreed to pay the overdraft. (b) A payor bank
is liable to its customer for damages proximately caused by the wrongful dishonor of an item.
Liability is limited to actual damages proved and may include damages for an arrest or prosecution
of the customer or other consequential damages. Whether any consequential damages are proximately
caused by the wrongful dishonor is a question of fact to be determined in each case. (c) A
payor bank's determination of the customer's account balance on which a decision to dishonor
for insufficiency of available funds is based may be made at any time between the time the
item is received by the payor bank and the time that...
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7-4-202
Section 7-4-202 Responsibility for collection or return; when action timely. (a) A collecting
bank must exercise ordinary care in: (1) Presenting an item or sending it for presentment;
(2) Sending notice of dishonor or nonpayment or returning an item other than a documentary
draft to the bank's transferor after learning that the item has not been paid or accepted,
as the case may be; (3) Settling for an item when the bank receives final settlement; and
(4) Notifying its transferor of any loss or delay in transit within a reasonable time after
discovery thereof. (b) A collecting bank exercises ordinary care under subsection (a) by taking
proper action before its midnight deadline following receipt of an item, notice, or settlement.
Taking proper action within a reasonably longer time may constitute the exercise of ordinary
care, but the bank has the burden of establishing timeliness. (c) Subject to subsection (a)(1),
a bank is not liable for the insolvency, neglect, misconduct, mistake,...
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45-49-160.04
Section 45-49-160.04 Payments by credit card. (a) For purposes of this section, the term credit
card includes any credit card, charge card, or debit card issued by any bank, foreign lender,
domestic lender, or credit card bank as defined in Section 5-20-3. (b) Notwithstanding any
other provision of law to the contrary, any Mobile County elected official required or authorized
to receive or collect any payments to state or county government may accept payment of the
amount by credit card, as defined herein. (c) This section shall be broadly construed to authorize
acceptance of credit card payments by county elected officials including, but not limited
to, the Mobile County Revenue Commissioner, the Mobile County License Commissioner, the Mobile
County Judge of Probate, the Mobile County Commission, and the Sheriff of Mobile County. This
section shall be broadly construed to authorize acceptance of credit card payments of all
types of amounts payable including, but not limited to, taxes,...
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5-19-4
Section 5-19-4 Additional charges for default or deferral; prepayment; renewal or refinancing;
real property transactions. (a) When a scheduled payment in a consumer credit transaction
is in default 10 days or more, the creditor may charge and collect a late charge not exceeding
the greater of eighteen dollars ($18) or five percent of the amount of the scheduled payment
in default, not to exceed one hundred dollars ($100). The late charge may be collected only
once on any scheduled payment, regardless of the period during which the scheduled payment
remains in default. (b) With respect to the deferral of one or more wholly unpaid scheduled
payments in a consumer credit transaction, in which the finance charge was determined by the
precomputed method, the creditor may collect, by agreement with the debtor either before or
after default, an additional charge for each full month that any wholly unpaid scheduled payments
are outstanding after the due date of each scheduled payment equal to...
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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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7-4A-403
Section 7-4A-403 Payment by sender to receiving bank. (a) Payment of the sender's obligation
under Section 7-4A-402 to pay the receiving bank occurs as follows: (1) If the sender is a
bank, payment occurs when the receiving bank receives final settlement of the obligation through
a Federal Reserve Bank or through a funds-transfer system. (2) If the sender is a bank and
the sender (i) credited an account of the receiving bank with the sender, or (ii) caused an
account of the receiving bank in another bank to be credited, payment occurs when the credit
is withdrawn, or if not withdrawn, at midnight of the day on which the credit is withdrawable
and the receiving bank learns of that fact. (3) If the receiving bank debits an account of
the sender with the receiving bank, payment occurs when the debit is made to the extent the
debit is covered by a withdrawable credit balance in the account. (b) If the sender and receiving
bank are members of a funds-transfer system that nets obligations...
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8-19A-13
Section 8-19A-13 Gifts, premiums, bonuses, or prizes; disclosures. If a commercial telephone
seller expressly or impliedly represents to any prospective purchaser, directly or through
a salesperson, that the purchaser is or may be eligible to receive any gift, premium, bonus,
or prize, however denominated, the commercial telephone seller shall submit to the division
a statement setting forth, for each item mentioned: (1) A description of the item. (2) The
value or worth of the item and the basis for the valuation. (3) All terms and conditions a
purchaser is required to satisfy in order to receive the item. The statement shall be accompanied
by a copy of the written statement of terms and conditions provided to purchasers pursuant
to this chapter. (4) If they are ascertainable, the odds, for a given purchaser, of receiving
the item. (5) If a purchaser is to receive fewer than all the items described by the seller:
a. The manner in which the commercial telephone seller decides which item...
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27-40-9
Section 27-40-9 Service charges; prepayment of obligation. (a) For the purpose of this section,
"consumer insurance premium finance agreement" means an insurance premium finance
agreement as defined in Section 27-40-1 wherein the insurance contracts which are the subject
of the premium finance agreement are for personal, family, or household purposes or where
the premiums for those agreements are two thousand dollars ($2,000) or less. For the purpose
of this section, "commercial premium finance agreement" means any insurance premium
finance agreement other than a consumer premium finance agreement. (b) A premium finance company
shall not charge, contract for, receive, or collect a service charge other than in accordance
with the following provisions: (1) The service charge is to be computed on the balance of
the premium due, after subtracting the down payment made by the insured in accordance with
the premium finance agreement, from the effective date of the insurance for which the...
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