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41-14-53
Section 41-14-53 Applications for loans; linked deposit package. (a) An eligible lending institution
shall accept and review applications for linked deposit loans from eligible borrowers. The
lending institution shall apply all usual lending standards to determine the credit worthiness
of eligible borrowers. (b) The eligible lending institution shall forward to the Treasurer
a linked deposit package, in the form and manner prescribed by the Treasurer. (Act 2007-397,
p. 790, §1.)...
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41-14-51
Section 41-14-51 Definitions. When used in this article, the following words and phrases have
the following meanings: (1) AGRICULTURE and AGRICULTURAL. Those activities, land, buildings,
and machinery relating to any of the following: a. The raising, harvesting, rotation, selling,
or marketing of crops or products of the soil planted, served, or saved including cereals,
vegetables, fruits, fibers, sugars, resins and pitches, grasses, grains, seeds, nuts, bulbs,
feed, forage, wood and wood by-products, nursery stock, including trees and shrubs or other
plants grown or kept for propagation, distribution, or sale, vegetable oils, flowers, silage,
pasturage, and other products and produce thereof. b. The feeding, breeding, management, raising,
marketing, sale, or production of livestock of all types, poultry, insects, fish, and other
aquatic animals for meat, leather, eggs, fur, milk, bone, liquids, and other products and
produce thereof. c. Recreational or educational activities directly...
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41-14-55
Section 41-14-55 Loan rates. (a) The linked deposit fixed rate paid by the eligible lending
institution shall be two percent below the two-year constant maturity treasury rate. (b) The
minimum linked deposit rate shall be one percent. (c) The linked deposit loan rate to the
eligible borrower shall be set by the eligible lending institution at a fixed rate not more
than four percent greater than the interest rate on the linked deposit as provided in subsection
(a). (Act 2007-397, p. 790, §1.)...
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41-14-56
Section 41-14-56 Liability of state and Treasurer ; delays in payments. (a) Neither the state
nor the Treasurer shall be liable to any eligible lending institution in any manner for payment
of the principal or interest on the linked deposit loan to an eligible borrower. (b) Any delay
in payments or any default on the part of the eligible borrower does not in any manner affect
the linked deposit participation agreement between the eligible lending institution and the
Treasurer. (Act 2007-397, p. 790, §1.)...
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41-14-50
Section 41-14-50 Short title; legislative intent. This article shall be known as the Linked
Deposit Program of 2007. The purpose of this article is to enhance the George Wallace, Jr.,
Plan for Linked Deposits of 1988 and further stimulate growth and development in agricultural
and small business operations, and to provide disaster relief funds to citizens, by authorizing
the State Treasurer to invest a portion of the portfolio of the state with participating eligible
lending institutions in a below market rate deposit which links the deposit to a reduced rate
loan to eligible borrowers. (Act 2007-397, p. 790, §1.)...
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16-33B-4
Section 16-33B-4 Basic powers and duties of the Alabama Commission on Higher Education for
the Alabama Guaranteed Student Loan Program. (a) Basic powers. The Alabama Commission on Higher
Education (ACHE) is authorized to administer the Alabama Guaranteed Student Loan Program in
accordance with the Federal Student Loan Law, and empowered to promulgate such rules, regulations,
policies, and procedures as may be reasonable and proper in order to carry out the provisions
and purposes of this chapter. Without limiting the generality of the foregoing, the ACHE is
authorized and empowered: (1) To establish regulations deemed necessary to comply with federal
regulations and legislation relative to guaranteed student loans and the Federal Student Loan
Law. (2) To establish eligibility criteria for participating postsecondary educational institutions.
(3) To establish reasonable eligibility criteria for the initial and continuing participation
of approved lenders in the student loan program. (4)...
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41-14A-2
Section 41-14A-2 Definitions. As used in this chapter, the following words and terms shall
have the following meanings: (1) AVERAGE MONTHLY BALANCE OF PUBLIC DEPOSITS. The sum of the
average daily balances of public deposits, meaning the net average daily balances of public
deposits determined without any deduction for deposit insurance, for the reported month and
the 11 months preceding that month, divided by 12. (2) BOARD OF DIRECTORS or BOARD. The Board
of Directors of the SAFE Program established under Section 41-14A-6. The board of directors
shall consist of eight members. (3) COLLATERAL-PLEDGING LEVEL or COLLATERAL-PLEDGING REQUIREMENT.
The percentage or percentages of collateral, in relation to one or more levels of public deposits
held, required to be pledged by a qualified public depository as determined in accordance
with the provisions of this chapter or rules or orders of the board adopted pursuant to this
chapter. (4) COVERED PUBLIC ENTITY. The state and its political...
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5-3A-33
Section 5-3A-33 THIS SECTION WAS ASSIGNED BY THE CODE COMMISSIONER IN THE 2018 REGULAR SESSION,
EFFECTIVE APRIL 4, 2018. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT. (a) Whenever a serviced
bank causes to be performed for itself, by contract or otherwise, any of the covered services
listed in this section, the performance, condition, and affairs of the service provider are
subject to regulation and examination to the same extent as if the services were being performed
by the serviced bank itself when deemed necessary by the superintendent to ensure the safe
and sound operation of a serviced bank or serviced banks or to respond to a danger, or potential
danger, to the public welfare. (b) For the purposes of this section, covered services include
all of the following: (1) Data processing services. (2) Activities that support financial
services including, but not limited to, lending, funds transfer, fiduciary activities, trading
activities, and deposit taking. (3) Internet related services...
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5-19A-2
Section 5-19A-2 Definitions. The following words and phrases shall have the following meanings:
(1) APPROPRIATE LAW ENFORCEMENT AGENCY. The sheriff of each county in which the pawnbroker
maintains an office, or the police chief of the municipality in which the pawnbroker maintains
an office. (2) ATTORNEY GENERAL. The Attorney General of the State of Alabama. (3) PAWN TRANSACTION.
Any loan on the security of pledged goods or any purchase of pledged goods on condition that
the pledged goods are left with the pawnbroker and may be redeemed or repurchased by the seller
for a fixed price within a fixed period of time. A "pawn transaction" does not include
the pledge to, or the purchase by, a pawnbroker of real or personal property from a customer
followed by the sale or the leasing of that property back to the customer in the same or a
related transaction. (4) PAWNBROKER. Any person engaged in the business of lending money on
the security of pledged goods left in pawn, or in the business of...
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5-18A-13
Section 5-18A-13 Duties of licensee. (a) A licensee may not knowingly enter into a deferred
presentment transaction with a customer that has outstanding deferred presentment transactions
from any lender at any location that exceeds five hundred dollars ($500) for the term of the
loan. (b) Before a licensee shall present for payment or deposit a check or debit authorization
accepted by the licensee, the check shall be endorsed with the actual name under which the
licensee is doing business. (c) Any agreement for a deferred presentment transaction shall
be in writing and signed by the checking account holder. The customer in a deferred presentment
contract shall have the right to redeem the check or debit authorization from the licensee
before the agreed date of deposit upon payment to the licensee of the amount of the contract.
A licensee shall not defer presentment of any personal check or debit authorization for less
than 10 days nor more than 31 calendar days after the date of the...
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