5-17-46
Section 5-17-46 Policies, regulations, and interpretations; review for ratification; procedure for adopting, amending or repealing. (a) The administrator may, with the concurrence of a majority of the members of the Credit Union Board, promulgate such reasonable regulations, consistent with the laws of this state, as may be necessary to carry out the laws over which the Alabama Credit Union Administration has jurisdiction. The administrator shall, in addition, issue written interpretations of credit union laws and regulations. Any credit union and any officer or director thereof relying on any regulation or interpretation shall be fully protected even though the same regulation or interpretation shall be thereafter ruled invalid for any reason by a court of competent jurisdiction. (b) Any policy or written interpretation or credit union laws and regulations shall be reviewed for ratification by the Credit Union Board within 90 days after written request for an interpretation by any...
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5-17-50
Section 5-17-50 Employment and compensation of necessary personnel; assistant administrator. (a) Subject to the provisions of Section 36-26-1, et seq., the administrator may appoint or employ such assistants, employees, and attorneys as may be necessary to the efficient operation of the department. The administrator shall fix their compensation in accordance with Section 36-26-1, et seq. and the pay plan of the State Personnel Department. All such assistants, employees, and attorneys shall be subject to the provisions of the Merit System. The administrator, with the approval of the Governor, may employ and discharge special counsel as the administrator may deem necessary. (b) The administrator may appoint an assistant administrator, with the approval of the Credit Union Board of the Alabama Credit Union Administration. The administrator shall fix the compensation of the assistant administrator in accordance with Section 36-26-1, et seq. The position of assistant administrator of the...
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5-17-51
Section 5-17-51 Immunity from personal liability. Neither the administrator, any member of the Credit Union Board nor any special agent or employee of the Alabama Credit Union Administration shall be personally liable for any acts done in good faith while in the performance of his or her duties as provided by law. (Acts 1985, No. 85-457, p. 425, §28; Act 2016-133, §1.)...
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5-17-8.1
Section 5-17-8.1 Investigatory and enforcement powers of administrator, board, designee, etc. (a) The administrator or the administrator's designee, in consultation with the agency's legal counsel acting under the administrator, may administer oaths and may examine under oath any person whose testimony may be required on the examination of any credit union, or the examination of any affiliate of a credit union, and shall have authority and power to compel the appearance and attendance of any such person or the production of any records and documents of any credit union or any affiliate of a credit union for the purpose of any examination. Attendance or production may be enforced by order of the Circuit Court, 15th Judicial District. The production of records, documents, or testimony, whether or not made under oath, by a credit union or by any of its directors, officers, employees, advisors, consultants, attorneys, or accountants made for, and at the request of, the administrator upon...
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5-17-10
Section 5-17-10 Election of board of directors, credit committee, and supervisory committee. At the annual meeting (the organization meeting shall be the first annual meeting), members of the credit union shall elect a board of directors of not less than five members, may elect a credit committee of not less than three members, and shall elect a supervisory committee of not less than three members, all to hold office for such terms respectively as the bylaws provide and until successors qualify. A record of the names and addresses of the members of the board and committees and the officers shall be filed with the Administrator of the Alabama Credit Union Administration not later than 10 calendar days after their election. If, however, the bylaws so provide, the board of directors shall carry out the functions and duties of the credit committee or may appoint a credit committee, in which case the credit union shall not elect a credit committee. (Acts 1927, No. 597, p. 696; Code 1940, T....
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24-9-5
Section 24-9-5 Alabama Land Bank Authority Board. (a) There is created the Alabama Land Bank Authority Board which shall govern the authority to administer and enforce this chapter. (b) The board shall consist of the following members: (1) Four residents of the state appointed by the Governor. (2) Two representatives from nonprofit organizations engaged in low-income housing appointed by the Governor. (3) The Presiding Officer of the Senate or his or her designee. (4) The Speaker of the House of Representatives or his or her designee. (5) The Chair of the Senate Finance and Taxation General Fund Committee or his or her designee. (6) The Chair of the House Ways and Means General Fund Committee or his or her designee. (7) The State Revenue Commissioner or his or her designee. (8) The Superintendent of the State Banking Department or his or her designee. (9) The Director of the Alabama Department of Economic and Community Affairs or his or her designee. (10) The Secretary of the Alabama...
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5-17-3
Section 5-17-3 Use of words "credit union" in name or title. It shall be a misdemeanor for any person, association, copartnership, or corporation, except corporations organized in accordance with the provisions of this chapter, credit unions incorporated under the laws of the United States, the trade associations of credit unions doing business in this state, and other organizations as approved by the administrator, to use the words "credit union" in their name, title, or in advertising. A credit union organized under the provisions of this chapter shall include in its corporate name or title the words "credit union." Any violation of this prohibition shall subject the party chargeable therewith to a penalty of five hundred dollars ($500) for each day, with a maximum amount of fifty thousand dollars ($50,000), during which the violation is committed or repeated. The penalty may be recovered by the administrator by an action instituted for that purpose, and, in addition to the penalty,...
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5-17-21
Section 5-17-21 Voluntary dissolution. (a) Unless otherwise provided in the bylaws of the credit union, the membership of the credit union may elect to dissolve the credit union upon an affirmative vote of two thirds of the members of the credit union who participate in the vote. (b) The vote to voluntarily dissolve a credit union shall be taken at a meeting held for that purpose. Voting by mail ballot shall be permitted. Notice of the meeting must state that the purpose of the meeting is to vote on the voluntary dissolution of the credit union and must be mailed to the last known address of each member of the credit union at least 30 calendar days prior to the date of the meeting. The notice, at a minimum, shall also contain all of the following information: (1) A general description of the implications of the dissolution process on the deposit shares of members. (2) A general description of the implications of the dissolution process on members who have borrowings with the credit...
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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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25-2-27
Section 25-2-27 Minimizing adverse effects on certain unemployed and underemployed workers. (a) In order to assist employees who become unemployed or underemployed as the result of a substantial layoff at or the closing of any plant or industry in Alabama, the Secretary of Labor is hereby directed to provide written material which deals with these problems and offers appropriate suggestions to such workers and to meet with management at such plants or industries and with labor organizations or other organizations including such employees in an attempt to minimize the financial burden on such employees. (b) The Secretary of Labor is authorized to assist and organize cooperative efforts of such employees or groups to which such employees belong in an effort to minimize the adverse impact of such plant or industry layoff or closing upon such employees and the Secretary of Labor is further directed and authorized, to the extent he or she deems advisable, to engage in whatever other acts or...
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