5-19-3
Section 5-19-3 Maximum finance charges; contracting for minimum finance charge; alternate per
month computed finance charge. (a) Except under open-end credit plans, the maximum finance
charge for any credit transaction where the original amount financed is less than two thousand
dollars ($2,000), may equal but may not exceed the total of the following: (1) Fifteen dollars
($15) per one hundred dollars ($100) per year for the first seven hundred fifty dollars ($750)
of the original amount financed; and (2) Ten dollars ($10) per one hundred dollars ($100)
per year for that portion of the original amount financed exceeding seven hundred fifty dollars
($750) and less than two thousand dollars ($2,000). The maximum finance charge under this
subsection shall be determined by computing the maximum rates authorized by this subsection
on the original amount financed for the full term of the contract without regard to scheduled
payments and the maximum finance charge so determined, or any lesser...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/5-19-3.htm - 4K - Match Info - Similar pages

5-19-1
Section 5-19-1 Definitions. For the purposes of this chapter, the following terms shall have
the following meanings respectively ascribed to them by this section: (1) FINANCE CHARGE.
The sum of all charges, payable directly or indirectly by the person to whom credit is extended,
and imposed directly or indirectly by the creditor as an incident to the extension of credit.
The amount of the finance charge in connection with any credit transaction (i) shall be determined,
and shall include and exclude the fees and charges, as provided by Section 106 of the Federal
Truth-in-Lending Act, 15 U.S.C. Section 1605 and the regulations of the Federal Reserve Board
promulgated pursuant to the Federal Truth-in-Lending Act, 12 C.F.R. Part 226, and the Official
Staff Commentary adopted by the Federal Reserve Board pursuant to that regulation, and without
limiting or affecting the foregoing subparagraph (i), (ii) shall exclude, without limitation,
late charges and other charges resulting from or...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/5-19-1.htm - 5K - Match Info - Similar pages

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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/5-19-4.htm - 6K - Match Info - Similar pages

5-19-20
Section 5-19-20 Insurance. (a) With respect to any consumer credit transaction, the creditor
shall not require any insurance other than insurance against loss of or damage to any property
in which the creditor is given a security interest and insurance insuring the lien of the
creditor on the property which is collateral for the transaction. (b) (1) Credit life and
disability and involuntary unemployment insurance may be offered and, if accepted, may be
provided by the creditor. The charge to the debtor for the insurance shall not exceed the
premium permitted for the coverages. Insurance with respect to any credit transaction shall
not exceed the approximate amount and term of the credit. (2) This subdivision (2) applies
to all consumer credit transactions entered into on or after June 19, 1996. If the consumer
credit transaction is scheduled to be repaid in substantially equal installments which include
a portion of the amount financed, the amount of credit life insurance at any time...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/5-19-20.htm - 5K - Match Info - Similar pages

5-19-10
Section 5-19-10 Contract provisions for attorney's fees. A contract for a consumer credit transaction
with an original amount financed not exceeding three hundred dollars ($300) may not provide
for payment by the debtor of attorney's fees after default by the debtor. A contract for a
consumer credit transaction with an original amount financed exceeding three hundred dollars
($300) may provide for the payment by the debtor of reasonable attorney's fees not exceeding
15 percent of the unpaid debt after default and referral of the contract to an attorney who
is not a salaried employee of the creditor. An open-end credit plan may not provide for attorney's
fees when the unpaid balance does not exceed three hundred dollars ($300), but may provide
for reasonable attorney's fees after default by the debtor when the unpaid balance exceeds
three hundred dollars ($300). In a consumer credit transaction contract where the original
amount financed exceeds ten thousand dollars ($10,000) or the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/5-19-10.htm - 1K - Match Info - Similar pages

40-2B-2
Section 40-2B-2 Alabama Tax Tribunal. (a) Statement of Purpose. To increase public confidence
in the fairness of the state tax system, the state shall provide an independent agency with
tax expertise to resolve disputes between the Department of Revenue and taxpayers, prior to
requiring the payment of the amounts in issue or the posting of a bond, but after the taxpayer
has had a full opportunity to attempt settlement with the Department of Revenue based, among
other things, on the hazards of litigation. By establishing an independent Alabama Tax Tribunal
within the executive branch of government, this chapter provides taxpayers with a means of
resolving controversies that insures both the appearance and the reality of due process and
fundamental fairness. The tax tribunal shall provide hearings in all tax matters, except those
specified by statute, and render decisions and orders relating thereto. A tax tribunal hearing
shall be commenced by the filing of a notice of appeal protesting...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-2B-2.htm - 39K - Match Info - Similar pages

5-18-15
Section 5-18-15 Interest rates, charges, and fees. (a) Maximum rates of interest and charge.
Every licensee under this chapter may contract for and receive as interest on any loan of
money less than one thousand five hundred dollars ($1,500) an amount at a rate not exceeding
three percent a month on that part of the unpaid principal balance not in excess of two hundred
dollars ($200), and two percent a month on that part of the unpaid principal balance in excess
of two hundred dollars ($200) but less than one thousand five hundred dollars ($1,500). (b)
Account maintenance fee. In addition to the maximum rate of interest and charges pursuant
to subsection (a), a licensee may enter into a contract of loan under this chapter in which
the borrower agrees to pay an account maintenance fee of not more than three dollars ($3)
for each month of the scheduled period of repayment of the loan provided that the scheduled
monthly payments are equal to or greater than thirty dollars ($30). Such...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/5-18-15.htm - 13K - Match Info - Similar pages

5-19-18
Section 5-19-18 Installment payment of debt of one thousand dollars or less. With respect to
consumer credit transactions, where the debt is payable in installments, not made pursuant
to an open-end credit plan and in which the original amount financed is one thousand dollars
($1,000) or less, the debt shall be scheduled to be payable in substantially equal installments
at equal periodic intervals, except to the extent that the schedule of payments is adjusted
to the seasonal or irregular income of the debtor or when the transaction is a single principal
payment obligation irrespective of the scheduled interest payments, and: (1) Over a period
of not more than 36 months and 15 days if the original amount financed is more than three
hundred dollars ($300); or (2) Over a period of not more than 24 months and 15 days if the
original amount financed is three hundred dollars ($300) or less. (Acts 1971, No. 2052, p.
3290, §14; Acts 1989, No. 89-879, p. 1771, §1; Acts 1996, No. 96-576, p....
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/5-19-18.htm - 1K - Match Info - Similar pages

8-8-14
Section 8-8-14 Interest surcharge on loans or credit sales; refunds; maximum interest rate
indexed to prime rate; maximum interest rates for open-end credit plans. (a) In addition to
other lawful charges under various state laws, and notwithstanding any restrictions thereunder,
a legal licensed lending institution, a vendor making credit sales, any financial institution
operating in Alabama or any individual may, if provided in the contract, charge and collect
at the time of making a loan or credit sale, on each contract of loan or credit sale, an interest
surcharge of not more than six percent of the part of the amount financed, which is not in
excess of two thousand dollars ($2000). In addition to any rebate to which the debtor is otherwise
entitled, when any contract upon which an interest surcharge has been charged is prepaid in
full by any means within 90 days of date of the contract, the creditor shall refund or credit
the debtor with a pro rata portion of the interest surcharge,...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/8-8-14.htm - 2K - Match Info - Similar pages

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...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/27-40-9.htm - 2K - Match Info - Similar pages