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5-26-7
Section 5-26-7 Pre-licensing education of loan originators. (1) Minimum educational requirements.
In order to meet the pre-licensing education requirement referred to in Section 5-26-6(4)
a person shall complete at least 20 hours of education approved in accordance with subsection
(2), which shall include at least: (a) Three hours of federal law and regulations; (b) Three
hours of ethics, which shall include instruction on fraud, consumer protection, and fair lending
issues; and (c) Two hours of training related to lending standards for the nontraditional
mortgage product marketplace. (2) Approved educational courses. For purposes of subsection
(1), pre-licensing education courses shall be reviewed and approved by the Nationwide Mortgage
Licensing System and Registry based upon reasonable standards. Review and approval of a pre-licensing
education course shall include review and approval of the course provider. (3) Approval of
employer and affiliate educational courses. Nothing in this...
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5-26-10
Section 5-26-10 Continuing education for mortgage loan originators. (1) In general. In order
to meet the annual continuing education requirements referred to in Section 5-26-9(1)(b),
a licensed mortgage loan originator shall complete at least eight hours of education approved
in accordance with subsection (2), which shall include at least: (a) Three hours of federal
law and regulations; (b) Two hours of ethics, which shall include instruction on fraud, consumer
protection, and fair lending issues; and (c) Two hours of training related to lending standards
for the nontraditional mortgage product marketplace. (2) Approved educational courses. For
purposes of subsection (1), continuing education courses shall be reviewed and approved by
the Nationwide Mortgage Licensing System and Registry based upon reasonable standards. Review
and approval of a continuing education course shall include review and approval of the course
provider. (3) Approval of employer and affiliate educational...
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22-18-50
Section 22-18-50 Enactment and text of Emergency Medical Services Personnel Licensure Interstate
Compact. The Emergency Medical Services Personnel Licensure Interstate Compact is hereby enacted
into law and entered into with all other jurisdictions legally joining therein in form substantially
as follows: SECTION 1. PURPOSE In order to protect the public through verification of competency
and ensure accountability for patient care related activities all states license emergency
medical services (EMS) personnel, such as emergency medical technicians (EMTs), advanced EMTs
and paramedics. This Compact is intended to facilitate the day to day movement of EMS personnel
across state boundaries in the performance of their EMS duties as assigned by an appropriate
authority and authorize state EMS offices to afford immediate legal recognition to EMS personnel
licensed in a member state. This Compact recognizes that states have a vested interest in
protecting the public's health and safety...
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5-26-11
Section 5-26-11 Authority to require license. In addition to any other duties imposed upon
the supervisor by law, the supervisor shall require mortgage loan originators to be licensed
and registered through the Nationwide Mortgage Licensing System and Registry. In order to
carry out this requirement the supervisor is authorized to participate in the Nationwide Mortgage
Licensing System and Registry. For this purpose, the supervisor may establish by rule/regulation
or order requirements as necessary, including but not limited to: (1) BACKGROUND CHECKS. Background
checks for: (a) Criminal history through fingerprint or other databases; (b) Civil or administrative
records; (c) Credit history; or (d) Any other information as deemed necessary by the Nationwide
Mortgage Licensing System and Registry. (2) FEES. The payment of fees to apply for or renew
licenses through the Nationwide Mortgage Licensing System and Registry; (3) SETTING DATES.
The setting or resetting as necessary of renewal or...
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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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5-26-8
Section 5-26-8 Testing of loan originators. (1) In general. In order to meet the written test
requirement referred to in Section 5-26-6(5), an individual shall pass, in accordance with
the standards established under this subsection, a qualified written test developed by the
Nationwide Mortgage Licensing System and Registry and administered by a test provider approved
by the Nationwide Mortgage Licensing System and Registry based upon reasonable standards.
(2) Qualified test. A written test shall not be treated as a qualified written test for purposes
of subsection (1) unless the test adequately measures the applicant's knowledge and comprehension
in appropriate subject areas, including: (a) Ethics; (b) Federal law and regulation pertaining
to mortgage origination; (c) State law and regulation pertaining to mortgage origination;
(d) Federal and state law and regulation, including instruction on fraud, consumer protection,
the nontraditional mortgage marketplace, and fair lending...
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5-26-4
Section 5-26-4 License and registration required. (1) In general. An individual, unless specifically
exempted from this chapter under subsection (2), shall not engage in the business of a mortgage
loan originator with respect to any dwelling located in this state without first obtaining
and maintaining annually a license under this chapter. Each licensed mortgage loan originator
must register with and maintain a valid unique identifier issued by the Nationwide Mortgage
Licensing System and Registry. (2) Exemption from this chapter. The following are exempt from
and are not subject to this chapter: (a) Registered mortgage loan originators, loan processors,
loss mitigation specialists, and other employees when acting for an entity described in Section
5-26-3(11)(a)(i),(ii), or (iii) are exempt from this chapter. (b) Any individual who offers
or negotiates terms of a residential mortgage loan with or on behalf of an immediate family
member of the individual. (c) Any individual who offers...
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5-25-5
Section 5-25-5 Application for license. (a) An application for a license under this chapter
shall be made in writing, under oath, and in the form as the department may prescribe. (b)
The application shall include all of the following: (1) The legal name, business address,
and telephone number of the applicant and, if the applicant is a partnership, association,
corporation, or other group of individuals, however organized, the legal name, residence,
and business address of every principal, together with the resume of the applicant and of
every principal of the applicant. (2) The name under which the applicant will conduct business
in the state. (3) The complete address of the applicant's initial registered office and any
other locations at which the applicant will engage in any business activity covered by this
chapter. (4) Any other data, financial statements, and pertinent information as the department
may require with respect to the applicant, its directors, principals, trustees,...
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5-26-9
Section 5-26-9 Standards for license renewal. (1) In general. The minimum standards for license
renewal for mortgage loan originators shall include the following: (a) The mortgage loan originator
continues to meet the minimum standards for license issuance under Section 5-26-6(1) to (6),
inclusive. (b) The mortgage loan originator has satisfied the annual continuing education
requirements described in Section 5-26-10. (c) The mortgage loan originator has paid all required
fees for renewal of the license. The fee related to the renewal of the license shall be seventy-five
dollars ($75). This license renewal fee shall be in addition to the fees required to renew
through the Nationwide Mortgage Licensing System and Registry. (2) Failure to satisfy minimum
standards of license renewal. The license of a mortgage loan originator failing to satisfy
the minimum standards for license renewal shall expire. The supervisor may adopt procedures
for the reinstatement of expired licenses consistent...
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5-25-7
Section 5-25-7 Expiration and renewal. (a) All licenses issued pursuant to this chapter shall
expire on December 31 of each year. Application for renewal shall be made annually on or before
December 1 of each year to be effective for the following year. (b) Any licensee making proper
application, including all supporting documents and all applicable fees required by this chapter
and any regulations promulgated by the department, for a license renewal to operate during
the following calendar year, and filing the application December 1, shall be permitted to
continue to operate pending final approval or disapproval of the application for the license
renewal for the following year if final approval or disapproval is not granted prior to February
1. (c) Each renewal application shall be accompanied by a five hundred dollar ($500) annual
license application fee, which fee will not be refunded or prorated. (d) Any person holding
a license pursuant to this chapter who fails to file a proper...
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