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5-27-2
Section 5-27-2 (Effective January 1, 2018) Definitions. When used in this chapter, the following
words and phrases shall have the following meanings: (1) APPROPRIATE STATE OR FEDERAL REGULATORY
AGENCY. The state or federal agency that is statutorily responsible for the supervision of
all or part of the operations of a participating financial institution. (2) DEPOSITOR. An
individual member or customer of a financial institution who meets all of the following requirements:
a. Maintains a qualifying account at a financial institution participating in a savings promotion
contest. b. Is in good standing at a financial institution authorized to do business in Alabama.
c. Is 18 years of age or older. (3) ENTRY. A chance or chances obtained by a depositor to
win a designated prize or prizes in a savings promotion contest by complying with the terms
and conditions of a savings promotion contest. (4) FINANCIAL INSTITUTION. A bank, savings
institution, or credit union authorized to do business...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/5-27-2.htm - 2K - Match Info - Similar pages
5-27-3
Section 5-27-3 (Effective January 1, 2018) Savings promotion contest authorized; conditions.
(a) Subject to supervision by the appropriate federal or state regulatory agency, a financial
institution may conduct a savings promotion contest in accordance with this chapter for the
purposes of encouraging depositors to maintain savings accounts and increase personal savings.
The financial institution may join with other financial institutions to participate in a savings
promotion or contest. (b) A savings promotion contest shall be subject to all of the following
conditions: (1) Subject to any limits the financial institution may place on the number of
entries that may be placed by the depositor, it is structured such that a depositor may place
an entry to win a prize or prizes by doing either of the following: a. Depositing a minimum
specified amount of money or making a specified number of deposits into a qualifying account
in accordance with the terms and conditions of the specific...
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5-27-1
Section 5-27-1 (Effective January 1, 2018) Legislative findings. The Legislature finds and
declares the following: (1) Federal law allows both depository financial institutions and
credit unions to hold savings promotion contests, subject to certain conditions and authorization
under state law. (2) Savings promotion contests in other states and countries have led to
an increase in the number and amount of funds in personal savings accounts. (3) Savings promotion
contests encourage people to save money by adding a feature to personal savings accounts that
includes a chance to win prizes. (4) Savings promotion contests are not lotteries because
they do not require individuals to pay consideration for a chance to win a prize, and the
individual maintains ownership of the money that is deposited into a savings account or other
qualifying account. (5) The prizes are funded through the interest that accrues across the
pool of savings accounts participating in the promotion contest. (6) It is...
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8-7A-2
Section 8-7A-2 Definitions. For purposes of this chapter, the following terms shall have the
following meanings: (1) AGENT or AUTHORIZED DELEGATE. Any person designated or employed by
a licensee under this chapter to provide monetary transmission services on behalf of the licensee.
(2) APPLICANT. Any person that files an application for a license under this chapter. (3)
BANK. An institution organized under federal or state law which meets any of the following
requirements: a. Accepts demand deposits or deposits that the depositor may use for payment
to third parties and engages in the business of making loans. b. Engages in credit card operations
and maintains only one office that accepts deposits, does not accept demand deposits or deposits
that a depositor may use for payments to third parties, does not accept a savings or time
deposit less than one hundred thousand dollars ($100,000), and does not engage in the business
of making commercial loans. c. Is a trust company subject to...
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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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8-6-2
Section 8-6-2 Definitions. When used in this article, unless the context otherwise requires,
the following terms shall have the meanings respectively ascribed to them by this section:
(1) COMMISSION or SECURITIES COMMISSION. The securities commission. (2) AGENT. Any individual
other than a dealer who represents a dealer or issuer in effecting or attempting to effect
sales of securities, but such term does not include an individual who represents an issuer
in: a. Effecting a transaction in a security exempted by subdivisions (1), (2), (3), (4),
(9) or (10) of Section 8-6-10; b. Effecting transactions exempted by Section 8-6-11; or c.
Effecting transactions with existing employees, partners, or directors of the issuer if no
commission or other remuneration is paid or given directly or indirectly for soliciting any
person in this state. A partner, officer, or director of a dealer or issuer is an agent if
he otherwise comes within this definition. (3) DEALER. Any person engaged in the...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/8-6-2.htm - 11K - Match Info - Similar pages
5-24-1
Section 5-24-1 Definitions. In this chapter: (1) ACCOUNT means a contract of deposit between
a depositor and a financial institution, and includes a checking account, savings account,
time deposit, certificate of deposit, and share account. (2) AGENT means a person authorized
to make account transactions for a party. (3) BENEFICIARY means a person named as one to whom
sums on deposit in an account are payable on request after death of all parties or for whom
a party is named as trustee. (4) DEVISEE means any person designated in a will to receive
a testamentary disposition of real or personal property. (5) FINANCIAL INSTITUTION means an
organization authorized to do business under state or federal laws relating to financial institutions,
and includes a bank, trust company, savings bank, building and loan association, savings and
loan company or association, and credit union. (6) HEIRS means those persons, including surviving
spouse, who are entitled under the statutes of intestate...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/5-24-1.htm - 4K - Match Info - Similar pages
5-23-1
Section 5-23-1 Definitions. The following terms shall have the meanings ascribed to them unless
the context clearly indicates otherwise: (1) TREASURER. The State Treasurer of Alabama. (2)
FINANCIAL INSTITUTION. Any bank, savings and loans association or credit union operating in
Alabama which is chartered under federal or state statutes. (3) FINANCIAL INSTITUTION CREDIT
CARD. A credit card that entitles the holder to make open-account purchases up to an approved
amount and which is issued through a financial institution. (4) SPONSORING ENTITY. An entity,
including specifically the State of Alabama, which solicits the use of a particular financial
institution credit card bearing the entity's name in exchange for a fee from the credit card
issuer. (5) STATE FEES. All moneys generated from this program that are remitted to the State
of Alabama. (Acts 1990, No. 90-524, p. 764, ยง1.)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/5-23-1.htm - 1K - Match Info - Similar pages
40-29-23.1
Section 40-29-23.1 Development and operation of financial institution data match program. (a)
For purposes of this section the following terms shall have the following meanings: (1) ACCOUNT.
A demand deposit account, checking account, negotiable withdrawal order account, savings account,
time deposit account, or money-market mutual fund account. (2) ACCOUNT HOLDER. A person or
persons authorized to perform transactions on behalf of an account. (3) DELINQUENT TAXPAYER.
A taxpayer with an outstanding tax liability for which a final assessment has been entered
that is no longer subject to appeal under the Alabama Taxpayer's Bill of Rights, so that the
assessment is final, due, and owing, and for whom both of the following conditions are true:
a. The tax liability remains unpaid after 10 days from the issuance of a final notice before
seizure by the department. b. The person is not making current timely installment payments
on the tax liability under agreement with the department. (4)...
alisondb.legislature.state.al.us/alison/CodeOfAlabama/1975/40-29-23.1.htm - 5K - Match Info - Similar pages
30-3-191
Section 30-3-191 Definitions. When used in Sections 30-3-191 to 30-3-199, inclusive, the following
words shall have the following meanings: (1) ACCOUNT. A demand deposit account, checking or
negotiable withdrawal order account, savings account, time deposit account, or money-market
mutual fund account. (2) BUSINESS DAY. A day on which state offices are open for regular business.
(3) COMMERCIAL DRIVER LICENSE. A license issued to an individual that authorizes the individual
to drive a motor vehicle as part of conducting business. (4) CONFIDENTIAL INFORMATION. Information
provided by a service applicant or recipient or obtained from other sources about him or her
which may be released only as required by court order or state or federal law. (5) COURT.
A court of competent jurisdiction or administrative agency having the authority to issue and
enforce support orders. (6) DATA MATCH. An automated process of matching specified information
from the financial records of financial institutions...
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