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https://law.justia.com/codes/alabama/title-5/chapter-16/section-5-16-47/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 16 - Savings and Loan Associations.›Section 5-16-47 - Disposition of Deposit in Trust for Another Upon Death of Trustee.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 16 - Savings and Loan Associations. › Section 5-16-47 - Disposition of Deposit in Trust for Another Upon Death of Trustee.
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Section 5-16-47
Disposition of deposit in trust for another upon death of trustee.
Repealed by Act 2015-70 effective April 21, 2015.
(Acts 1967, No. 211, p. 575, §2.)
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https://law.justia.com/codes/alabama/title-5/chapter-16/section-5-16-48/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 16 - Savings and Loan Associations.›Section 5-16-48 - Engaging in Mortgage Brokerage Business; Purchase of Loans; Origination, Purchase...
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 16 - Savings and Loan Associations. › Section 5-16-48 - Engaging in Mortgage Brokerage Business; Purchase of Loans; Origination, Purchase and Sale of Mortgages.
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Section 5-16-48
Engaging in mortgage brokerage business; purchase of loans; origination, purchase and sale of mortgages.
Repealed by Act 2015-70 effective April 21, 2015.
(Acts 1939, No. 459, p. 616; Code 1940, T. 5, §256.)
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https://law.justia.com/codes/alabama/title-5/chapter-16/section-5-16-49/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 16 - Savings and Loan Associations.›Section 5-16-49 - Forms.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 16 - Savings and Loan Associations. › Section 5-16-49 - Forms.
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Section 5-16-49
Forms.
Repealed by Act 2015-70 effective April 21, 2015.
(Acts 1939, No. 459, p. 616; Code 1940, T. 5, §257.)
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https://law.justia.com/codes/alabama/title-5/chapter-16/section-5-16-50/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 16 - Savings and Loan Associations.›Section 5-16-50 - Deposits With State Treasurer, etc., of Securities Issued by Associations.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 16 - Savings and Loan Associations. › Section 5-16-50 - Deposits With State Treasurer, etc., of Securities Issued by Associations.
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Section 5-16-50
Deposits with State Treasurer, etc., of securities issued by associations.
Repealed by Act 2015-70 effective April 21, 2015.
(Acts 1943, No. 444, p. 407.)
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https://law.justia.com/codes/alabama/title-5/chapter-16/section-5-16-51/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 16 - Savings and Loan Associations.›Section 5-16-51 - Associations Empowered to Enter Into Contracts, etc., for Insurance of Accounts, E...
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 16 - Savings and Loan Associations. › Section 5-16-51 - Associations Empowered to Enter Into Contracts, etc., for Insurance of Accounts, Etc.
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Section 5-16-51
Associations empowered to enter into contracts, etc., for insurance of accounts, etc.
Repealed by Act 2015-70 effective April 21, 2015.
(Acts 1945, No. 120, p. 113, §1.)
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https://law.justia.com/codes/alabama/title-5/chapter-16/section-5-16-52/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 16 - Savings and Loan Associations.›Section 5-16-52 - State Associations May Make Contracts, Loans or Investments Available to Federal S...
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 16 - Savings and Loan Associations. › Section 5-16-52 - State Associations May Make Contracts, Loans or Investments Available to Federal Savings and Loan Associations.
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Section 5-16-52
State associations may make contracts, loans or investments available to federal savings and loan associations.
Repealed by Act 2015-70 effective April 21, 2015.
(Acts 1945, No. 120, p. 113, §2.)
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https://law.justia.com/codes/alabama/title-5/chapter-16/section-5-16-53/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 16 - Savings and Loan Associations.›Section 5-16-53 - Termination of Status as Insured Corporation.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 16 - Savings and Loan Associations. › Section 5-16-53 - Termination of Status as Insured Corporation.
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Section 5-16-53
Termination of status as insured corporation.
Repealed by Act 2015-70 effective April 21, 2015.
(Acts 1945, No. 119, p. 112.)
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https://law.justia.com/codes/alabama/title-5/chapter-17/article-1/section-5-17-1/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 1 - General Provisions.›Section 5-17-1 - "Credit Union" Defined.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 1 - General Provisions. › Section 5-17-1 - "Credit Union" Defined.
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Section 5-17-1
"Credit union" defined.
A credit union is a cooperative society, incorporated for the twofold purpose of promoting thrift among its members and creating a source of credit for them at legitimate rates of interest, particularly among groups of industrial workers and farmers, fraternal and religious organizations, and in those communities where the citizens of the state are distantly removed from convenient centers of business or easy access to financial agencies now provided for by laws of Alabama.
(Acts 1927, No. 597, p. 696, §1; Code 1940, T. 28, §282; Acts 1975, No. 561, §1; Acts 1977, No. 210, p. 282, §3; Acts 1978, No. 469, p. 492, §5.)
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https://law.justia.com/codes/alabama/title-5/chapter-17/article-1/section-5-17-2/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 1 - General Provisions.›Section 5-17-2 - Procedure for Organization and Incorporation.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 1 - General Provisions. › Section 5-17-2 - Procedure for Organization and Incorporation.
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Section 5-17-2
Procedure for organization and incorporation.
(a) For the purposes of this chapter, both a natural person credit union and a corporate credit union are considered a credit union unless otherwise indicated.
(b) The following may apply to the Administrator of the Alabama Credit Union Administration for permission to organize a credit union:
(1) For a natural person credit union, any seven residents of the state.
(2) For a corporate credit union, any seven or more individuals each representing different natural person credit unions.
(c) A credit union is organized in the following manner: The applicants shall execute in duplicate a certificate of organization by the terms of which they agree to be bound. The certificate shall state: (1) the name and location of the proposed credit union, (2) the names and addresses of the subscribers to the certificate and the number of shares subscribed by each, and (3) the par value of the shares of the credit union. They shall next prepare and adopt bylaws for the general governance of the credit union consistent with the provisions of this chapter and shall execute the same in duplicate. The certificate and bylaws, both executed in duplicate, shall be forwarded to the Administrator of the Alabama Credit Union Administration. Not later than 30 days after receiving the certificate of organization and bylaws and proof of the issuance of a certificate of insurance for member accounts from either the National Credit Union Administration or a private insurance carrier approved in writing by the administrator, the administrator shall determine whether the certificate of organization and bylaws conform with the provisions of this chapter and whether or not the organization of the credit union in question would benefit the members of it and be consistent with the purpose of this chapter. Thereupon the Administrator of the Alabama Credit Union Administration shall notify the applicants of his or her decision. If it is favorable, the administrator shall issue a certificate of approval, attached to the duplicate certificate of organization, and return the same, together with the duplicate bylaws, to the applicants. The applicants shall thereupon file the duplicate of the certificate of organization, with the certificate of approval attached thereto, with the judge of probate of the county within which the credit union is to do business, who shall make a record of the certificate and return it, along with his or her certificate of record attached thereto, to the Administrator of the Alabama Credit Union Administration for permanent record. Within 180 days, the applicants shall become and be a credit union operating with normal business hours to serve its field or fields of membership and be incorporated in accordance with the provisions of this chapter. In order to simplify the organization of credit unions, the Administrator of the Alabama Credit Union Administration shall cause to be prepared an approved form of certificate of organization and a form of bylaws, consistent with this chapter, which may be used by credit union incorporators for their guidance, and on written application of any seven residents of the state, shall supply them without charge a blank certificate of organization and a copy of the form of suggested bylaws.
(Acts 1927, No. 597, p. 696; Code 1940, T. 28, §282; Acts 1975, No. 561, p. 1267, §1; Acts 1977, No. 210, p. 282, §3; Acts 1978, No. 469, p. 492, §6; Acts 1983, No. 83-772, p. 1407, §1; Acts 1985, No. 85-457, p. 425, §5; Act 2016-133, §1.)
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https://law.justia.com/codes/alabama/title-5/chapter-17/article-1/section-5-17-3/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 1 - General Provisions.›Section 5-17-3 - Use of Words "Credit Union" in Name or Title.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 1 - General Provisions. › Section 5-17-3 - Use of Words "Credit Union" in Name or Title.
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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, the violation may be enjoined and the injunction enforced as in other cases. If the directors, officers, or those persons performing similar functions as corporate directors or officers of any entity shall knowingly and willfully violate or knowingly and willfully permit any of the officers, agents, employees, or those persons performing similar functions of the entity to violate any of the provisions of this section, each director, officer, or other person engaging in the violation shall be liable in his or her personal and individual capacity for all damages which the entity or any other person shall have sustained in consequence of the violation. Provided, however, that a credit union organized in another state may conduct business as a credit union in this state with the prior approval of the Administrator of the Alabama Credit Union Administration provided all of the following criteria are met:
(1) It is organized under laws similar to Alabama credit union laws.
(2) It is financially solvent.
(3) Alabama credit unions are allowed to do business in the other state under conditions similar to these provisions.
(4) It maintains member account insurance comparable to that required for Alabama credit unions.
(5) It agrees to submit to the administrator an annual examination report from its supervising agency.
(6) The interest rate on loans made in Alabama does not exceed that allowed by Alabama law.
(7) It complies with the same consumer protection provisions that are applicable to Alabama credit unions.
(8) It designates and maintains an agent for the service of process in Alabama.
(Acts 1927, No. 597, p. 696; Code 1940, T. 28, §284; Acts 1975, No. 561, p. 1267, §3; Acts 1983, No. 83-772, p. 1407, §1; Acts 1985, No. 85-457, p. 425, §6; Act 2014-317, p. 1122, §1.)
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https://law.justia.com/codes/alabama/title-5/chapter-17/article-1/section-5-17-4/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 1 - General Provisions.›Section 5-17-4 - Powers Generally.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 1 - General Provisions. › Section 5-17-4 - Powers Generally.
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Section 5-17-4
Powers generally.
(a) A credit union shall have all of the following powers:
(1) To receive the savings of its members either as payment on shares or as deposits, including the right to conduct Christmas clubs, vacation clubs, and other thrift organizations within the membership.
(2) To accept deposits of fiduciary funds if a member is the beneficiary, trustee, or personal representative and if the funds are part of the estate of a deceased member.
(3) To make loans to members.
(4) To make loans to other credit unions, including credit union service organizations.
(5) To purchase loans from financial institutions, provided a purchased loan is of the nature and type that the credit union could have originated itself.
(6) To make loans to a cooperative society or other organizations having membership in the credit union.
(7) To deposit funds in state and national banks, savings and loan associations, the accounts which are insured by the Federal Deposit Insurance Corporation, and in other credit unions.
(8) To invest in any investment legal for federally chartered credit unions in the state.
(9) To borrow money from any source not prohibited by applicable law and to give its note therefor; provided that the borrowing, in the aggregate, shall not at any time exceed the lesser of:
a. Fifty percent of its assets.
b. The combination of undivided earnings, regular reserves, equity acquired in a merger, net income or net loss not already included in undivided earnings, and shares and deposits.
(10) To assess each member a recurring or nonrecurring membership fee.
(11) To exercise incidental powers as necessary to enable it to carry on effectively the purposes for which it is chartered and incorporated and other powers as are expressly authorized by the Administrator of the Alabama Credit Union Administration.
(b) In addition to any and all other powers heretofore granted to credit unions, any credit union may engage in any activity in which the credit union could engage were the credit union operating as a federally chartered credit union, including but not by way of limitation because of enumeration, the power to do any act and own, possess, and carry as assets property of that character including stocks, bonds, or other debentures which, at the time, are authorized under federal laws or regulations for transactions by federal credit unions, notwithstanding any restrictions elsewhere contained in the law of this state. No credit union can exercise any power which it claims only by virtue of the power being possessed by a federal credit union if the administrator issues a written order prohibiting a credit union from exercising that power.
(c) Notwithstanding any other provision of this chapter or any other state law, a credit union may offer any product or service that is authorized or permitted to any federal credit union as defined in 12 U.S.C. § 1752.
(d) Notwithstanding any other provision of this chapter or any other state law, the administrator may condition the exercise of any power upon terms and conditions intended to ensure safe and sound operation of a credit union in the administrator's discretion.
(Acts 1927, No. 597, p. 696; Code 1940, T. 28, §285; Acts 1971, No. 2300, p. 3711; Acts 1975, No. 561, p. 1267, §4; Acts 1977, No. 210, p. 282, §4; Acts 1985, No. 85-457, p. 425, §7; Acts 1995, No. 95-315, p. 667, §1; Act 2016-133, p. 315, §1; Act 2019-130, §1.)
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https://law.justia.com/codes/alabama/title-5/chapter-17/article-1/section-5-17-5/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 1 - General Provisions.›Section 5-17-5 - Membership.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 1 - General Provisions. › Section 5-17-5 - Membership.
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Section 5-17-5
Membership.
Credit union membership shall consist of the incorporators and such other persons as may be elected to membership and who subscribe to at least one share and pay the initial installment thereon and the entrance fee. Organizations, incorporated or otherwise, composed for the most part of the same general group as the credit union membership may be members. Credit union organization shall be limited to groups, of both large and small membership, having a common bond of occupation or association or to groups within a well- defined neighborhood, community or rural district.
(Acts 1927, No. 597, p. 696; Code 1940, T. 28, § 286.)
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https://law.justia.com/codes/alabama/title-5/chapter-17/article-1/section-5-17-6/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 1 - General Provisions.›Section 5-17-6 - Withdrawal of Members; Expulsion for Cause; Termination of Membership; Readmission.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 1 - General Provisions. › Section 5-17-6 - Withdrawal of Members; Expulsion for Cause; Termination of Membership; Readmission.
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Section 5-17-6
Withdrawal of members; expulsion for cause; termination of membership; readmission.
(a) Any member may withdraw from the credit union at any time, but notice of withdrawal may be required. All amounts paid on shares or as deposits of an expelled or withdrawing member, with any dividends or interest accredited thereto to the date thereof shall, as funds become available and after deducting all amounts due from the member to the credit union, be paid to the individual. The credit union may require 60 days' notice of intention to withdraw shares and 30 days' notice of intention to withdraw deposits. A credit union may reserve in its bylaws the right to pay out not more than one half of its monthly receipts to withdrawing members and depositors.
(b) The board of directors may expel a member for cause by a majority vote of a quorum of directors, pursuant to a written policy adopted by the board. For the purposes of this section, cause includes a loss to the credit union, a violation of the membership agreement or any policy or procedure adopted by the board, or inappropriate behavior such as physical, sexual, or verbal abuse of credit union members or staff. All members shall be provided written notice of such policies. Any person expelled by the board shall have the right to file a written appeal to the board to reconsider the expulsion.
(c) A credit union may terminate the membership of any member who withdraws his or her shares to less than one par share.
(d) Persons whose membership has been terminated, whether by withdrawal or expulsion, shall have no further rights in the credit union, but are not released from any obligation owed to the credit union.
(e) A member who has been expelled may not be readmitted to membership except upon approval by a majority vote of the board after application and proof that the applicant remains within the credit union's field of membership, has adequately explained, addressed, or remedied the conditions leading to expulsion, and will abide by the terms and conditions of membership. Not more than one such application for readmission may be made within any 12-month calendar period.
(Acts 1927, No. 597, p. 696; Code 1940, T. 28, §299; Act 2014-317, p. 1122, §1; Act 2016-133, §1.)
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https://law.justia.com/codes/alabama/title-5/chapter-17/article-1/section-5-17-7/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 1 - General Provisions.›Section 5-17-7 - Operating Fees; Fee Filed With Certificate of Organization.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 1 - General Provisions. › Section 5-17-7 - Operating Fees; Fee Filed With Certificate of Organization.
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Section 5-17-7
Operating fees; fee filed with certificate of organization.
THIS SECTION WAS AMENDED BY ACT 2022-120 IN THE 2022 REGULAR SESSION, EFFECTIVE JUNE 1, 2022. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT.
(a) All state chartered credit unions shall pay an annual operating fee and, if deemed necessary by the administrator, an assessment, the exact amount of which shall be fixed from time to time by the Administrator of the Alabama Credit Union Administration.
(b) Except as hereinafter provided, the annual operating fee set by the administrator shall not exceed the fee calculated by use of the following scale or the administrator may authorize payment of the schedule used by federal credit unions if the administrator determines it to be appropriate:
(1) Credit unions having total assets of less than $500,000 shall pay a fee not in excess of $.12 for each $100 of assets, subject to a minimum of $200.
(2) Credit unions with assets of $500,000 but not in excess of $1,000,000 shall pay a fee of $600 plus $.05 per $100 on assets over $500,000 but not in excess of $1,000,000; credit unions with assets of $1,000,000 but not in excess of $5,000,000 shall pay a fee of $850 plus $.035 per $100 on assets of $1,000,000 but not in excess of $5,000,000; credit unions with assets of $5,000,000 but not in excess of $10,000,000 shall pay a fee of $2,250 plus $.02 per $100 on assets over $5,000,000 but not in excess of $10,000,000; credit unions with assets of $10,000,000 but not in excess of $20,000,000 shall pay a fee of $3,250 plus $.018 per $100 on assets over $10,000,000 but not in excess of $20,000,000; credit unions with assets of $20,000,000 but not in excess of $50,000,000 shall pay a fee of $5,050 plus $.016 per $100 on assets over $20,000,000 but not in excess of $50,000,000; credit unions with assets of $50,000,000 but not in excess of $100,000,000 shall pay a fee of $9,850 plus $.013 per $100 on assets over $50,000,000 but not in excess of $100,000,000; credit unions with assets of $100,000,000 or more shall pay a fee of $16,350 plus $.011 per $100 on all assets over $100,000,000.
(3) The annual operating fee for a corporate credit union shall be set by the administrator and shall not exceed the above scale.
(c) Annually, the administrator may fix an annual operating assessment to ensure that the Alabama Credit Union Administration does not continue to operate in a deficit for any given year. The assessment shall be approved by the Credit Union Board of the Alabama Credit Union Administration. Any credit union failing to pay the assessment within 30 days of the notice of assessment may be charged a fine not to exceed fifty dollars ($50) for each day that the assessment remains unpaid.
(d) The annual operating fee shall be paid on or before the last day of January of each year, based upon the assets of the credit union as of the end of the previous year. Any credit union failing to pay the operating fee may be charged a fine not to exceed fifty dollars ($50) for each day that the fee remains unpaid.
(e) Whenever application is made to the Administrator of the Alabama Credit Union Administration for permission to organize a credit union, the applicant shall at the time of filing the certificate of organization with the Administrator of the Alabama Credit Union Administration pay a fee not to exceed one thousand dollars ($1,000) for the purpose of paying the costs incidental to the determination by the Administrator of the Alabama Credit Union Administration whether such certificate of organization shall be approved. The Administrator of the Alabama Credit Union Administration shall from time to time fix the exact charge to be made, but in no event shall the charge exceed one thousand dollars ($1,000). The provisions of this subsection shall not apply to any existing credit union seeking charter conversion.
(f) All fees collected under this section shall be paid into the special fund set up by the State Treasurer. This special fund shall be used to pay the salaries of the officials and employees and the expenses of the Alabama Credit Union Administration including the purchase of equipment, vehicles, and supplies necessary for the examination and supervision of credit unions and may be spent by the Administrator of the Alabama Credit Union Administration for the uses and purposes specified herein. The travel expenses of examiners of the Alabama Credit Union Administration shall be set and paid in accordance with internal policies of the Alabama Credit Union Administration adopted by the Administrator of the Alabama Credit Union Administration and the Alabama Credit Union Administration and the examiners shall be exempt from the provisions of Sections 36-7-20 and 36-7-22. No taxes, fees, assessments, penalties, or other revenues collected by the Alabama Credit Union Administration shall be used for any purpose other than the expenses of operating the Alabama Credit Union Administration.
(g) All the jurisdiction, authority, powers, and duties now conferred upon and imposed by law upon the Superintendent of Banks and the Supervisor of the Credit Union Bureau in relation to the management, control, regulation, and general supervision of credit unions are hereby transferred to, conferred upon, and imposed upon the Alabama Credit Union Administration and administrator.
(h) All assets primarily used by the Bureau of Credit Unions, including books, records, documents, furniture, equipment, and supplies are hereby transferred to the Alabama Credit Union Administration. All funds in the special fund previously maintained by the State Treasurer for the Bureau of Credit Unions are hereby transferred to the Alabama Credit Union Administration. All taxes, fees, assessments, penalties, or other revenues owed to or collected by the Bureau of Credit Unions are hereby transferred to the Alabama Credit Union Administration. Any employee presently employed by the Superintendent of Banks who is presently primarily involved with the Bureau of Credit Unions shall be employed by the Alabama Credit Union Administration.
(Acts 1957, No. 603, p. 862; Acts 1967, No. 221, p. 589; Acts 1975, No. 561, p. 1267, §6; Acts 1981, No. 81-852, p. 1529, §2; Acts 1985, No. 85-457, p. 425, §8; Act 2014-317, p. 1122, §1; Act 2016-133, §1; Act 2022-120, §1.)
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https://law.justia.com/codes/alabama/title-5/chapter-17/article-1/section-5-17-8/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 1 - General Provisions.›Section 5-17-8 - Reports to Administrator of Alabama Credit Union Administration; Powers of Administ...
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 1 - General Provisions. › Section 5-17-8 - Reports to Administrator of Alabama Credit Union Administration; Powers of Administrator.
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Section 5-17-8
Reports to Administrator of Alabama Credit Union Administration; powers of administrator.
(a) Credit unions shall report to the Administrator of the Alabama Credit Union Administration at least annually on or before January 31 in such manner and form as required by the administrator for that purpose. Additional reports may be required. Credit unions shall be examined at least every 18 months by employees of the administration or by other persons designated by the administrator. For failure to file reports when due, unless excused for cause by the administrator, the credit union shall pay to the State Treasurer five dollars ($5) for each day of its delinquency.
(b) If the administrator determines that the credit union is violating this chapter, or is insolvent, the administrator may suspend operations of the credit union by issuing an order requiring that the credit union cease operations pending a hearing on the revocation of the certificate of approval, or the administrator may set a date for a hearing on the revocation of the certificate of approval without suspending operations of the credit union. If the administrator suspends operations of the credit union, a hearing on the revocation of the certificate of authority shall be held by the administrator if requested within 90 days from the date of the order requiring suspension of operations. If demanded by the credit union, the hearing on revocation of the certificate of authority, whether or not the administrator has suspended operations of the credit union pending the hearing, shall be conducted on the record by the administrator who shall also make findings of fact and a written determination concerning revocation of the certificate of authority. The determination may contain an order requiring that credit union to immediately suspend operations or continue in effect a previous order requiring the suspension of operations. If the determination is that the credit union is violating this chapter, or is insolvent, and that the certificate of authority be revoked, and if, for a period of 15 days after the hearing, any violation continues, the administrator may revoke the certificate and take possession of the business and property of the credit union and maintain possession until the administrator shall permit it to continue business or its affairs are finally liquidated through merger or otherwise.
(c)(1) The administrator may, with the approval of a majority of the Credit Union Board of the Alabama Credit Union Administration, issue a cease and desist order upon finding that the credit union or any officer, director, committee member, or employee has done any one of the following:
a. Committed any violation of a law, rule, or regulation.
b. Engaged or participated in any unsafe or unsound practice in connection with the credit union business.
c. Engaged in any act, omission, or practice which constitutes a breach of fiduciary duty to the credit union.
d. Committed any fraudulent or questionable practice in the conduct of the credit union's business which endangers the credit union's reputation or threatens insolvency.
e. Violated any condition imposed in writing by the administrator or any written agreement made with the administrator.
f. Concealed, destroyed, removed, falsified, or perjured any book, record, paper, report, statement, or account related to the business and affairs of the credit union.
(2) Any cease and desist order shall be effective not earlier than 10 calendar days after it is delivered to the credit union. The credit union or any person subject to a cease and desist order shall have 10 calendar days from the receipt of any cease and desist order to appeal to the Credit Union Board of the Alabama Credit Union Administration by serving the administrator with a written notice of appeal within the 10-day period. Upon receipt of a notice of appeal from the credit union, the effect of the cease and desist order will be suspended pending a decision upon appeal; provided that a majority of the Credit Union Board of the Alabama Credit Union Administration may order that a cease and desist order be in force and effect pending the decision on appeal. A hearing of any appeal shall be held before the Credit Union Board of the Alabama Credit Union Administration within 60 calendar days of the notice of appeal and the decision of the Credit Union Board shall be rendered within 30 calendar days after the conclusion of the hearing.
(d) The Administrator of the Alabama Credit Union Administration may suspend from office and prohibit further participation in any manner in the conduct of the affairs of a credit union, any director, officer, committee member, or employee who has done any one of the following:
(1) Committed any violation of a law, rule, or regulation.
(2) Engaged or participated in any unsafe or unsound practice in connection with the credit union business.
(3) Engaged in any act, omission, or practice which constitutes a breach of fiduciary duty to the credit union.
(4) Committed any fraudulent or questionable practice in the conduct of the credit union's business which endangers the credit union's reputation or threatens insolvency.
(5) Violated any condition imposed in writing by the administrator or any written agreement made with the administrator.
(6) Concealed, destroyed, removed, falsified, or perjured any book, record, paper, report, statement, or account related to the business and affairs of the credit union.
(7) Unless the administrator directs otherwise, the prohibition against participation in the conduct of the affairs of a credit union shall remain effective until it is rescinded by a vote of the Credit Union Board of the Alabama Credit Union Administration.
(e) A person subject to an order issued under subsection (d) may file an appeal in writing delivered to the administrator not more than 10 calendar days after the issuance of the order. Not later than 60 calendar days after the filing of an appeal, the Credit Union Board of the Alabama Credit Union Administration shall hold a hearing and not later than 30 calendar days after the conclusion of the hearing, the Credit Union Board shall issue a decision. The hearing shall be confidential.
(f) The Administrator of the Alabama Credit Union Administration, with the approval of a majority of the Credit Union Board of the Alabama Credit Union Administration, ex parte without notice, may appoint the Alabama Credit Union Administration or the National Credit Union Administration as conservator and immediately take possession and control of the business and assets of any state-chartered credit union in any case in which any one of the following occurs:
(1) The Alabama Credit Union Administration determines that the action is necessary to conserve the assets of any state-chartered credit union or the interests of the members of the credit union.
(2) A credit union, by resolution of its board of directors, consents to the action by the Alabama Credit Union Administration.
(3) There is a willful violation of a cease-and-desist order which has become final.
(4) There is concealment of books, papers, records, or assets of the credit union or refusal to submit books, papers, records, or affairs of the credit union for inspection to any examiner or to any lawful agent of the Alabama Credit Union Administration.
(g) Not later than 10 calendar days after the date on which the Alabama Credit Union Administration takes possession and control of the business and assets of a credit union pursuant to subsection (f), officials of the credit union who were terminated by the conservator may apply to the circuit court for the judicial circuit in which the principal office of the credit union is located for an order requiring the administration to show cause why it should not be enjoined from continuing possession and control. Except as provided in this subsection, no court may take any action, except at the request of the Credit Union Board by regulation or order, to restrain or affect the exercise of powers or functions of the board as conservator.
(h) The administrator shall report to the Credit Union Board of the Alabama Credit Union Administration at least semi-annually on the condition of the credit unions in which the administration serves as conservator. Reports shall contain the following:
(1) The most recent income statement and balance sheet of the credit union.
(2) Actions taken since the last report by the administrator in its role as conservator of the credit union.
(3) A detailed report of all expenditures, reimbursements, and other financial considerations paid out of the assets of the credit union to the Alabama Credit Union Administration or its designated agents during conservatorship.
(4) A business plan outlining necessary actions and timetables under which the credit union would remain under conservatorship.
(i) The Alabama Credit Union Administration may maintain possession and control of the business and assets of the credit union and may operate the credit union until the time as the following occurs:
(1) The administrator shall permit the credit union to continue business subject to the terms and conditions as may be imposed by the Alabama Credit Union Administration.
(2) The credit union is liquidated in accordance with the provisions of Section 5-17-21.
(3) The Credit Union Board of the Alabama Credit Union Administration votes by a majority of voting members that the Alabama Credit Union Administration shall relinquish possession and control of the credit union. Such vote shall be held on at least a semi-annual basis while the credit union is held in conservatorship by the Alabama Credit Union Administration.
(j) The Alabama Credit Union Administration may appoint special agents as it considers necessary in order to assist the administration in carrying out its duties as a conservator under this section.
(k) All costs incurred by the administration in exercising its authority under this section and Section 5-17-8.1, including, without limitation, all expenses and legal fees incurred in exercising its authority or defending any action taken pursuant to its exercise of authority, and any appeal by any credit union or by any director, officer, committee member, or employee thereof shall be paid out of the assets of the credit union.
(l) The conservator shall have all powers of the members, the directors, the officers, and the committees of the credit union and shall be authorized to operate the credit union in its own name or to conserve its assets in the manner and extent authorized by the administration.
(m) After taking possession of the property and business of a credit union through conservatorship, the conservator may terminate or adopt any executory contract to which the credit union may be a party. The termination of any contracts shall be made within six months after the conservator has obtained knowledge of the existence of the contract or lease. Any provision in the contract or lease which provides for damages or cancellation fees upon termination shall not be binding on the conservator or credit union. The directors, the conservator, and the credit union are not liable for damages arising from or relating to such executory contracts.
(n) The administrator may appoint a temporary board of directors to any credit union subject to conservatorship.
(o)(1) Notwithstanding any other provision of state law, if the administrator determines that an emergency requiring expeditious action exists with respect to a credit union, that other alternatives are not reasonably available consistent with National Credit Union Administration precedent, and that the public interest, including the interests of the members of the credit union, would best be served by such action, the administrator may do either of the following:
a. Initiate the involuntary merger of a credit union that is insolvent or is in danger of insolvency with any other credit union or may authorize a credit union to purchase any of the assets of, or assume any of the liabilities of, any other credit union that is insolvent or in danger of insolvency.
b. Authorize a financial institution whose deposits or accounts are insured to purchase any of the assets of, or assume any of the liabilities of, a credit union that is insolvent or in danger of insolvency, except that prior to exercising this authority the administrator shall attempt to effect a merger with, or purchase and assumption by, another credit union as provided in paragraph a.
(2) For purposes of the authority contained in this subsection, insured share and deposit accounts of the credit union, upon consummation of the purchase and assumption, may be converted to insured deposits or other comparable accounts in the acquiring institution, and the administrator and the insuring organization shall be relieved of any liability to the credit union's members with respect to those accounts.
(Acts 1927, No. 597, p. 696; Code 1940, T. 28, §287; Acts 1975, No. 561, p. 1267, §5; Acts 1978, No. 469, p. 492, §7; Acts 1985, No. 85-457, p. 425, §9; Acts 1989, No. 89-632, p. 1241, §1; Acts 1995, No. 95-315, p. 667, §1; Act 2014-317, p. 1122, §1; Act 2016-133, p. 315, §1; Act 2017-190, §1; Act 2019-130, §1.)
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 1 - General Provisions.›Section 5-17-8.1 - Investigatory and Enforcement Powers of Administrator, Board, Designee, Etc.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 1 - General Provisions. › Section 5-17-8.1 - Investigatory and Enforcement Powers of Administrator, Board, Designee, Etc.
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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 examination of the credit union, does not constitute a waiver of any attorney-client privilege or other privilege that the credit union or any director, officer, employee, advisor, consultant, attorney, or accountant thereof is entitled to under law in any unrelated matter or proceeding.
(b) Any officer, director, agent, or employee of any credit union, any affiliate of a credit union, or any affected person, whether one or more, who (1) makes any false entry or omission with intent to mislead in any book, report, or statement of the credit union or affiliate of the credit union, or (2) makes a false statement, whether or not made under oath, to the administrator, an examiner or designee acting under the administrator, or to any officer of such credit union or affiliate of any credit union with intent to injure or defraud the administrator, examiner, designee, officer, credit union, or affiliate, or with the intent to influence in any way the action of the administrator or an examiner or designee acting under the administrator, shall be subject to removal and the imposition of civil money penalties by the administrator when so directed by the Credit Union Board as provided in this title. At the discretion of the administrator, an order of removal may prohibit the affected person from participating in the affairs of any state credit union. Any action of the administrator or designee acting under the administrator taken in reliance upon such false entry, omission, or statement may be rescinded and withdrawn at the discretion of the administrator. These remedies are in addition to the penalties set forth in Sections 5-17-29 to 5-17-32, inclusive.
(c) In taking an action to prohibit participation by, remove, or impose civil money penalties upon, any officer, director, or employee of any credit union or any affiliate of a credit union under this section, the administrator and Credit Union Board shall not be required to establish that the credit union or the affiliate of the credit union suffered or probably will suffer financial loss and shall not be required to establish that the administrator, examiner, or designee acting under the administrator was influenced by such false entry, omission, or statement.
(d) The resignation, termination of employment or participation, or separation of any director, officer, or employee of a credit union for any reason whatsoever shall not affect the jurisdiction and authority of the administrator or the Credit Union Board to issue any notice or order and proceed under this title against any such person, if the notice or order is served before the end of the six-year period beginning on the last date that the person ceased to be a director, officer, or employee of the credit union.
(e) If the directors or officers of any credit union unreasonably or willfully violate, or unreasonably or willfully permit any of the officers, agents, or employees of the credit union to violate any of the provisions of this title, each and every director or officer engaging in such knowing and willful violation or knowing and willful permission shall be liable in his or her personal and individual capacity for all damages that the credit union or any other person sustained in consequence of the violation. The administrator may use enforcement powers to seek restitution for or on behalf of the credit union for damages resulting from such violations. Further, the administrator shall have standing to intervene in any court action arising out of or relating to such violation in order to protect the interests of the administrator, examiners, administrator's designee or designees, the agency, the credit union, or its members.
(Act 2016-133, §2.)
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 1 - General Provisions.›Section 5-17-9 - Fiscal Year; Meetings of Members; Amendment of Bylaws.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 1 - General Provisions. › Section 5-17-9 - Fiscal Year; Meetings of Members; Amendment of Bylaws.
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Section 5-17-9
Fiscal year; meetings of members; amendment of bylaws.
The fiscal year of all credit unions shall end December 31. Special meetings may be held in the manner indicated in the bylaws. At all meetings a member shall have but a single vote whatever his share holdings. The bylaws may be amended as provided in the bylaws. Amendments to the bylaws shall be submitted to the administrator who shall approve or disapprove the amendments within 60 days provided that the administrator shall not disapprove an amendment which corresponds with the form of bylaws which the administrator furnishes for the guidance of the incorporators of a credit union. There shall be no voting by proxy, a member other than a natural person casting a single vote through a delegated agent.
(Acts 1927, No. 597, p. 696; Code 1940, T. 28, §288; Acts 1985, No. 85-457, p. 425, §10.)
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https://law.justia.com/codes/alabama/title-5/chapter-17/article-1/section-5-17-10/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 1 - General Provisions.›Section 5-17-10 - Election of Board of Directors, Credit Committee, and Supervisory Committee.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 1 - General Provisions. › Section 5-17-10 - Election of Board of Directors, Credit Committee, and Supervisory Committee.
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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. 28, §289; Acts 1983, No. 83-772, p. 1407, §1; Acts 1985, No. 85-457, p. 425, §11; Act 2016-133, p. 315, §1; Act 2019-130, §1.)
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https://law.justia.com/codes/alabama/title-5/chapter-17/article-1/section-5-17-11/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 1 - General Provisions.›Section 5-17-11 - Election of Officers; Duties of Officers and Directors; Compensation; Liability.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 1 - General Provisions. › Section 5-17-11 - Election of Officers; Duties of Officers and Directors; Compensation; Liability.
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Section 5-17-11
Election of officers; duties of officers and directors; compensation; liability.
(a) At the first meeting and at subsequent times prescribed in the bylaws, the directors shall elect a president. The president must be either a member of the board of directors or an employee of the credit union who is not a member of the board of directors. If the credit union elects a president who is not a member of the board of directors, the board of directors shall elect from their own number a chair and one or more vice chairs of the board of directors. The board of directors, in accordance with the bylaws, may remove any officer who is not a member of the board of directors. At the first meeting and at subsequent annual meetings prescribed in the bylaws, the directors shall elect from their own number, a secretary and treasurer, who may be the same individual. To nominate a candidate by petition, the petition should conform to the requirements as specified in the bylaws. The bylaws will state the number of members required to sign a petition which can be as few as three members or more as stated in the bylaws. For natural person credit unions, the maximum number cannot exceed the lesser of one percent of the membership or 500 members. For corporate credit unions, the maximum number cannot exceed the lesser of five percent of the membership or 25 members. Candidates shall be given a minimum of 35 days from the postmark date to present a petition.
(b) The duties of the officers shall be as determined in the bylaws. It shall be the duty of the directors to have general management of the affairs of the credit union, particularly:
(1) To act on application for membership.
(2) To determine interest rates on loans and on deposits; provided, that such loans shall be at reasonable rates of interest.
(3) To fix the amount of the surety bond which shall be required of all officers and employees handling money.
(4) To declare dividends, and to transmit to the members recommended amendments to the bylaws.
(5) To fill vacancies in the board and in the credit committee in accordance with the bylaws of the credit union.
(6) To determine the maximum individual share holdings and the maximum individual loan which can be made with and without security.
(7) To have charge of investments other than loans to members.
(8) To establish the par value of the share.
(9) In the absence of a credit committee, and upon the written request of a member, review a loan application denied by a loan officer.
(c) No member of the board or any committee shall, as such, be compensated. Notwithstanding the foregoing, for his or her services to the credit union, providing reasonable life, accident, and similar insurance protection shall not be considered compensation. Directors, officers, and committee members may be reimbursed for necessary expenses incidental to the performance of the official business of the credit union. Expenses may include the payment or reimbursement of travel costs for members of the board or any committee and one guest per member of the board or any committee that were reasonable, proper, and incurred on official business of the credit union, in accordance with written policies and procedures of the credit union.
(d) Liability and indemnification of officers, directors, trustees, and members of the governing body of a credit union shall be the same as provided for a nonprofit corporation in Title 10A, the Alabama Business and Nonprofit Entity Code; provided, however, a credit union may not indemnify officers, directors, and members of the governing body of a credit union against actions brought in connection with willful violations of this title.
(Acts 1927, No. 597, p. 696; Code 1940, T. 28, §290; Acts 1977, No. 210, p. 282, §1; Acts 1978, No. 469, p. 492, §8; Acts 1983, No. 83-772, p. 1407, §1; Act 2014-317, p. 1122, §1; Act 2016-133, p. 315, §1; Act 2019-130, §1.)
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 1 - General Provisions.›Section 5-17-12 - Powers and Duties of Credit Committee.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 1 - General Provisions. › Section 5-17-12 - Powers and Duties of Credit Committee.
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Section 5-17-12
Powers and duties of credit committee.
The credit committee shall have the general supervision of all loans to members. Applications for loans shall be on a form prepared by the credit committee and all applications shall set forth the purpose for which the loan is desired, the security, if any offered, and such other data as may be required. At least a majority of the members of the credit committee shall pass on all loans, and approval must be unanimous; except, that the credit committee may appoint one or more loan officers and delegate to the officer or officers the power to approve loans in accordance with loan policies approved by the board of directors of the credit union.
(Acts 1927, No. 597, p. 696; Code 1940, T. 28, §291; Acts 1971, No. 2294, p. 3698; Acts 1977, No. 210, p. 282, §2; Acts 1983, No. 83-772, p. 1407, §1; Act 2016-133, §1.)
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https://law.justia.com/codes/alabama/title-5/chapter-17/article-1/section-5-17-13/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 1 - General Provisions.›Section 5-17-13 - Powers and Duties of Supervisory Committee.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 1 - General Provisions. › Section 5-17-13 - Powers and Duties of Supervisory Committee.
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Section 5-17-13
Powers and duties of supervisory committee.
(a) The supervisory committee shall make or cause to be made a comprehensive annual audit of the books and affairs of the credit union and shall submit a report of that audit to the board of directors and summary of that report to the members at the next annual meeting of the credit union. It shall make or cause to be made such supplementary audits or examinations as it deems necessary or as are required by the Administrator of the Alabama Credit Union Administration or by the board of directors and submit reports of these supplementary audits to the board of directors.
(b) The supervisory committee shall cause the accounts of the members to be verified with the records of the credit union from time to time and not less frequently than every two years.
(c) The administrator may define the scope of any audit and may set out what procedures must be followed for an audit to qualify as the required annual audit. He or she may prescribe procedures to be followed in the verification of records required not less frequently than every two years.
(d) Whenever the supervisory committee shall fail to make a comprehensive annual audit or shall fail to verify the accounts of members not less frequently than every two years, the administrator by written order may direct the supervisory committee to perform these duties within a reasonable period of time. Upon failure of the committee to perform these duties as directed by the administrator, the administrator may employ, engage, or contract with a firm with requisite expertise to perform them, and the cost of such audit shall be borne by the credit union.
(e) The supervisory committee, by a unanimous vote, may suspend any officer, director or member of any committee and call the members together to act on such suspension within 30 days after such suspension. The members at the meeting shall consider such suspension and vote to either remove such officer, director, or member of the committee permanently or to reinstate the officer, director, or member of the committee. By majority vote the supervisory committee may call a special meeting of the members to consider any matter submitted to it by such committee. The committee shall fill vacancies in its own membership until the next annual meeting.
(Acts 1927, No. 597, p. 696; Code 1940, T. 28, §292; Acts 1975, No. 561, p. 1267, §7; Acts 1985, No. 85-457, p. 425, §12; Act 2016-133, §1.)
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 1 - General Provisions.›Section 5-17-14 - Capital; Lien on Shares and Deposits of Members; Entrance Fee.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 1 - General Provisions. › Section 5-17-14 - Capital; Lien on Shares and Deposits of Members; Entrance Fee.
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Section 5-17-14
Capital; lien on shares and deposits of members; entrance fee.
The capital of a credit union shall consist of the payments that have been made to it by the several members thereof on shares. The credit union shall have a lien on the shares and deposits of a member for any sum due to the credit union from said member or for any loan endorsed by him. A credit union may charge an entrance fee as may be fixed by the bylaws; provided, that such entrance fee shall not exceed $1.00.
(Acts 1927, No. 597, p. 696; Code 1940, T. 28, §293; Acts 1971, No. 2300, p. 3711.)
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 1 - General Provisions.›Section 5-17-15 - Deposits for Minor or Trust Beneficiaries; Deposits in Names of Two Persons.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 1 - General Provisions. › Section 5-17-15 - Deposits for Minor or Trust Beneficiaries; Deposits in Names of Two Persons.
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Section 5-17-15
Deposits for minor or trust beneficiaries; deposits in names of two persons.
(a) A minor, in his or her own name, may make a general or special deposit in any credit union. The deposit shall be paid only to the minor, or upon his or her order, and not to the parents or guardians of the minor, and the payment shall be valid as against the minor child and his or her parents or guardian.
(b) Shares may be issued and withdrawn and deposits received and paid out in the name of a minor or in trust in such manner as the bylaws may provide. The name of the beneficiary must be disclosed to the credit union. If no other notice of the existence and terms of such trust has been given in writing to the corporation, such shares or deposits may, upon the death of the trustee, be transferred to or withdrawn by the person who was named by the trustee as the beneficiary or by his or her legal representative, and such transfer or withdrawal shall release the corporation from liability to any other claimant upon such shares or deposit.
(c) Any deposit heretofore or hereafter made in any credit union in the names of two or more persons payable to any such persons, upon the death of either of such persons, may be paid by the credit union to the survivors jointly, irrespective of whether or not any of the following occur:
(1) The form of the deposit or deposit contract contains any provision for survivorship.
(2) The funds deposited were the property of only one person.
(3) There was at the time of making such deposits any intention on the part of the person making such deposit to vest the other with a present interest therein.
(4) Only one of the persons during their joint lives had the right to withdraw such deposits.
(5) There was any delivery of any passbook, certificate of deposit, or other writing by the person making such deposit to the other of such persons.
(6) Any other circumstances.
The credit union in which such deposit is made may pay such deposit, or any part thereof or interest thereon, to either of the persons, or if one is dead, to the surviving of them, and such payment shall fully release and discharge the credit union from all liability for any payment so made.
(d) The provisions of this section shall apply to share accounts, deposit accounts and certificates of deposits and shall also apply to any deposit made in the names of more than two persons where there is an expressed written provision for survivorship in the deposit contract.
(e) Nothing contained in this section shall be construed to prohibit the person making such deposit from withdrawing or collecting the same during his or her lifetime; nor shall anything contained in this section prohibit any person or persons making a deposit in the names of more than one person from providing for disposition of such deposit and interest thereon in a manner different from that provided above in this section, provided such different manner of disposition is expressly provided for in writing in the deposit contract.
(Acts 1927, No. 597, p. 696; Code 1940, T. 28, §294; Acts 1983, No. 83-772, p. 1407, §1; Act 2014-317, p. 1122, §1.)
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 1 - General Provisions.›Section 5-17-16 - Disposition of Shares or Deposit Account of Deceased Person.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 1 - General Provisions. › Section 5-17-16 - Disposition of Shares or Deposit Account of Deceased Person.
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Section 5-17-16
Disposition of shares or deposit account of deceased person.
Whenever a person shall die leaving a share or deposit account in a credit union not exceeding ten thousand dollars ($10,000), the credit union having the share or deposit account may discharge itself from liability thereafter by paying the funds in the share or deposit account to the widow or surviving husband of the deceased or, if there is no widow or surviving husband, to the persons having the actual custody or control of the minor child or children of the deceased; provided, that such person, if not the legal guardian, shall execute to the probate judge of the county a bond in the penal sum of double the amount of such deposit for the faithful accounting of the money so received, which shall be approved by the probate judge, or, if there is no minor child or children, to the person or persons who under the laws of Alabama are the heirs and inherit the personal property of the deceased. No such payment is to be made before the lapse of 60 days from the date of the death of the deceased, and no such payment must be made by the credit union under this section if letters testamentary or of administration have been issued to a personal representative or a proceeding is pending to probate a will of the deceased, or if a petition of letters of administration on the estate of the deceased is pending in the court in this state which would have jurisdiction of the administration of the estate. The amount or amounts of the share or deposit account, together with the other personal property of the deceased, shall not exceed the amount of exemption allowed by law, and the credit union shall be fully protected and discharged from further liability by paying such funds to the person or persons set forth above if the credit union obtains an affidavit of some reputable citizen as to such facts.
(Acts 1967, No. 222, p. 591; Acts 1983, No. 83-772, p. 1407, §1; Act 2014-317, p. 1122, §1.)
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https://law.justia.com/codes/alabama/title-5/chapter-17/article-1/section-5-17-17/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 1 - General Provisions.›Section 5-17-17 - Loans to Members, Directors, Officers, Etc.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 1 - General Provisions. › Section 5-17-17 - Loans to Members, Directors, Officers, Etc.
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Section 5-17-17
Loans to members, directors, officers, etc.
Loans are made subject to the conditions contained in the bylaws. A borrower may repay his loan in whole or in part any day the office of the credit union is open for business.
Provided that loans to directors, officers or members of a committee are not prohibited in the bylaws, it shall be the duty of the board of directors to establish a written policy concerning loans to a director, officer or member of a committee. If it is the policy of the credit union to make directors, officers and members of a committee eligible for loans, such loans will be made under the same terms, conditions and rules as similar loans to other members. In no case may the credit committee make a loan to a director, officer or member of a committee under the terms more favorable than the terms of similar loans to other members. The credit committee shall at least monthly submit to the board of directors a listing of all loans made to directors, officers and credit committee members.
Unless it is the policy of the credit union to make loans to directors, officers and members of a committee:
(1) No such person may borrow or guarantee any loan from that credit union in an amount in excess of his shares and deposits in that credit union; and
(2) No loan or endorsement made more than 90 days prior to his election shall prohibit any person from being elected as a director, officer or member of a committee, but a new or additional loan or guaranty in excess of such person's shares and deposits shall not be made after such person's election and during his term of office; and
(3) Any person who has, less than 90 days prior to election, borrowed or guaranteed loans from the credit union in excess of his shares and deposits shall, within 15 days after his election, fully pay or secure such loans with shares and deposits, including any shares and deposits held by such person.
(Acts 1927, No. 597, p. 696; Code 1940, T. 28, §295; Acts 1971, No. 2300, p. 3711; Acts 1975, No. 561, p. 1267, §8; Acts 1978, No. 469, p. 492, §9.)
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https://law.justia.com/codes/alabama/title-5/chapter-17/article-1/section-5-17-18/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 1 - General Provisions.›Section 5-17-18 - Interest Rates and Finance Charges on Loans; Late Charge.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 1 - General Provisions. › Section 5-17-18 - Interest Rates and Finance Charges on Loans; Late Charge.
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Section 5-17-18
Interest rates and finance charges on loans; late charge.
State chartered credit unions may charge such rates of interest and other finance charges as are authorized for other financial institutions pursuant to the Alabama Consumer Credit Act or other applicable law and may charge a late charge in an amount authorized by the Alabama Consumer Credit Act, provided that such late charge may only be assessed on simple interest loans and simple interest open-end credit plans. As used herein, "simple interest" means charging an interest rate on the unpaid balances of the amount outstanding from time to time for the actual time such balance is outstanding.
(Acts 1927, No. 597, p. 696; Code 1940, T. 28, §296; Acts 1989, No. 89-632, p. 1241, §2.)
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https://law.justia.com/codes/alabama/title-5/chapter-17/article-1/section-5-17-19/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 1 - General Provisions.›Section 5-17-19 - Insurance and Reserves.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 1 - General Provisions. › Section 5-17-19 - Insurance and Reserves.
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Section 5-17-19
Insurance and reserves.
(a) Every credit union shall set aside such regular reserves as are required to be set aside by the credit union in order to maintain insurance of member accounts under the provisions of Title II of the Federal Credit Union Act. Additionally, any credit union may be required by the Administrator of the Alabama Credit Union Administration to maintain any special reserves which the administrator finds are necessary under the particular circumstances to protect the interests of the members.
(b) Any credit union hereafter organized under this chapter shall be prohibited by the Administrator of the Alabama Credit Union Administration from beginning the active conduct of business until such time as such credit union has obtained insurance of member accounts either under the provisions of Title II of the Federal Credit Union Act or has obtained approval for private insurance under a private insurance program or carrier.
(c) Any credit union which has had insurance of its accounts under Title II of the Federal Credit Union Act or a private insurance program or carrier withdrawn or cancelled must apply for such insurance within 30 days of such cancellation or withdrawal. If such credit union has not obtained such insurance within 90 days after such cancellation or withdrawal, the credit union shall either dissolve or merge with another credit union which is insured under Title II of the Federal Credit Union Act or a privately insured credit union insured under a private insurance program or carrier.
(d) The Administrator of the Alabama Credit Union Administration shall be vested with authority to extend the period of time within which a credit union must obtain insurance of its accounts under Title II of the Federal Credit Union Act, to permit other acceptable insurance coverage of its accounts to be utilized by a credit union and to designate into what credit union a credit union not having such insurance coverage shall be merged.
(e) The Administrator of the Alabama Credit Union Administration shall make reports of condition and examination reports available to the National Credit Union Administration and, in his or her discretion, the Administrator of the Alabama Credit Union Administration may accept any report or examination made on behalf of the National Credit Union Administration or a private insurance carrier approved in writing by the administrator in lieu of an examination by the administrator.
(Acts 1927, No. 597, p. 696; Code 1940, T. 28, §297; Acts 1971, No. 2294, p. 3698; Acts 1975, No. 561, p. 1267, §9; Acts 1978, No. 469, p. 492, §10; Acts 1985, No. 85-457, p. 425, §13; Act 2014-317, p. 1122, §1; Act 2016-133, §1.)
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https://law.justia.com/codes/alabama/title-5/chapter-17/article-1/section-5-17-20/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 1 - General Provisions.›Section 5-17-20 - Dividends.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 1 - General Provisions. › Section 5-17-20 - Dividends.
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Section 5-17-20
Dividends.
The directors may declare a dividend from net earnings as the bylaws may provide.
(Acts 1927, No. 597, p. 696; Code 1940, T. 28, §298; Acts 1971, No. 2294, p. 3698; Acts 1978, No. 469, p. 492, §11.)
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https://law.justia.com/codes/alabama/title-5/chapter-17/article-1/section-5-17-21/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 1 - General Provisions.›Section 5-17-21 - Voluntary Dissolution.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 1 - General Provisions. › Section 5-17-21 - Voluntary Dissolution.
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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 union.
(3) A statement that, following dissolution, the credit union shall continue in existence for the purpose of discharging its debts, collecting and distributing its assets, and doing all other acts required in order to wind up its business.
(c) If the membership of a credit union approves the voluntary dissolution of the credit union, upon written notice from the board of directors of the credit union that such action has been approved by the membership and that the requirements of this section have been satisfied, the Administrator of the Alabama Credit Union Administration shall issue in duplicate a certificate to the effect that this section has been complied with. The certificate shall be filed with the probate judge of the county in which the credit union is located, whereupon the credit union is dissolved and shall cease to carry on business except for the purposes of liquidation and the winding up of its business.
(d) A credit union voluntarily dissolved pursuant to this section shall continue in existence for the purpose of discharging its debts, collecting and distributing its assets, and doing all other acts required in order to wind up its business, and may sue and be sued for the purpose of enforcing such debts and obligations until its affairs are fully adjusted and wound up.
(Acts 1927, No. 597, p. 696; Code 1940, T. 28, §300; Acts 1975, No. 561, p. 1267, §10; Acts 1985, No. 85-457, p. 425, §14; Act 2016-133, §1.)
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https://law.justia.com/codes/alabama/title-5/chapter-17/article-1/section-5-17-22/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 1 - General Provisions.›Section 5-17-22 - Merger and Conversion Procedures.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 1 - General Provisions. › Section 5-17-22 - Merger and Conversion Procedures.
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Section 5-17-22
Merger and conversion procedures.
Any credit union, with the approval of the Administrator of the Alabama Credit Union Administration, may merge with another credit union, under the existing certificate of organization of the other credit union, pursuant to any plan agreed upon by the majority of each board of directors of each credit union joining in the merger. In addition to approval by the administrator and each board of directors, the membership of the merging credit union must also approve the merger plan in the following manner:
(1) At a meeting called for that purpose, notice of which purpose must be contained in the call, two-thirds of those voting may vote to approve the merger plan. Voting must be conducted in accordance with the bylaws of the credit union. The notice must be provided to the members at least 45 calendar days, but no more than 90 calendar days, prior to the date of the meeting.
(2) After agreement by the directors and approval by the members of the merging credit union, the president and secretary of the credit union shall execute a certificate of merger which shall set forth all of the following:
a. The time and place of the meeting of the board of directors at which the plan was agreed upon.
b. The vote in favor of the adoption of the plan.
c. A copy of the resolution or other action by which the plan was agreed upon.
d. The time and place of the meeting of the members at which the plan agreed upon was approved.
e. The vote by which the plan was approved by the members.
(3) Such certificate and a copy of the plan of merger agreed upon shall be forwarded to the administrator, certified by the administrator, and returned to both credit unions within 30 days.
(4) Upon return of the certificate from the administrator, all property, property rights and members' interest of the deed, endorsement, or other instrument of transfer, and all debts, obligations, and liabilities of the merged credit union shall be deemed to have been assumed by the surviving credit union under whose charter the merger was effected. The rights and privileges of the members of the merged credit union shall remain intact.
(5) A copy of the certificate approved by the Administrator of the Alabama Credit Union Administration shall be filed with the judge of probate of the county in which each credit union's certificate of organization is recorded.
(6) This section applies to credit unions organized under the laws of the State of Alabama. Federally chartered credit unions may be merged into Alabama organized credit unions, under the same conditions as Alabama credit unions; provided, that the merger plan is approved by the National Credit Union Administration or private insurance program or carrier.
(7) Credit unions organized under the laws of the State of Alabama may be merged into federally chartered credit unions under the same conditions as provided in this section; provided, that the merger plan is approved by the National Credit Union Administration or private insurance program or carrier.
(8) Credit unions organized under the laws of the State of Alabama may merge a state or federally chartered bank or thrift into the credit union under the same conditions as provided in this section, provided that the merger plan is approved, if required, by the appropriate state or federal regulator of the bank or thrift and federal insurer, the Federal Deposit Insurance Corporation.
(9) Credit unions organized under the laws of the State of Alabama may merge into a state or federally chartered bank or thrift under the same conditions as provided in this section, provided that the merger plan is approved by the resultant institution's chartering regulator and the federal insurer, the Federal Deposit Insurance Corporation.
(10) A federal credit union may be converted to a credit union chartered under the laws of Alabama and a state credit union may be converted to a federal credit union by adhering to the requirements for the conversion of a federal credit union to a state credit union as specified by the Federal Credit Union Act, presently 12 U.S.C. §1771(a)(1).
(11) A credit union chartered under the laws of another state may be converted to an Alabama state-chartered credit union under state law and regulation. Conversion to an Alabama state-chartered credit union shall be effective upon the written approval of the administrator. Notice of conversion shall be filed with the Secretary of State and the judge of probate of the county in which the credit union maintains its principal office.
(Acts 1975, No. 561, p. 1267, §10; Acts 1983, No. 83-772, p. 1407, §1; Acts 1985, No. 85-457, p. 425, §15; Act 2014-317, p. 1122, §1; Act 2016-133, p. 315, §1; Act 2018-470, §1; Act 2019-130, §1.)
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https://law.justia.com/codes/alabama/title-5/chapter-17/article-1/section-5-17-23/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 1 - General Provisions.›Section 5-17-23 - Change of Place of Business.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 1 - General Provisions. › Section 5-17-23 - Change of Place of Business.
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Section 5-17-23
Change of place of business.
A credit union may change its place of business on written notice to the Administrator of the Alabama Credit Union Administration.
(Acts 1927, No. 597, p. 696; Code 1940, T. 28, §301; Acts 1975, No. 561, p. 1267, §11; Acts 1985, No. 85-457, p. 425, §16.)
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https://law.justia.com/codes/alabama/title-5/chapter-17/article-1/section-5-17-24/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 1 - General Provisions.›Section 5-17-24 - Taxation.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 1 - General Provisions. › Section 5-17-24 - Taxation.
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Section 5-17-24
Taxation.
A credit union shall be deemed an institution for savings and, together with all the accumulations therein, shall not be subject to taxation except as to real estate owned, as to the franchise tax required of other corporations and as to the excise tax required of financial institutions. The shares of a credit union shall not be subject to taxation or to a stock transfer tax when issued by the corporations or when transferred from one member to another.
(Acts 1927, No. 597, p. 696; Acts 1939, No. 48, p. 56; Code 1940, T. 28, §302.)
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https://law.justia.com/codes/alabama/title-5/chapter-17/article-1/section-5-17-25/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 1 - General Provisions.›Section 5-17-25 - Alabama Credit Union League - Advance Payment of Dues by Member Credit Unions.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 1 - General Provisions. › Section 5-17-25 - Alabama Credit Union League - Advance Payment of Dues by Member Credit Unions.
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Section 5-17-25
Alabama Credit Union League - Advance payment of dues by member credit unions.
Repealed by Act 2014-317, §2, effective May 1, 2014.
(Acts 1963, No. 422, p. 929, §1.)
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https://law.justia.com/codes/alabama/title-5/chapter-17/article-1/section-5-17-26/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 1 - General Provisions.›Section 5-17-26 - Alabama Credit Union League - Issuance of Advance Dues Certificates to Member Cred...
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 1 - General Provisions. › Section 5-17-26 - Alabama Credit Union League - Issuance of Advance Dues Certificates to Member Credit Unions.
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Section 5-17-26
Alabama Credit Union League - Issuance of advance dues certificates to member credit unions.
Repealed by Act 2014-317, §2, effective May 1, 2014.
(Acts 1963, No. 422, p. 929, §2.)
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https://law.justia.com/codes/alabama/title-5/chapter-17/article-1/section-5-17-27/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 1 - General Provisions.›Section 5-17-27 - Alabama Credit Union League - Amortization of Credit Represented by Advance Dues C...
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 1 - General Provisions. › Section 5-17-27 - Alabama Credit Union League - Amortization of Credit Represented by Advance Dues Certificate.
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Section 5-17-27
Alabama Credit Union League - Amortization of credit represented by advance dues certificate.
Repealed by Act 2014-317, §2, effective May 1, 2014.
(Acts 1963, No. 422, p. 929, §3.)
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https://law.justia.com/codes/alabama/title-5/chapter-17/article-1/section-5-17-28/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 1 - General Provisions.›Section 5-17-28 - Alabama Credit Union League - Redemption and Purchase of Advance Dues Certificate...
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 1 - General Provisions. › Section 5-17-28 - Alabama Credit Union League - Redemption and Purchase of Advance Dues Certificate Upon Dissolution, etc., of Member Credit Union.
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Section 5-17-28
Alabama Credit Union League - Redemption and purchase of advance dues certificate upon dissolution, etc., of member credit union.
Repealed by Act 2014-317, §2, effective May 1, 2014.
(Acts 1963, No. 422, p. 929, §4.)
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https://law.justia.com/codes/alabama/title-5/chapter-17/article-1/section-5-17-29/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 1 - General Provisions.›Section 5-17-29 - Penalties - Concealment of Discounts or Loans.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 1 - General Provisions. › Section 5-17-29 - Penalties - Concealment of Discounts or Loans.
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Section 5-17-29
Penalties - Concealment of discounts or loans.
Any officer, director, employee, or committee member of a credit union who intentionally conceals from the directors or a committee of such credit union any discount or loan made for and in behalf of the credit union between the regular meetings of its board of directors or credit committee is guilty of a Class C misdemeanor.
(Acts 1989, No. 89-632, p. 1241, §3.)
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https://law.justia.com/codes/alabama/title-5/chapter-17/article-1/section-5-17-30/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 1 - General Provisions.›Section 5-17-30 - Penalties - Overdraws; Receipt of Commission, Emolument, etc., for Procuring Loans...
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 1 - General Provisions. › Section 5-17-30 - Penalties - Overdraws; Receipt of Commission, Emolument, etc., for Procuring Loans.
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Section 5-17-30
Penalties - Overdraws; receipt of commission, emolument, etc., for procuring loans.
Any officer, director, committee member, or employee of a credit union who willfully and knowingly overdraws his own account with such credit union and thereby obtains money or funds of any such credit union except as specifically permitted by the written loan policy of the board of directors or asks, receives, consents or agrees to receive any commission, emolument, gratuity, or reward or any promise of any commission, emolument or reward, or any money, property or thing of value or of personal advantage in procuring or endeavoring to procure for any person, firm or corporation any loan from or the purchase or discount of any paper, note, draft check or bill of exchange by any such credit union is guilty of a Class C misdemeanor.
(Acts 1989, No. 89-632, p. 1241, §4.)
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https://law.justia.com/codes/alabama/title-5/chapter-17/article-1/section-5-17-31/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 1 - General Provisions.›Section 5-17-31 - Penalties - Receipt of Property Other Than in Payment for Just Demand.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 1 - General Provisions. › Section 5-17-31 - Penalties - Receipt of Property Other Than in Payment for Just Demand.
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Section 5-17-31
Penalties - Receipt of property other than in payment for just demand.
Any director, officer, committee member, or employee of a credit union who knowingly receives or possesses himself of any of its property otherwise than in payment for a just demand and with intent to defraud shall be guilty of a Class C felony.
(Acts 1989, No. 89-632, p. 1241, §5.)
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https://law.justia.com/codes/alabama/title-5/chapter-17/article-1/section-5-17-32/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 1 - General Provisions.›Section 5-17-32 - Penalties - False or Omitted Entries.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 1 - General Provisions. › Section 5-17-32 - Penalties - False or Omitted Entries.
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Section 5-17-32
Penalties - False or omitted entries.
Any director, officer, committee member or employee of a credit union who with intent to defraud makes or concurs in making any false entry, or with intent to defraud omits or concurs in omitting to make any material entry on its books and accounts, shall be guilty of a Class C felony.
(Acts 1989, No. 89-632, p. 1241, §6.)
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https://law.justia.com/codes/alabama/title-5/chapter-17/article-2/section-5-17-40/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 2 - Alabama Credit Union Administration.›Section 5-17-40 - Alabama Credit Union Administration Created; Functions; Transfer of Authority Prev...
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 2 - Alabama Credit Union Administration. › Section 5-17-40 - Alabama Credit Union Administration Created; Functions; Transfer of Authority Previously Vested in State Banking Department.
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Section 5-17-40
Alabama Credit Union Administration created; functions; transfer of authority previously vested in State Banking Department.
THIS SECTION WAS AMENDED BY ACT 2018-470 IN THE 2018 REGULAR SESSION, EFFECTIVE JUNE 1, 2018. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT.
(a) There shall be an Alabama Credit Union Administration which shall administer the laws of this state which regulate or otherwise relate to credit unions in the state. The authority of the Alabama Credit Union Administration to perform such functions shall be exclusive and all authority regarding credit unions which was previously vested in the State Banking Department is hereby vested in the Alabama Credit Union Administration.
(b) If any of the provisions of this chapter are inconsistent with any other general or special law, this chapter shall control.
(Acts 1985, No. 85-457, p. 425, §17; Act 2018-470, §1.)
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https://law.justia.com/codes/alabama/title-5/chapter-17/article-2/section-5-17-41/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 2 - Alabama Credit Union Administration.›Section 5-17-41 - Administrator - Appointment; Vacancy; Eligibility.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 2 - Alabama Credit Union Administration. › Section 5-17-41 - Administrator - Appointment; Vacancy; Eligibility.
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Section 5-17-41
Administrator - Appointment; vacancy; eligibility.
(a) The Alabama Credit Union Administration shall be in the charge of the administrator who shall be the chief executive officer of the administration.
(b) The administrator shall be a person of good character.
(c) The administrator shall be appointed by the Governor by and with the consent of the Senate. The term of office of the administrator shall expire on the first day of February after the expiration of the term of office of the Governor making the appointment, but the administrator may continue to serve until a successor is appointed and has qualified. If for any reason there should be a vacancy in the office while the Senate is not in session, the Governor shall appoint an administrator and such administrator shall hold office and exercise the powers conferred by law until the Senate meets and passes on the appointment, and if the appointment is disapproved by the Senate another appointment shall be made by the Governor in like manner until an appointment is confirmed by the Senate.
(d) To be eligible for appointment as administrator, a person must have had at least five years' experience in the 10 years next preceding the appointment either as an officer or director of a federal or state credit union or an examiner or other officer in a federal or state credit union supervisory agency or credit union association, or other equivalent experience for at least five years in the 10 years next preceding the appointment.
(e) The Governor shall set the salary of the administrator within a salary range established by the Credit Union Board of the Alabama Credit Union Administration. The salary range shall not exceed the salary range set by the Banking Board for the Superintendent of the State Banking Department.
(Acts 1985, No. 85-457, p. 425, §18; Act 2006-631, p. 1724, §1.)
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https://law.justia.com/codes/alabama/title-5/chapter-17/article-2/section-5-17-42/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 2 - Alabama Credit Union Administration.›Section 5-17-42 - Administrator - Oath; Bond.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 2 - Alabama Credit Union Administration. › Section 5-17-42 - Administrator - Oath; Bond.
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Section 5-17-42
Administrator - Oath; bond.
The administrator, before entering upon the discharge of his or her duties, shall take and subscribe to the oath prescribed by the constitution and laws of this state, and shall cause the Division of Risk Management of the Department of Finance or its successor agency to cover the administrator by bond. The oath shall be filed with the Secretary of State.
(Acts 1985, No. 85-457, p. 425, §19; Act 2016-133, §1.)
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https://law.justia.com/codes/alabama/title-5/chapter-17/article-2/section-5-17-43/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 2 - Alabama Credit Union Administration.›Section 5-17-43 - Official Seal; Use of Sealed Papers as Evidence; Recording.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 2 - Alabama Credit Union Administration. › Section 5-17-43 - Official Seal; Use of Sealed Papers as Evidence; Recording.
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Section 5-17-43
Official seal; use of sealed papers as evidence; recording.
The Secretary of State shall provide the administrator with an official seal. Every paper executed by him as such administrator, in pursuance of any authority conferred on him by law and sealed with his official seal, shall be received in evidence and may be recorded in the proper recording office in the state in the same manner and with the same effect as a deed regularly acknowledged or proven.
(Acts 1985, No. 85-457, p. 425, §20.)
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https://law.justia.com/codes/alabama/title-5/chapter-17/article-2/section-5-17-44/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 2 - Alabama Credit Union Administration.›Section 5-17-44 - Removal From Office of Administrator or Board Member.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 2 - Alabama Credit Union Administration. › Section 5-17-44 - Removal From Office of Administrator or Board Member.
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Section 5-17-44
Removal from office of administrator or board member.
(a) The administrator or any member of the Credit Union Board may be removed from office by a vote of two thirds of the members of the entire Credit Union Board for:
(1) neglect of duty;
(2) malfeasance;
(3) misfeasance;
(4) extortion or corruption in office;
(5) incompetency;
(6) intemperance in the use of intoxicating liquors or narcotics to such an extent, in view of the dignity of the office and the importance of its duties, as to render such person unfit for the discharge of his duties; or
(7) any offense involving moral turpitude while in office, committed under color thereof or connected therewith.
(b) The administrator may also be removed from office, without cause, upon written order of four appointed members of the Credit Union Board and the Governor.
(Acts 1985, No. 85-457, p. 425, §21.)
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https://law.justia.com/codes/alabama/title-5/chapter-17/article-2/section-5-17-45/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 2 - Alabama Credit Union Administration.›Section 5-17-45 - Legislative Findings; Powers of Credit Unions; Agreements; Reports.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 2 - Alabama Credit Union Administration. › Section 5-17-45 - Legislative Findings; Powers of Credit Unions; Agreements; Reports.
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Section 5-17-45
Legislative findings; powers of credit unions; agreements; reports.
(a) The Legislature finds as fact and determines that the credit unions having their principal place of business in Alabama must keep pace with technological and other improvements constantly being made throughout the United States so as to enable Alabama credit unions to render better and more efficient services to their members. It is necessary and desirable that the administrator be given additional authority in these fields.
(b) The administrator is hereby authorized to expand powers of Alabama credit unions in order to accomplish both of the following:
(1) Accommodate or take advantage of changing technologies.
(2) Assure the ability of Alabama credit unions to be responsive in their business to the needs and conveniences demanded by credit union members through on-premises as well as off-premises operations; provided, that nothing in this section shall enable the administrator to authorize credit unions to engage in activities which are not properly incident to the business of credit unions nor to enable the administrator to authorize credit unions to engage in the business of offering financial services which are now prohibited to them.
No credit union having its principal place of business outside of Alabama may engage in credit union business in Alabama under the provisions of this section; provided that the administrator is authorized to enter into agreements with the appropriate regulatory authorities of other states; provided credit unions having their principal place of business in Alabama are given and may exercise reciprocal rights.
(c) The administrator is authorized to issue regulations under subsection (b) in the same manner as other regulations of the Alabama Credit Union Administration are adopted. Any Alabama credit union covered by the provisions of subsection (b) desiring to exercise any such expanded power must secure in advance written permission of the administrator. The administrator may prescribe the form or forms for such applications for permission and may impose reasonable conditions in granting such permission.
(d) The administrator may enter into supervisory or other agreements, some of which may be confidential in nature, with the Federal Reserve; the U.S. Treasury Department; the National Credit Union Administration; state credit union, banking, and other regulators; approved private insurance carriers; and other state or federal agencies and furnish to them for their use such reports of examination and other information in taking enforcement and other supervisory actions.
(e) Upon request by a state chartered credit union or its designee, any service provider or vendor providing mission critical services to the credit union shall provide any requested reports of examination, audit reports, or other third party reports of the service provider or vendor to the credit union or its designee. The credit union shall make the reports available for review by the administration. Mission critical services shall include those services defined by regulation as mission critical, and those services that involve access by the service provider or vendor to personally identifiable information as defined by the Gramm-Leach-Bliley Act, 15 U.S.C. § 6809.
(Acts 1985, No. 85-457, p. 425, §22; Act 2014-317, p. 1122, §1; Act 2016-133, p. 315, §1; Act 2018-470, §1.)
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https://law.justia.com/codes/alabama/title-5/chapter-17/article-2/section-5-17-46/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 2 - Alabama Credit Union Administration.›Section 5-17-46 - Policies, Regulations, and Interpretations; Review for Ratification; Procedure for...
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 2 - Alabama Credit Union Administration. › Section 5-17-46 - Policies, Regulations, and Interpretations; Review for Ratification; Procedure for Adopting, Amending or Repealing.
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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 member of the Credit Union Board. The policy or written interpretation of credit union laws and regulations shall be invalidated unless a majority of the members of the Credit Union Board ratify the interpretation or policy.
(c) The procedure for adopting, amending, or repealing regulations and for the review or ratification of any policy or interpretation shall be the procedure specified in Section 5-17-47.
(Acts 1985, No. 85-457, p. 425, §23; Acts 1995, No. 95-315, p. 667, §1; Act 2016-133, §1.)
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https://law.justia.com/codes/alabama/title-5/chapter-17/article-2/section-5-17-47/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 2 - Alabama Credit Union Administration.›Section 5-17-47 - Procedure for Adopting, Amending, or Repealing Regulations and Interpretations; Co...
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 2 - Alabama Credit Union Administration. › Section 5-17-47 - Procedure for Adopting, Amending, or Repealing Regulations and Interpretations; Contesting Regulations.
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Section 5-17-47
Procedure for adopting, amending, or repealing regulations and interpretations; contesting regulations.
(a) Prior to the adoption, amendment, or repeal of any regulation or interpretation, the administrator shall:
(1) Give at least 30 days' notice of the intended action. The notice shall include a statement of either the terms or substance of the intended action or a description of the subjects and issues involved, and the time when, the place where, and the manner in which interested persons may present their views thereon. The notice shall be made publicly available, and all credit unions chartered under the laws of this state shall be given notice of such intended action. A complete copy of the proposed regulation shall be filed with the Secretary of State; and
(2) Afford all interested persons reasonable opportunity to submit data, views, or arguments, orally or in writing. Opportunity for oral hearing must be granted if requested by 25 persons or by a governmental subdivision or agency. The administrator shall consider fully all written and oral submissions respecting the proposed regulation. Upon adoption of a regulation, the administrator, if requested to do so by an interested person either prior to adoption or within 30 days thereafter, shall issue a concise statement of the principal reasons for and against its adoption, incorporating therein the reasons for overruling the considerations urged against its adoption.
(b) Notwithstanding any other provision of this section to the contrary, if the administrator finds that an immediate danger to the public welfare requires adoption of a regulation upon fewer than 30 days' notice and states in writing his or her reasons for that finding, he or she may proceed without prior notice or hearing or upon any abbreviated notice and hearing that he or she finds practicable to adopt an emergency regulation. The regulation shall become effective immediately, unless otherwise stated therein, upon the filing of the regulation and a copy of the written statement of the reasons therefor with the Secretary of State. The regulation may be effective for a period of not longer than 120 days and shall not be renewable. The administrator and Credit Union Board shall not adopt the same or a substantially similar emergency regulation within one calendar year from its first adoption unless the administrator clearly establishes it could not reasonably be foreseen during the initial 120-day period that such emergency would continue or would likely reoccur during the next nine months. The adoption of the same or a substantially similar regulation by normal regulation-making procedures is not precluded.
(c) No regulation hereafter adopted is valid unless adopted in substantial compliance with this section. A proceeding to contest any regulation on the ground of noncompliance with the procedural requirements of this section must be commenced within 180 calendar days from the effective date of the regulation; provided, however, that a proceeding to contest a regulation based on failure to provide notice as herein required or on an incorrect interpretation of the law may be commenced at any time.
(d) The validity or applicability of any regulation or any interpretation of the Alabama Credit Union Administration may be determined in an action for declaratory judgment brought in the Circuit Court of Montgomery County when it is alleged that the adoption, amendment, or repeal of any regulation or any interpretation or the application or threatened application of any regulation or any interpretation interferes with or impairs or threatens to interfere with or impair the legal rights and privileges of the credit union or person affected thereby.
(Acts 1985, No. 85-457, p. 425, §24; Act 2016-133, §1.)
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https://law.justia.com/codes/alabama/title-5/chapter-17/article-2/section-5-17-48/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 2 - Alabama Credit Union Administration.›Section 5-17-48 - Annual Report; Public Distribution of Report and Other Material.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 2 - Alabama Credit Union Administration. › Section 5-17-48 - Annual Report; Public Distribution of Report and Other Material.
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Section 5-17-48
Annual report; public distribution of report and other material.
The administrator shall make from the reports of the department during the year an annual report to the Governor on the activities of the Alabama Credit Union Administration and such other information as the Governor may request and shall keep on file as a public record in the administrator's office a copy thereof. The administrator may print for public distribution such annual report and such other material as it deems suitable for the more effective administration of business.
(Acts 1985, No. 85-457, p. 425, §25.)
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https://law.justia.com/codes/alabama/title-5/chapter-17/article-2/section-5-17-49/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 2 - Alabama Credit Union Administration.›Section 5-17-49 - Violations to Be Submitted to Grand Jury.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 2 - Alabama Credit Union Administration. › Section 5-17-49 - Violations to Be Submitted to Grand Jury.
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Section 5-17-49
Violations to be submitted to grand jury.
Repealed by Act 2014-317, §2, effective May 1, 2014.
(Acts 1985, No. 85-457, p. 425, §26.)
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https://law.justia.com/codes/alabama/title-5/chapter-17/article-2/section-5-17-50/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 2 - Alabama Credit Union Administration.›Section 5-17-50 - Employment and Compensation of Necessary Personnel; Assistant Administrator.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 2 - Alabama Credit Union Administration. › Section 5-17-50 - Employment and Compensation of Necessary Personnel; Assistant Administrator.
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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 Alabama Credit Union Administrator shall be subject to the State Merit System and shall be eligible for and subject to any differential travel policy established by the State Personnel Department.
(c) The assistant administrator, in the absence of the administrator, shall exercise any of the powers conferred by law on the administrator and, before entering upon the duties of the office, shall execute to the State of Alabama a bond in the amount of twenty-five thousand dollars ($25,000) for the faithful performance of his or her duties.
(Acts 1985, No. 85-457, p. 425, §27; Act 2006-631, p. 1724, §1.)
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https://law.justia.com/codes/alabama/title-5/chapter-17/article-2/section-5-17-51/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 2 - Alabama Credit Union Administration.›Section 5-17-51 - Immunity From Personal Liability.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 2 - Alabama Credit Union Administration. › Section 5-17-51 - Immunity From Personal Liability.
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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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https://law.justia.com/codes/alabama/title-5/chapter-17/article-2/section-5-17-52/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 2 - Alabama Credit Union Administration.›Section 5-17-52 - Oath and Duties of Examiner.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 2 - Alabama Credit Union Administration. › Section 5-17-52 - Oath and Duties of Examiner.
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Section 5-17-52
Oath and duties of examiner.
Before entering upon the discharge of his or her duties, every examiner shall take and file with the administrator an oath faithfully to discharge his or her duties as examiner. Each examiner shall act under the direction of the administrator and shall examine fully the books, records, papers, and affairs of each credit union which the examiner may be directed by the administrator to examine.
(Acts 1985, No. 85-457, p. 425, §29; Act 2016-133, §1.)
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https://law.justia.com/codes/alabama/title-5/chapter-17/article-2/section-5-17-53/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 2 - Alabama Credit Union Administration.›Section 5-17-53 - Furnishing of Commission to Examiner; Exhibit to Credit Union Upon Making Examinat...
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 2 - Alabama Credit Union Administration. › Section 5-17-53 - Furnishing of Commission to Examiner; Exhibit to Credit Union Upon Making Examination.
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Section 5-17-53
Furnishing of commission to examiner; exhibit to credit union upon making examination.
Repealed by Act 2014-317, §2, effective May 1, 2014.
(Acts 1985, No. 85-457, p. 425, §30.)
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https://law.justia.com/codes/alabama/title-5/chapter-17/article-2/section-5-17-54/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 2 - Alabama Credit Union Administration.›Section 5-17-54 - Bond of Alabama Credit Union Administration Employees.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 2 - Alabama Credit Union Administration. › Section 5-17-54 - Bond of Alabama Credit Union Administration Employees.
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Section 5-17-54
Bond of Alabama Credit Union Administration employees.
Before entering upon the duties of their respective offices, the administrator shall cause the Division of Risk Management of the Department of Finance or its successor agency to include each employee of the Alabama Credit Union Administration under a bond to be fixed and approved by the administrator, for the faithful performance of their duties.
(Acts 1985, No. 85-457, p. 425, §31; Act 2016-133, §1.)
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https://law.justia.com/codes/alabama/title-5/chapter-17/article-2/section-5-17-55/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 2 - Alabama Credit Union Administration.›Section 5-17-55 - Credit Union Board Created; Composition; Appeals.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 2 - Alabama Credit Union Administration. › Section 5-17-55 - Credit Union Board Created; Composition; Appeals.
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Section 5-17-55
Credit Union Board created; composition; appeals.
(a) There shall be a Credit Union Board of the Alabama Credit Union Administration which shall consist of the administrator, who shall be an ex officio member and chair of the board, and seven other persons, appointed by the Governor, by and with the consent of the Senate. Four of these persons shall be appointed from a list of nominees submitted by the Credit Union Board of the Alabama Credit Union Administration, in consultation with the League of Southeastern Credit Union or its successor organization, which shall submit not less than three nominees for any vacancy. Should the Governor determine that none of the first three nominees submitted by the Credit Union Board for a vacancy on the Credit Union Board are acceptable, the Governor may reject the three nominees, and the Credit Union Board shall submit an alternative list of three nominees to the Governor from which the Governor shall make the appointment. The remaining three appointments to the Credit Union Board shall be made by the Governor from a list of nominees submitted by credit unions at large. No person is eligible to be nominated or appointed to the Credit Union Board unless at the time of nomination or appointment, the person is an official of a state-chartered credit union and has at least five years' experience in the 10 years preceding appointment as an official of a credit union. The position of any member of the Credit Union Board shall be declared vacant by the Administrator of the Alabama Credit Union Administration if the member of the Credit Union Board ceases to serve as an official of a credit union chartered under the laws of the State of Alabama. For the purposes of this subsection, an official of a state-chartered credit union includes the president, chief executive officer, or a person elected by the membership to serve as a board member, credit committee member, or supervisory committee member of the state-chartered credit union.
(b) The seven appointees by the Governor, with the consent of the Senate, shall serve for the terms designated by the Governor for each person upon appointment of the persons. Of the seven persons appointed by the Governor, with the consent of the Senate, three persons shall serve terms expiring on February 1 of the first year following passage hereof, two persons shall serve terms expiring on February 1 of the second year following passage hereof and two persons shall serve terms expiring on February 1 of the third year following passage hereof. Successors shall be appointed by the Governor, with the consent of the Senate, for terms of three years each, so that the terms of two or three of the seven appointed members will expire on February 1 of each year. An allowance for correction of terms may be permitted from time to time or as necessary. Upon the expiration of their terms of office, members of the board shall continue to serve until their successors are appointed and have qualified.
(c)(1) If a member of the Credit Union Board of the Alabama Credit Union Administration fails to attend regular meetings of the board for three consecutive meetings or otherwise fails to perform the duties devolving upon him or her as a member of the Credit Union Board of the Alabama Credit Union Administration, is convicted of a felony or any other crime involving moral turpitude, or ceases to be an official of a credit union, the office of the member shall be declared vacant by the administrator. The office of the board member shall be deemed to be vacated on the thirty-first day after mailing of a notice to the board member that his or her position is being vacated unless the board member files an appeal with the Credit Union Board prior to the thirty-first day after mailing of notice. Except that no appeal is authorized if the member's position is declared vacant by reason of conviction of a felony or a crime involving moral turpitude.
(2) Any person who is notified that his or her position on the board has been declared vacant by the administrator, within 30 days after mailing of the notice that the position has been declared vacant, may appeal to the other members of the Credit Union Board by written notice of appeal received by the administrator within the time period.
(3) Upon a finding of good cause for the failure to attend meetings or otherwise perform duties, or upon a finding that there is a compelling reason for reinstating the member, a majority of board members may reinstate the person to the position. When the member appeals to the Credit Union Board, unless reinstated by the board within 30 calendar days after appeal, the position on the board shall be deemed to be vacant on the thirty-first day after receipt by the administrator of the member's written notice of the appeal. The administrator shall call a meeting to hear the appeal within 30 calendar days after receipt of the notice of appeal. The board member who has received notice that the position will be declared vacant shall have the right to present at any hearing dealing with the position being declared vacant, but shall not have the right to vote on any issue until he or she is reinstated by the Credit Union Board.
(d) If by reason of death, resignation, removal from office, or otherwise a vacancy occurs on the Credit Union Board, the vacancy shall be filled by appointment of the Governor and the appointee shall hold office until the Senate meets and passes on the appointment. If the appointment is disapproved by the Senate, another appointment shall be made by the Governor, and appointments must be made in like manner until an appointment is confirmed by the Senate. Any person so appointed shall serve the balance of the unexpired term for which the appointment is made. The seven appointed members of the Credit Union Board shall be persons of good character. Five of the seven shall have at least five years' experience in the 10 years preceding appointment to the Credit Union Board as an official of a credit union organized under the laws of the State of Alabama.
(e) An appeal may be taken to the Credit Union Board from any finding, ruling, order, decision, or the final action of the administrator by any credit union which feels aggrieved thereby. Notice of appeal shall be filed with the administrator within 30 calendar days after the findings, ruling, order, decision, or other action. The notice shall contain a brief statement of the pertinent facts upon which the appeal is grounded. The Credit Union Board shall fix a date, time, and place for hearing the appeal, within 60 calendar days after it is filed, and shall notify the credit union or its attorney of record thereof at least 30 calendar days prior to the date of the hearing. The finding of the Credit Union Board shall be strictly advisory in nature.
(Acts 1985, No. 85-457, p. 425, §32; Acts 1995, No. 95-315, p. 667, §1; Act 2015-168, p. 443, §1; Act 2016-133, p. 315, §1; Act 2019-130, §1.)
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https://law.justia.com/codes/alabama/title-5/chapter-17/article-2/section-5-17-56/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 2 - Alabama Credit Union Administration.›Section 5-17-56 - Meetings; Executive Sessions; Confidential Information.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 2 - Alabama Credit Union Administration. › Section 5-17-56 - Meetings; Executive Sessions; Confidential Information.
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Section 5-17-56
Meetings; executive sessions; confidential information.
(a) The administrator shall comply with the Alabama Open Meetings Law, Chapter 25A of Title 36. The Credit Union Board shall meet not less than once every calendar year. Any meeting of the Credit Union Board may be held at any place in the state where it is called to meet by the administrator.
(b) In order to comply with state and federal confidentiality requirements, at any meeting, the Credit Union Board may enter executive session to do any of the following:
(1) Protect the confidentiality of reports or information under Section 5-17-60 and any other provisions of this title.
(2) Review information concerning the condition and affairs of any proposed credit union, any credit union, any subsidiary or affiliate of a credit union, or several credit unions or their subsidiaries, or to review the personal or financial information of individuals or credit union members.
(3) Undertake any purpose for which a governmental body is permitted to go into executive session under the Alabama Open Meetings Act.
(4) Accomplish any other purpose of the Credit Union Board that requires it to receive or consider information that is confidential under this title.
(5) Comply with any other state or federal law requiring confidentiality.
(c) Confidential information under this title includes all information set forth in subsection (b), as well as other information designated as confidential in this title or under state or federal law, and any other information as determined by the administrator.
(Acts 1985, No. 85-457, p. 425, §33; p. 315, Act 2014-317, p. 1122, §1; Act 2018-470, §1.)
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https://law.justia.com/codes/alabama/title-5/chapter-17/article-2/section-5-17-57/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 2 - Alabama Credit Union Administration.›Section 5-17-57 - Quorum.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 2 - Alabama Credit Union Administration. › Section 5-17-57 - Quorum.
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Section 5-17-57
Quorum.
A majority of the Credit Union Board shall constitute a quorum for the transaction of any business.
(Acts 1985, No. 85-457, p. 425, §34.)
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https://law.justia.com/codes/alabama/title-5/chapter-17/article-2/section-5-17-58/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 2 - Alabama Credit Union Administration.›Section 5-17-58 - Compensation and Expenses of Board Members.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 2 - Alabama Credit Union Administration. › Section 5-17-58 - Compensation and Expenses of Board Members.
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Section 5-17-58
Compensation and expenses of board members.
No person appointed as member of said Credit Union Board shall receive any compensation for his services; except, that each appointed member of said Credit Union Board shall receive $25.00 per day for each day said Credit Union Board is in session, but in no event to exceed $100.00 for each member of said board during any one month, plus travel expenses payable pursuant to Article 2 of Chapter 7 of Title 36. The compensation going to the seven appointed members of the Credit Union Board shall be paid as earned by the Treasurer on warrants drawn by the Comptroller, in favor of each of them, which warrants are to be drawn on the certificate of the administrator of credit unions, which certificate shall certify that a meeting of said board was held, stating the time of meeting and stating the amount to which each member of the board is entitled.
(Acts 1985, No. 85-457, p. 425, §35.)
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https://law.justia.com/codes/alabama/title-5/chapter-17/article-2/section-5-17-59/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 2 - Alabama Credit Union Administration.›Section 5-17-59 - Applicability of Alabama Business Corporation Act.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 2 - Alabama Credit Union Administration. › Section 5-17-59 - Applicability of Alabama Business Corporation Act.
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Section 5-17-59
Applicability of Alabama Business Corporation Act.
Any Alabama state chartered credit union shall be subject to the provisions of the Alabama Business Corporation Act, specifically to Sections 10-2A-260, 10-2A-261, 10-2A-283, 10-2A-284, 10-2A-25, 10-2A-26, 10-2A-27, 10-2A-28 and 10-2A-29.
(Acts 1985, No. 85-457, p. 425, §36.)
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https://law.justia.com/codes/alabama/title-5/chapter-17/article-2/section-5-17-60/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 17 - Credit Unions.›Article 2 - Alabama Credit Union Administration.›Section 5-17-60 - Confidentiality of Conditions and Affairs of Credit Unions; Disclosures.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 17 - Credit Unions. › Article 2 - Alabama Credit Union Administration. › Section 5-17-60 - Confidentiality of Conditions and Affairs of Credit Unions; Disclosures.
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Section 5-17-60
Confidentiality of conditions and affairs of credit unions; disclosures.
(a) Except as otherwise provided in this title or under state or federal law, the administrator, a member of the Credit Union Board, or an examiner or other state employee may not disclose the condition and affairs of any credit union, its supervisory committee, or subsidiaries or other affiliates, ascertained by an examination of such credit union or affiliates, or report or give out nonpublic personal information of credit union members, except as authorized or required by law; provided that this section shall not be construed to prevent examiners and other employees from reporting such information to the administrator or such persons as the administrator may lawfully designate.
(b) Notwithstanding subsection (a), the administrator, at the administrator's discretion, may disclose any information otherwise protected under this section to the members of the Credit Union Board and confer with the members of the Credit Union Board regarding the same and may also disclose publicly such information as is and to the extent necessary to the exercise of enforcement authority or the taking of other supervisory actions pursuant to this title.
(c) The administrator may furnish to the National Credit Union Administration, or to any other supervisory agency of the United States, or to a private share insurance carrier presently providing deposit share insurance to the subject credit union, or to other federal or state agencies with which the administrator has entered into an agreement pursuant to subsection (d) of Section 5-17-45, reports of examination and other data as the administrator deems advisable.
(d) No disclosure may be made by any agency or entity furnished with reports of examination or other data pursuant to subsection (c) to any third parties without the prior consent of the administrator. Any disclosure permitted by the administrator shall be subject to such conditions and restrictions as the administrator may require or as otherwise required by this title.
(e) The administrator may also furnish copies of his or her reports of examination and any other information to the board of directors of the credit union, its supervisory committee, subsidiary, or affiliate.
(f) Any reports or information furnished or disclosed under this section shall remain the property of the Alabama Credit Union Administration and, except as provided in this section, may not be disclosed to any person other than the officers, directors, attorneys, and auditors of the credit union, its supervisory committee, subsidiary, affiliate, consultants, or advisors to the credit union or affiliate, and, subject to appropriate confidentiality agreements, persons considering the possible acquisition of, merger with, or investment in the credit union or affiliate. A person receiving such reports or information may not:
(1) Use the report or information other than in connection with the credit union or affiliate, and its business and affairs.
(2) Retain that report or information or copies thereof.
(3) Except as expressly permitted by law, disclose such report or information to any person not authorized to receive the same under this subsection.
(g) All reports of examination, records reflecting action of a credit union, its supervisory committee, subsidiary, or affiliate, taken pursuant thereto, and records and minutes of meetings of the Credit Union Board relating to a credit union or several credit unions, supervisory committee, subsidiary, or affiliate, shall be confidential and shall not be subject to subpoena or inspection except by subpoena from a grand jury served on the administrator.
(Act 2016-133, §2; Act 2018-470, §1.)
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https://law.justia.com/codes/alabama/title-5/chapter-18/section-5-18-1/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 18 - Small Loans.›Section 5-18-1 - Short Title.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 18 - Small Loans. › Section 5-18-1 - Short Title.
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Section 5-18-1
Short title.
This chapter shall be known and may be cited as the Alabama Small Loan Act.
(Acts 1959, No. 374, p. 966, §25.)
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https://law.justia.com/codes/alabama/title-5/chapter-18/section-5-18-2/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 18 - Small Loans.›Section 5-18-2 - Legislative Findings of Fact and Declaration of Intent.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 18 - Small Loans. › Section 5-18-2 - Legislative Findings of Fact and Declaration of Intent.
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Section 5-18-2
Legislative findings of fact and declaration of intent.
(a) The Legislature finds as facts and determines that:
(1) There exists among citizens of this state a widespread demand for small loans. The scope and intensity of this demand have been increased progressively by many social and economic forces;
(2) The expense of making and collecting small loans, which are usually made on comparatively unsubstantial security to wage earners, salaried employees and other persons of relatively low incomes, is necessarily high in relation to the amounts lent;
(3) Such loans cannot be made profitably under the limitations imposed by existing laws relating to interest and usury. These limitations have tended to exclude lawful enterprises from the small loan field. Since the demand for small loans cannot be legislated out of existence, many small borrowers have been left to the mercy of those willing to bear the opprobrium and risk the penalties of usury for a large profit;
(4) Interest charges are often disguised by the use of subterfuges to evade the usury law. These subterfuges are so complicated and technical that the usual borrower of small sums is defenseless even if he is aware of the usurious nature of the transaction and of his legal rights;
(5) As a result, borrowers of small sums are being exploited to the injury of the borrower, his dependents and the general public. Charges are generally exorbitant in relation to those necessary to the conduct of a legitimate small loan business, trickery and fraud are common and oppressive collection practices are prevalent; and
(6) These evils characterize and distinguish loans of $749.00 or less. Legislation to control this class of loans is necessary to protect the public welfare.
(b) It is the intent of the Legislature in enacting this law to bring under public supervision those engaged in the business of making such loans, to eliminate practices that facilitate abuse of borrowers, to establish a system of regulation for the purpose of insuring honest and efficient small loan service and of stimulating competitive reductions in charges, to allow lenders who meet the conditions of this chapter a rate of charge sufficiently high to permit a business profit and to provide the administrative machinery necessary for effective enforcement.
(Acts 1959, No. 374, p. 966, §1; Acts 1979, No. 79-327, p. 490, §1.)
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https://law.justia.com/codes/alabama/title-5/chapter-18/section-5-18-3/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 18 - Small Loans.›Section 5-18-3 - Definitions.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 18 - Small Loans. › Section 5-18-3 - Definitions.
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Section 5-18-3
Definitions.
The following terms, when used in this chapter, shall have the following meanings, unless the context clearly requires a different meaning. The meaning ascribed to the singular form shall apply also to the plural.
(1) PERSON. Such term shall include individuals, copartnerships, associations, trusts, corporations and any other legal entities.
(2) LICENSE. A license, issued under the authority of this chapter, to make loans in accordance with the provisions of this chapter at a single place of business.
(3) LICENSEE. A person to whom one or more licenses have been issued.
(4) SUPERVISOR. The Supervisor of the Bureau of Loans of the State Banking Department.
(5) BUREAU. The Bureau of Loans of the State Banking Department.
(6) CASH ADVANCE. The amount of cash or its equivalent that the borrower actually receives or is paid at his direction or on his behalf.
(Acts 1959, No. 374, p. 966, §2.)
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 18 - Small Loans.›Section 5-18-4 - License - Required; Exemptions; Penalties for Violation of Section.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 18 - Small Loans. › Section 5-18-4 - License - Required; Exemptions; Penalties for Violation of Section.
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Section 5-18-4
License - Required; exemptions; penalties for violation of section.
(a) License required. No person shall engage in the business of lending in amounts of less than one thousand five hundred dollars ($1,500) and contract for, exact or receive, directly or indirectly, on or in connection with any such loan, any charges whether for interest, insurance, compensation, consideration, or expense, which in the aggregate are greater than the interest that the lender would be permitted by law to charge for a loan of money if he or she were not a licensee under this chapter, except as provided in and authorized by this chapter and without first having obtained a license from the supervisor. For the purpose of this section, a loan shall be deemed to be in the amount of less than one thousand five hundred dollars ($1,500) if the net amount or value advanced to or on behalf of the borrower, after deducting all payments for interest, expenses, and charges of any nature taken substantially contemporaneously with the making of the loan, is less than one thousand five hundred dollars ($1,500).
(b) Exemptions. This chapter shall not apply to any person doing business under the authority of, and as permitted by, any law of this state or of the United States relating to banks, trust companies, savings or building and loan associations, credit unions as defined by law, nor to any lawful, bona fide pawnbroking business, nor shall this chapter apply to any person making loans to their tenants engaged in agriculture, nor to loans by agricultural suppliers to persons whose principal business is farming, nor shall it apply to agricultural credit corporations or associations organized under an act of the Congress of the United States, nor shall it apply to the business of financing the purchase of motor vehicles, refrigerators, or other personal property, nor shall it apply to loans insured or guaranteed by the United States or any of its agencies.
(c) Evasions. The provisions of subsection (a) of this section shall apply to any person who seeks to evade its application by any device, subterfuge, or pretense whatsoever including, but not thereby limiting the generality of the foregoing: The loan, forbearance, use or sale of credit (as guarantor, surety, endorser, comaker, or otherwise), money, insurance, goods or things in action; the use of collateral or related sales or purchases of goods or services or agreements to sell or purchase, whether real or pretended; and, receiving or charging compensation for goods or services, whether or not sold, delivered, or provided and the real or pretended negotiation, arrangement, or procurement of a loan through any use of activity of a third person, whether real or fictitious.
(d) Penalties. Whoever violates or participates in the violation of any provision of this section shall be guilty of a misdemeanor and, upon conviction thereof, shall be punishable by a fine of not more than five hundred dollars ($500) nor less than one hundred dollars ($100), or by imprisonment for not more than six months, or by both such fine and imprisonment in the discretion of the court. Any contract of loan in the making or collection of which any act shall have been done which violates this section shall be void, and the lender shall have no right to collect, receive, or retain any principal, interest, or charges whatsoever.
(Acts 1959, No. 374, p. 966, §3; Acts 1979, No. 79-327, p. 490, §1; Act 2002-305, p. 863, §1; Act 2017-373, §1.)
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https://law.justia.com/codes/alabama/title-5/chapter-18/section-5-18-5/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 18 - Small Loans.›Section 5-18-5 - License - Application; Fees; Disposition of Fees.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 18 - Small Loans. › Section 5-18-5 - License - Application; Fees; Disposition of Fees.
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Section 5-18-5
License - Application; fees; disposition of fees.
Application for a license shall be in writing, under oath and in the form prescribed by the supervisor. The application shall give the approximate location where the business is to be conducted and shall contain such further relevant information as the supervisor may require, including the names and addresses of the partners, officers, directors, or trustees and of such of the principal owners or members as will provide the basis for the investigations and findings contemplated by Section 5-18-6. At the time of making such application, the applicant shall pay to the supervisor the sum of one hundred dollars ($100) as a fee for investigating the application. All licensees under this chapter shall pay an annual license fee of five hundred dollars ($500) for each office, branch, or place of business of the licensee, which shall be due on January 1 of each year and shall be for a one-year period ending December 31 following and shall be delinquent on February 1 of each year, and there shall be a penalty of 10 percent for each month or portion thereof added to such license fee upon delinquency and collected by the bureau. Two hundred dollars ($200) of each such license fee collected shall be paid into the special fund provided by Section 5-2A-20 and used in the supervision and examination of such licensees; provided further, that in fiscal year 1986, two hundred fifty dollars ($250) of each such license fee collected shall be paid into the special fund provided in Section 5-2A-20 and used in the supervision and examination of such licensees; provided further, that in fiscal year 1987, three hundred dollars ($300) of each such license fee collected shall be paid into the special fund provided by Section 5-2A-20 and used in the supervision and examination of such licensees; provided further, that in fiscal year 1988, three hundred fifty dollars ($350) of each such license fee collected shall be paid into the special fund provided in Section 5-2A-20 and used in the supervision and examination of such licensees; and provided further, that in fiscal year 1989 and thereafter, all such license fees collected shall be paid into the special fund provided by Section 5-2A-20 and used in the supervision and examination of such licensees. If any applicant licensed under this chapter for the first time shall commence business after April 1 in any year, the amount of the license fee shall be one half the amount of a full year's license fee. The amount of the license fee and penalties, if any, shall be paid to the Supervisor of the Bureau of Loans, who shall remit the same to the Treasurer of the State of Alabama as provided by law. The license provided for in this chapter shall be in addition to all other licenses now or hereafter provided for by law and shall be in addition to the tax provided for by Chapter 16 of Title 40; and the amount of the license fee levied by this section shall not be credited upon or deducted from, in whole or in part, the tax levied by said Chapter 16 as to the current state tax year or as to any prior or subsequent state tax year. No refunds for the current or any prior or subsequent state tax year or any portion of the tax levied by said Chapter 16 shall be made on the ground that the license fee levied by this section was not credited upon or deducted from the tax levied by said Chapter 16, and no civil action shall lie to enforce any claim for such refund.
(Acts 1959, No. 374, p. 966, §4; Acts 1983, No. 83-747, p. 1244, §1; Act 2002-305, p. 863, §1; Act 2009-625, p. 1900, §1.)
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 18 - Small Loans.›Section 5-18-6 - License - Investigation of Application; Issuance or Denial of License.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 18 - Small Loans. › Section 5-18-6 - License - Investigation of Application; Issuance or Denial of License.
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Section 5-18-6
License - Investigation of application; issuance or denial of license.
(a) Investigation of application. - Upon the filing of such application and the payment of such fees, the supervisor shall investigate the facts concerning the application and the requirements provided for in subsection (b) of this section. The supervisor shall grant or deny such application for a license within 90 days from the filing thereof with the required information and fees unless the period is extended by written agreement between the applicant and the supervisor.
(b) Issuance of license. - If the supervisor shall find that the liquid assets, financial responsibility, experience, character and the general fitness of the applicant are such as to warrant the belief that the business will be operated lawfully, honestly, fairly and efficiently, within the purposes of this chapter, and that allowing such applicant to engage in the business would promote the convenience and advantage of the community in which the business of the applicant is to be conducted, he shall thereupon enter an order granting such application and file his findings with the bureau and forthwith issue and deliver a license to the applicant.
(c) Denial of license. - If the supervisor shall not so find, he shall notify the applicant in writing who may request a hearing on the application. The request for a hearing must be within 30 days of the rejection, with the hearing to be held within 30 days of the date of the request. After such hearing or if no hearing is demanded, the supervisor may deny such application by written order accompanied by his findings of fact and shall deliver a copy of such order and findings to the applicant. The investigation fee shall be retained by the supervisor while the license fee shall be returned to the applicant.
(Acts 1959, No. 374, p. 966, §5.)
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 18 - Small Loans.›Section 5-18-7 - License - Contents; Posting; Continuing Effect.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 18 - Small Loans. › Section 5-18-7 - License - Contents; Posting; Continuing Effect.
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Section 5-18-7
License - Contents; posting; continuing effect.
(a) Contents of license; posting. - Each license shall state the address at which the business is to be conducted and shall state fully the name of the licensee and, if the licensee is a copartnership or association, the names of the members thereof and, if a corporation, the date and place of its incorporation. Each license shall be kept conspicuously posted in the licensed place of business and shall not be transferable or assignable.
(b) Continuing effect of license. - Each license shall remain in full force and effect until surrendered, revoked or suspended as provided in this chapter.
(Acts 1959, No. 374, p. 966, §6.)
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 18 - Small Loans.›Section 5-18-8 - License - Place of Business of Licensee.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 18 - Small Loans. › Section 5-18-8 - License - Place of Business of Licensee.
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Section 5-18-8
License - Place of business of licensee.
(a) Separate license for each place of business. - Not more than one place of business shall be maintained under the same license, but the supervisor may issue additional licenses to the same licensee upon his compliance with all the provisions of this chapter governing the issuance of the first or original license.
(b) Removal. - No change in the place of business of a licensee to a location outside of the original municipality shall be permitted under the same license. When a licensee wishes to change his place of business within the same municipality, he shall give written notice thereof to the supervisor who shall investigate the facts and, if he shall find the proposed location is reasonably accessible to borrowers under existing loan contracts, shall enter an order permitting the change and shall amend the license accordingly. If the supervisor shall not so find, he shall enter an order denying the licensee such permission in the manner specified in and subject to the provisions of subsection (c) of Section 5-18-6.
(c) Residence of borrower. - Nothing in this chapter shall be construed to restrict the loans of any licensee to residents of the community in which the licensed place of business is situated.
(Acts 1959, No. 374, p. 966, §7.)
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 18 - Small Loans.›Section 5-18-9 - License - Revocation, Suspension, etc.; Investigation of Complaints.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 18 - Small Loans. › Section 5-18-9 - License - Revocation, Suspension, etc.; Investigation of Complaints.
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Section 5-18-9
License - Revocation, suspension, etc.; investigation of complaints.
(a) Revocation of license. - The supervisor shall, upon 10 days' written notice to the licensee stating the contemplated action and in general the grounds therefor and upon reasonable opportunity to be heard, revoke any license issued under this chapter if he finds that:
(1) The licensee has failed to pay the annual license fee;
(2) The licensee, either knowingly or without the exercise of due care to prevent the same, has violated any provisions of this chapter or any regulation or order lawfully made pursuant to and within the authority of this chapter;
(3) Any fact or condition exists which, if it had existed or had been known to exist at the time of the original application for such license, clearly would have justified the supervisor in refusing originally to issue such license; except, that the license shall not be revoked because of convenience and advantage; or
(4) The licensee is guilty of using unreasonable collection tactics.
(b) Suspension of license. - If the supervisor finds that probable cause for revocation of any license exists and that enforcement of the chapter requires immediate suspension of such license pending investigation, he may, upon three days' written notice and a hearing, enter an order suspending such license for a period not exceeding 30 days.
(c) Records and notice. - Whenever the supervisor shall revoke or suspend a license issued pursuant to this chapter, he shall enter an order to that effect and forthwith notify the licensee of the revocation or suspension. Within five days after the entry of such an order he shall file with the bureau his findings and a summary of the evidence supporting them, and he shall forthwith deliver a copy thereof to the licensee.
(d) Surrender of license. - Any licensee may surrender any license by delivering it to the supervisor with written notice of its surrender, but such surrender shall not affect his civil or criminal liability for acts committed prior thereto.
(e) Preexisting contracts. - No revocation, suspension or surrender of any license shall impair or affect the obligation of any preexisting contract between the licensee and any borrower.
(f) Reinstatement of license. - The supervisor may reinstate suspended licenses or issue new licenses to a person whose license or licenses have been revoked if no fact or condition then exists which clearly would have justified the supervisor in refusing originally to issue such license under this chapter.
(g) Complaints of violation investigated. - The supervisor shall, upon sworn complaint of any borrower, investigate or cause to be investigated any alleged violation of this chapter.
(Acts 1959, No. 374, p. 966, §8.)
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 18 - Small Loans.›Section 5-18-10 - Examinations of Licensees; Investigations; Enforcement Powers of Supervisor.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 18 - Small Loans. › Section 5-18-10 - Examinations of Licensees; Investigations; Enforcement Powers of Supervisor.
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Section 5-18-10
Examinations of licensees; investigations; enforcement powers of supervisor.
(a) Annual examinations of licensees. At least once each year and at such other time as may be deemed necessary by the Supervisor of the Bureau of Loans, an examination shall be made of the place of business of each licensee and of the loans, transactions, books, papers, and records of the licensee so far as they pertain to the business licensed under this chapter. As cost of examination, the licensee shall pay to the Bureau of Loans the actual cost of each examination, the amount of which shall be reasonably prescribed under rules and regulations promulgated by the Superintendent of Banks; provided, however, the cost for each day of examination by each examiner shall not exceed eight times the average hourly rate for auditing purposes as charged by three recognized certified public accountancy firms in the City of Montgomery, Alabama. In addition thereto, the licensee shall pay as per diem the amount authorized by law for state employees traveling inside the state in the service of the state. All such fees shall be paid into the special fund set up by the State Treasury pursuant to Section 5-2A-20, and used in the supervision and examination of licensees.
(b) Investigations. For the purpose of discovering violations of this chapter or of securing information lawfully required hereunder, the supervisor or his or her duly authorized representatives may at any time investigate the business and examine the books, accounts, papers, and records used therein of (1) any licensee, (2) any other person engaged in the business described in subsection (a) of Section 5-18-4 or participating in such business as principal, agent, broker, or otherwise and (3) any person who the supervisor has reasonable cause to believe is violating or is about to violate any provisions of this chapter, whether or not the person shall claim to be within the authority or beyond the scope of this chapter. For purposes of this section, any person who shall advertise for, solicit, or hold himself or herself out as willing to make loan transactions in the amount or of the value of less than one thousand five hundred dollars ($1,500) shall be presumed to be engaged in the business described in subsection (a) of Section 5-18-4.
(c) Access to records; witnesses. For the purposes of this section, the supervisor or his or her duly authorized representatives shall have and be given free access to the offices and places of business, files, safes, and vaults of all such persons and may require the attendance of any person and to examine him or her under oath relative to the loans or the business or to the subject matter of any examination, investigation, or hearing.
(d) Cease and desist orders; injunctions; receivers. Whenever the supervisor has reasonable cause to believe that any person is violating or is threatening to or intends to violate any provision of this chapter, he or she may in addition to all actions provided for in this chapter and in addition to all other remedies that he or she may have at law and without prejudice thereto enter an order requiring such person to desist or to refrain from such violation, and an action may be brought on the relation of the Attorney General or the supervisor to enjoin the person from engaging in or continuing the violation or from doing any act or acts in furtherance thereof. In any action, an order or judgment may be entered awarding the preliminary or final injunction as may be deemed proper. In addition to all other means provided by law for the enforcement of a restraining order or injunction, the court in which the action is brought shall have the power and jurisdiction to impound and to appoint a receiver for the property and business of the defendant, including books, papers, documents, and records pertaining thereto or so much thereof as the court may deem reasonably necessary to prevent violations of this chapter through or by means of the use of the property and business. The receiver, when appointed and qualified, shall have such powers and duties as to custody, collection, administration, winding up, and liquidation of the property and business as shall from time to time be conferred upon him by the court.
(e) Confidentiality of examinations and investigations. Reports of examinations and investigations of the supervisor, and the books and records of licensees are to be held strictly confidential, and may not be produced, reproduced, or otherwise made available by the State Banking Department to any persons other than those within the State Banking Department unless pursuant to a lawfully issued subpoena. This subsection does not apply to disclosures in proceedings brought by the supervisor pursuant to this chapter.
(Acts 1959, No. 374, p. 966, §9; Acts 1979, No. 79- 327, p. 490, §1; Acts 1996, No. 96-757, p. 1331, §1; Act 2002-305, p. 863, §1; Act 2017-373, §1.)
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https://law.justia.com/codes/alabama/title-5/chapter-18/section-5-18-11/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 18 - Small Loans.›Section 5-18-11 - Books, Accounts and Records of Licensees; Annual Report.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 18 - Small Loans. › Section 5-18-11 - Books, Accounts and Records of Licensees; Annual Report.
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Section 5-18-11
Books, accounts and records of licensees; annual report.
(a) Books and records. -Each licensee shall keep and use in his business such books, accounts and records as will enable the supervisor to determine whether such licensee is complying with the provisions of this chapter and with the orders and regulations lawfully made by the supervisor hereunder. Each licensee shall preserve such books, accounts and records for at least two years after making the final entry on any loan recorded therein.
(b) Annual report.
(1) Each licensee shall annually, on or before May 1, file a report with the supervisor as to each licensed place of business under this chapter, covering the preceding calendar year.
(2) Such report shall be made under oath and shall be in the form prescribed by the supervisor who shall make and publish annually an analysis and recapitulation of such reports.
(Acts 1959, No. 374, p. 966, §10; Acts 1984, No. 84-287, p. 498.)
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https://law.justia.com/codes/alabama/title-5/chapter-18/section-5-18-12/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 18 - Small Loans.›Section 5-18-12 - Promulgation of Rules, Regulations and Orders by Supervisor; Furnishing of Certifi...
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 18 - Small Loans. › Section 5-18-12 - Promulgation of Rules, Regulations and Orders by Supervisor; Furnishing of Certified Copies of Licenses, Regulations or Orders.
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Section 5-18-12
Promulgation of rules, regulations and orders by supervisor; furnishing of certified copies of licenses, regulations or orders.
(a) Rules, regulations, and orders. - The supervisor shall have authority to make reasonable rules, regulations, and orders for the administration and enforcement of this chapter, in addition hereto and not inconsistent herewith. The regulation or order shall be referenced to the section or sections of the chapter which set forth the legislative standard which it interprets or to which it applies. Every regulation shall be promulgated by an order, and any ruling, demand, requirement or similar administrative act may be promulgated by an order. Every order shall be in writing, shall state its effective date and the date of its promulgation and shall be entered in an indexed permanent book which shall be a public record. A copy of every order promulgating a regulation and of every other order containing a requirement of general application shall be mailed to each licensee at least 10 days before the effective date thereof. The failure of a licensee to receive a copy of the regulations shall not exempt him from the duty of compliance with the valid regulations lawfully issued.
(b) Certified copies of official documents. - On application of any person and payment of the costs thereof, the supervisor shall furnish, under his or her seal and signed by him or her or his or her deputy a certified copy of any license, regulation or order. In any court or proceeding, the copy shall be prima facie evidence of the fact of the issuance of the license, regulation or order.
(c) Standards for judicial review of rules and regulations. - As set forth in Section 5-19-21, the supervisor may promulgate reasonable rules and regulations, consistent with the laws of this state, as may be necessary to carry out the provisions of this chapter, and issue written interpretations of consumer finance laws and regulations. The courts of this state shall apply each regulation that becomes effective and each written interpretation that is issued under this subsection, unless the regulation or interpretation is found to be arbitrary and capricious, outside the supervisor's statutory authority, or violative of the Constitution of Alabama of 1901. Any licensee whose practices are consistent with any regulation or written interpretation shall not be liable for any violation of this chapter, even though the rule, or interpretation thereof, is ruled invalid for any reason by a court of competent jurisdiction.
(Acts 1959, No. 374, p. 966, §11; Acts 1996, No. 96-757, p. 1331, §1.)
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https://law.justia.com/codes/alabama/title-5/chapter-18/section-5-18-13/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 18 - Small Loans.›Section 5-18-13 - Advertising; Schedule of Charges.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 18 - Small Loans. › Section 5-18-13 - Advertising; Schedule of Charges.
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Section 5-18-13
Advertising; schedule of charges.
(a) Advertising, etc. No licensee or other person subject to this chapter shall advertise, display, distribute, or broadcast or cause to permit to be advertised, displayed, distributed, or broadcast in any manner whatsoever any false, misleading, or deceptive statement or representation with regard to the rates, terms, or conditions for loans in the amount or of the value of less than one thousand five hundred dollars ($1,500). The supervisor may require that charges or rates of charge, if stated by a licensee, be stated fully and clearly in such manner as he or she may deem necessary to prevent misunderstanding thereof by prospective borrowers. The supervisor may permit or require licensees to refer in their advertising to the fact that their business is under state supervision, subject to conditions imposed by him or her to prevent an erroneous impression as to the scope or degree of protections provided by this chapter.
(b) Schedule of charges. Each licensee shall conspicuously display in each licensed place of business a full and accurate schedule of the rates of charge upon all classes of loans currently to be made by him or her.
(Acts 1959, No. 374, p. 966, §12; Acts 1979, No. 79-327, p. 490, §1; Act 2002-305, p. 863, §1; Act 2004-290, p. 407, §1; Act 2017-373, §1.)
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https://law.justia.com/codes/alabama/title-5/chapter-18/section-5-18-14/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 18 - Small Loans.›Section 5-18-14 - Conduct of Other Business in Office of Licensee; Loan Business Confined to License...
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 18 - Small Loans. › Section 5-18-14 - Conduct of Other Business in Office of Licensee; Loan Business Confined to Licensed Offices; Acceptance of Liens on Real Estate as Security for Loans.
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Section 5-18-14
Conduct of other business in office of licensee; loan business confined to licensed offices; acceptance of liens on real estate as security for loans.
(a) Other business in same office. - No licensee shall conduct the business of making loans under this chapter within any office, suite, room or place of business in which any other business is solicited or engaged in or in association or conjunction with any other business until three days' written notice of an intention so to do has been given the supervisor. Upon receipt of written notification, the supervisor may investigate the facts and, if he finds that the character of the licensee and the nature of the other business warrant belief that such conduct of business would conceal violation or evasion of this chapter or of regulations lawfully made hereunder, he shall enter an order directing the licensee to discontinue said other business. The order shall be entered in the manner specified in and subject to the provisions of subsection (c) of Section 5-18-6.
(b) Business confined to licensed office. - No licensee shall conduct the business of making loans provided for by this chapter under any name or at any place of business within this state other than that stated in the license. Nothing in this section shall prevent the making of loans by mail nor prohibit accommodations to individual borrowers when necessitated by sickness or other emergency situations.
(c) Liens on real estate. - No licensee shall take a lien upon real estate as security for any loan made under this chapter, except such lien as is created by law through the entry or recording of a judgment.
(Acts 1959, No. 374, p. 966, §13.)
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https://law.justia.com/codes/alabama/title-5/chapter-18/section-5-18-15/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 18 - Small Loans.›Section 5-18-15 - Interest Rates, Charges, and Fees.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 18 - Small Loans. › Section 5-18-15 - Interest Rates, Charges, and Fees.
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Section 5-18-15
Interest rates, charges, and fees.
THIS SECTION WAS AMENDED BY ACT 2022-207 IN THE 2022 REGULAR SESSION, EFFECTIVE APRIL 4, 2022. THIS IS NOT IN THE CURRENT CODE SUPPLEMENT.
(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). The account maintenance fee shall be determined at the date of the loan, but may not be prepaid. The fee as so determined shall not bear interest and shall constitute a part of the finance charge.
(c) Method of computing charges.
(1) Interest or charges under this chapter shall not be paid, deducted, discounted, or received in advance or compounded, but the rate of charge authorized by subsections (a) and (b) may be precomputed as provided in subdivision (2) of this subsection.
For the purpose of this section, one month shall be that period of time from any date in a month to a corresponding date in the next month and, if there is not a corresponding date, then to the next day of the next month, and a day shall be considered one thirtieth of a month when computation is made for a fraction of a month.
(2) When the loan contract requires repayment in substantially equal and consecutive monthly installments of principal and charges or interest combined, the charges or interest may be precomputed at the agreed monthly or periodic rate not in excess of that provided for in subsections (a) and (b) on scheduled unpaid principal balances according to the terms of the contract and added to the principal of the loan. Every payment may be applied to the combined total of principal and precomputed charge until the contract is fully paid. The acceptance or payment of charges on loans made under the provisions of this subsection shall not be deemed to constitute payment, deduction, or receipt thereof in advance nor compounding under subdivision (1).
(d) Refunds.
(1) When any loan contract is paid in full by cash, a new loan, renewal, or otherwise one month or more before the final installment date, the licensee shall refund or credit the borrower with that portion of the total charges which shall be due the borrower as determined by schedules prepared under the rule of seventy-eighths or sum of the digits principle as follows: The amount of the refund or credit shall be as great a proportion of the total charges originally contracted for as the sum of the periodic time balances of the contract scheduled to follow the date of prepayment bears to the sum of all the periodic time balances of the contract, both sums to be determined according to the payment schedule originally contracted for.
(2) If the loan contract, with charges precomputed under subsections (a) and (b), is not prepaid in full but becomes partially prepaid in an amount equal to three or more installments, the licensee shall reduce the balance due by the amount that would be required to be refunded for prepayment in full on the date of the partial prepayment and compute charges as payments are made thereafter in the manner prescribed in subdivision (c)(1), or the licensee may with the consent of the borrower reschedule the remaining installments and precompute charges as prescribed in subdivision (c)(2).
(e) Default or extension charges. If the contract so provides, when a scheduled payment is in default or delinquent for 10 or more days, the licensee may charge and collect an additional late charge not to exceed the greater of ten dollars ($10) or five percent of the amount of the scheduled payment in default. Each of the late charges permitted under this subsection may be collected only once on any scheduled payment, regardless of the period during which the payment remains in default or is delinquent. It is the intent of this subsection that if the payment date of all wholly unpaid installments is deferred or extended one or more full months and the contract so provides, the licensee may charge and collect a deferment or default charge only on the installment which is delinquent at the date the contract is extended or deferred.
(f) Rules and regulations. In addition to the general authority granted to him or her by subsection (a) of Section 5-18-12, the supervisor may make such rules and regulations as he or she may deem necessary or advisable to ensure that rebates, default charges, and deferment charges are so computed, paid to or collected from borrowers that the total charges collected by licensees under this section are substantially equivalent to charges authorized to be collected by licensees under this section.
(g) Recording fees. The licensee may collect from the borrower the actual fees paid a public official or agency of the state for filing, recording, or releasing any instrument securing the loan.
(h) Further charges; splitting of contracts. No further or other charges shall be directly or indirectly contracted for or received by any licensee, including insurance premiums of any kind, except those specifically authorized by this chapter or by Chapter 8 of Title 8. No licensee shall divide into separate parts any contract made for the purpose of or with the effect of obtaining charges in excess of those authorized by this section. All balances due to a licensee from any person as a borrower, or as an endorser, guarantor, or surety for any borrower or otherwise, shall be considered a part of any loan being made by a licensee to the person for the purpose of computing charges.
(i) Installment payments; contract period. No licensee shall enter into any contract of loan under this chapter in which the borrower agrees to make any scheduled repayment of the cash advance more than 25 calendar months from the date of making the contract of loan. Every loan contract shall require payment of the cash advance and charges in installments which shall be payable at approximately equal periodic intervals; except, that payment dates may be omitted to accommodate borrowers with seasonal incomes. No installment contracted for shall be substantially larger than any preceding installment.
(j) Interest after due date of final installment. Interest as provided in this section shall not accrue or be recovered or charged on any loan made under this chapter for any longer than six months after the due date of the final installment of principal or interest. After the expiration of the six-month period, interest may be charged at a rate not to exceed eight percent per annum.
(k) Inducing borrower to become obligated under more than one contract. No licensee shall induce or permit any person or any husband and wife, jointly or severally, to become obligated directly or contingently or both under more than one contract of loan at the same time for the purpose of obtaining a higher rate of charge than would otherwise be permitted by this section. It shall be unlawful for any licensee to evade or attempt to evade this section by inducing a customer to borrow from another loan company in which he or she has a pecuniary interest or with whom he or she has an arrangement for exchange of customers.
(l) Liabilities of licensees making excess charges. Any licensee making any charge in excess of the amount authorized herein, except as the result of a deliberate violation of or reckless disregard for this chapter, shall refund to the borrower the total amount of the actual economic damages which at the licensee's option may be done by payment to the borrower, or by reducing the amount of the borrower's principal obligation. If the borrower is entitled to a refund and the licensee refuses to refund within 60 days after written demand, including the filing of a legal action, the licensee shall forfeit, in addition to the actual economic damages, his or her right to any finance charge. If the licensee has made an excess charge in deliberate violation of or in reckless disregard for this chapter, the licensee and the several members, officers, directors, agents, and employees thereof who shall have participated in a deliberate violation of or reckless disregard for this chapter, shall be guilty of a misdemeanor which, upon conviction, shall be punishable by a fine of not more than five hundred dollars ($500) and not less than one hundred dollars ($100) or by imprisonment of not more than six months, or by both fine and imprisonment in the direction of the court. The remedies provided herein shall be the remedy of the borrower under this chapter as the result of this violation. No action under this section may be brought more than 18 months after the due date of the last scheduled payment of the agreement pursuant to which the charge was made.
(m) Alternative rates of charge.
(1) As an alternative to the interest rates and charges permitted to be charged by a licensee pursuant to subsections (a) and (b) on loans of less than one thousand five hundred dollars ($1,500), a licensee may charge an acquisition charge for making the loan in an amount not in excess of 10 percent of the amount of the principal and an installment account handling charge in an amount no greater than the following:
a. Twelve dollars ($12) per month on any loan of an amount of one hundred dollars ($100) or more, up to and including the amount of three hundred dollars ($300).
b. Fourteen dollars ($14) per month on any loan of an amount in excess of three hundred dollars ($300), but not more than four hundred dollars ($400).
c. Sixteen dollars ($16) per month on any loan of an amount in excess of four hundred dollars ($400), but not more than five hundred dollars ($500).
d. Twenty dollars ($20) per month on any loan of an amount in excess of five hundred dollars ($500), but not more than one thousand dollars ($1,000).
e. Twenty-three dollars ($23) per month on any loan of an amount in excess of one thousand dollars ($1,000), but not more than one thousand two hundred fifty dollars ($1,250).
f. Twenty-six dollars ($26) per month on any loan of an amount in excess of one thousand two hundred fifty dollars ($1,250), but not equal to or exceeding one thousand five hundred dollars ($1,500).
Provided, however, that the scheduled payments are in amounts equal to or greater than forty dollars ($40) per month, inclusive of the installment account handling charge. The acquisition charge and the installment account handling charge may be calculated for the term of the contract and added to the amount of the principal. The acceptance or payment of charges on loans made under this subsection shall not be deemed to constitute payment, deduction, or receipt thereof in advance nor compounding under this subsection.
(2) The minimum term for repayment of a loan under this subsection is three months and the maximum term of any loan made under this subsection is 18 months.
(3) Upon the prepayment in full of any loan under this subsection, the installment account handling charge is subject to subsection (d), as it relates to refunds. The acquisition charge shall not be subject to refund.
(4) No insurance charge under Section 5-18-17, no interest surcharge under Section 8-8-14, nor any other charge of any nature whatsoever, is permitted for loans made pursuant to the rate structure of this subsection, except for acquisition charges and installment account handling charges as provided under this subsection, default charges under subsection (e), recording fees under subsection (g), bad check charges under Section 8-8-15, and assessed court costs.
(5) The loan charges allowed under this subsection may not be imposed on a loan to a borrower who has more than one loan outstanding with the licensee and upon which loan charges were imposed under this subsection.
(6) No licensee shall file a claim against a decedent borrower's estate for any unpaid indebtedness for a loan whose charges include an acquisition charge or an installment account handling charge under this subsection.
(7) In addition to the acquisition charge provided under subdivision (1), the licensee may collect a closing fee in an amount not to exceed the lesser of four percent of the loan amount or fifty dollars ($50). The closing fee may be paid from the proceeds of the loan amount and financed by the licensee.
(8) Upon the prepayment in full of any loan under this subsection, any closing fee collected shall be subject to subsection (d), as it relates to refunds, provided, however, that the licensee may retain up to twenty-five dollars ($25) of the closing fee.
(n)(1) Act 2017-373 shall apply to loan contracts entered into after May 25, 2017.
(2) Act 2017-373 shall not affect loan contracts entered into prior to May 25, 2017.
(Acts 1959, No. 374, p. 966, §14; Acts 1979, No. 79-327, p. 490, §1; Acts 1996, No. 96-757, p. 1331, §1; Act 2002-305, p. 863, §1; Act 2004-290, p. 407, §1; Act 2017-373, §§1, 2; Act 2022-207, §1.)
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 18 - Small Loans.›Section 5-18-15.1 - Additional Late Payment Charge.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 18 - Small Loans. › Section 5-18-15.1 - Additional Late Payment Charge.
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Section 5-18-15.1
Additional late payment charge.
Notwithstanding the provisions of subsection (e) of Section 5-18-15, for contracts entered into after June 7, 2007, the additional late charge a licensee licensed under this chapter, the Alabama Small Loan Act, may charge when a scheduled payment is in default or delinquent for 10 or more days, is hereby increased from a charge not to exceed the greater of ten dollars ($10) or five percent of the scheduled payment in default to a charge not to exceed the greater of eighteen dollars ($18) or five percent of the scheduled payment in default.
(Act 2007-281, p. 383, §1.)
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https://law.justia.com/codes/alabama/title-5/chapter-18/section-5-18-16/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 18 - Small Loans.›Section 5-18-16 - Duties of Licensees as to Making and Payment of Loans.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 18 - Small Loans. › Section 5-18-16 - Duties of Licensees as to Making and Payment of Loans.
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Section 5-18-16
Duties of licensees as to making and payment of loans.
(a) Copy of contract or statement; receipts; payment in advance; release of obligation and security. - Every licensee shall:
(1) At the time a loan is made deliver to the borrower or, if there are two or more borrowers, to one of them a copy of the loan contract, executed by the borrower, in the English language showing in clear and distinct terms:
a. The name and address of the lender and one of the primary obligors on the loan.
b. The date of the loan contract.
c. Schedule of installments or description thereof.
d. The cash advance.
e. The face amount of the note evidencing the loan.
f. The amount collected or paid for insurance, if any.
g. The amount collected or paid for filing or other fees allowed by this chapter.
h. The collateral or security for the loan.
(2) Give to the person making any cash payment on account of any loan a receipt at the time the payment is made which receipt need only show the total amount of the cash payment. No receipt shall be required in the case of payments made by the borrower's check or money order, and the use of a coupon book system shall be deemed in compliance with this section.
(3) Permit the payment to be made in advance in any amount on any contract of loan at any time during a licensee's regular business hours.
(4) Upon repayment of the loan in full, mark plainly every obligation and security signed by any obligor with the word "Paid" or "Cancelled," and release any mortgage, restore any pledge, and cancel and return any note and any assignment given to the licensee.
(b) Confessions of judgment; incomplete instruments. -No licensee shall:
(1) Take any confession of judgment or any power of attorney running to himself or herself or to any third person to confess judgment or to appear for the borrower in a judicial proceeding; nor
(2) Take any note or promise to pay that does not disclose the total amount to be repaid, a schedule of payments or a description thereof and the agreed rate or aggregate amount of charge, nor any instrument in which blanks are left to be filled in after execution.
(c) Installments. - Every loan contract shall provide for repayment of principal and charges at approximately equal periodic intervals of time, which shall be so arranged that no installment is substantially greater in amount than any preceding installment.
(d) Confidential relationship or fiduciary duty not created by loan transaction. - Absent other factors, a loan transaction does not create a confidential relationship between the borrower and the licensee nor does it give rise to or create a fiduciary duty on the part of the licensee.
(Acts 1959, No. 374, p. 966, §15; Acts 1996, No. 96-757, p. 1331, §1.)
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 18 - Small Loans.›Section 5-18-17 - Insurance in Connection With Credit Transaction.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 18 - Small Loans. › Section 5-18-17 - Insurance in Connection With Credit Transaction.
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Section 5-18-17
Insurance in connection with credit transaction.
(a) With respect to any insurance written in connection with any credit transaction under this chapter, the creditor shall be subject to the same restrictions, prohibitions, powers, and allowances as any creditor bank, retail establishment, sales finance company, licensee, or any other creditor under Section 5-19-20, and shall be subject to the same rates and regulations promulgated pursuant to that section.
(b) Insurance sold by a licensee or its agents shall be regulated by the Supervisor of the Bureau of Loans. All insurance shall be written by a company authorized to conduct business in the State of Alabama.
(Acts 1959, No. 374, p. 966, §16; Acts 1979, No. 79-327, p. 490, §2; Acts 1996, No. 96-757, p. 1331, §1.)
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https://law.justia.com/codes/alabama/title-5/chapter-18/section-5-18-18/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 18 - Small Loans.›Section 5-18-18 - Charges, Rates, etc., as to Certain Loans.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 18 - Small Loans. › Section 5-18-18 - Charges, Rates, etc., as to Certain Loans.
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Section 5-18-18
Charges, rates, etc., as to certain loans.
Licensees may charge to a borrower the rates permitted by this chapter only on principal loan balances less than one thousand dollars ($1,000). No licensee shall induce or permit any person, jointly or severally, to become obligated directly or contingently, or both, on more than one loan made pursuant to this chapter at the same time for the purpose of obtaining a higher finance charge than would otherwise be permitted by Section 5-18-15. If a licensee makes a loan of one thousand dollars ($1,000) or more, the charges authorized by this chapter shall not apply to any part of the loan. The rates on the entire amount of a loan of one thousand dollars ($1,000) or more shall be governed by the applicable provisions of Chapter 8 of Title 8 or Chapter 19 of this title. The supervisor may suspend or revoke the license of any licensee who violates this section in the manner prescribed by Section 5-18-9, and the penalties provided for in subsection (l) of Section 5-18-15 shall apply to any person, firm or corporation violating this section.
(Acts 1959, No. 374, p. 966, §16 1/2 ; Acts 1979, No. 79-327, p. 490, §1; Act 2002-305, p. 863, §1.)
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 18 - Small Loans.›Section 5-18-19 - Collection of Loans Made Outside State.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 18 - Small Loans. › Section 5-18-19 - Collection of Loans Made Outside State.
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Section 5-18-19
Collection of loans made outside state.
Any loans made outside this state in accordance with the law applicable to such loan in the state in which the loan was made may be collected in this state.
(Acts 1959, No. 374, p. 966, §17.)
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https://law.justia.com/codes/alabama/title-5/chapter-18/section-5-18-20/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 18 - Small Loans.›Section 5-18-20 - Review of Orders, etc., of Supervisor.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 18 - Small Loans. › Section 5-18-20 - Review of Orders, etc., of Supervisor.
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Section 5-18-20
Review of orders, etc., of supervisor.
In addition to any other remedy he may have, any licensee and any person considering himself aggrieved by any act or order of the supervisor under this chapter may, within 30 days from the entry of the order complained of, or within 60 days of the act complained of if there is no order, petition the Circuit Court of Montgomery County for review of such act or order; provided, that such petition shall be docketed, heard and tried in the same manner as other extraordinary writs issued by the court and a copy of the petition and order setting the same for hearing shall be served on the supervisor, giving him such notice of the time and place of the hearing as may be directed by the court.
(Acts 1959, No. 374, p. 966, §18.)
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https://law.justia.com/codes/alabama/title-5/chapter-18/section-5-18-21/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 18 - Small Loans.›Section 5-18-21 - Enforceability of Provisions and Agreements Which Violate Chapter; Liability of Li...
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 18 - Small Loans. › Section 5-18-21 - Enforceability of Provisions and Agreements Which Violate Chapter; Liability of Licensee for Actual Damage.
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Section 5-18-21
Enforceability of provisions and agreements which violate chapter; liability of licensee for actual damage.
Except where other specific remedies are provided in this chapter for violations, in which event those remedies shall apply, any provision of a loan contract which violates this chapter shall be unenforceable by the licensee to the extent, but only to the extent, of the violation, and the other remaining provisions and agreements shall be enforceable and shall not be void and shall not be affected by the violation. Except as set forth in subsection (l) of Section 5-18-15, any licensee who fails to comply with any requirement imposed under this chapter with respect to any person is liable to the person for the actual damage sustained by the person as the result of the failure.
(Acts 1959, No. 374, p. 966, §19; Acts 1996, No. 96-757, p. 1331, §1.)
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https://law.justia.com/codes/alabama/title-5/chapter-18/section-5-18-22/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 18 - Small Loans.›Section 5-18-22 - Modification, Amendment or Repeal of Chapter.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 18 - Small Loans. › Section 5-18-22 - Modification, Amendment or Repeal of Chapter.
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Section 5-18-22
Modification, amendment or repeal of chapter.
This chapter or any part thereof may be modified, amended or repealed so as to effect a cancellation or alteration of any license or right of a licensee hereunder; provided, that such cancellation or alteration shall not impair or affect the obligation of any preexisting lawful contract between any licensee and any borrower.
(Acts 1959, No. 374, p. 966, §20.)
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https://law.justia.com/codes/alabama/title-5/chapter-18/section-5-18-23/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 18 - Small Loans.›Section 5-18-23 - Maintenance of Listing of Licensees Doing Business in State; Public Access to Repo...
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 18 - Small Loans. › Section 5-18-23 - Maintenance of Listing of Licensees Doing Business in State; Public Access to Reports, Etc.
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Section 5-18-23
Maintenance of listing of licensees doing business in state; public access to reports, etc.
(a) The supervisor shall cause to be kept on file in the Bureau of Loans, open to public inspection during business hours, an alphabetical listing of all licensees doing business in Alabama, and such list shall reveal the true ownership of the licensee companies. If the company is a corporation, the list shall indicate the name of the corporation, the address of the home office and the names and addresses of its officers and directors.
(b) Except as provided in subsection (a) of this section, all applications, reports and other papers and documents submitted by licensees to the supervisor or to the bureau shall be open to public inspection only upon approval of the supervisor, but the supervisor shall not deny any person access to such records when the disclosure thereof to such person is in the public interest.
(Acts 1959, No. 374, p. 966, §22.)
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https://law.justia.com/codes/alabama/title-5/chapter-18a/section-5-18a-1/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 18A - Deferred Presentment Services Act.›Section 5-18A-1 - Short Title; Purpose.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 18A - Deferred Presentment Services Act. › Section 5-18A-1 - Short Title; Purpose.
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Section 5-18A-1
Short title; purpose.
This chapter shall be known and may be cited as the "Deferred Presentment Services Act." The purpose of this chapter is to protect consumers who enter into short-term cash advances from abuses that occur in the marketplace. This chapter shall be liberally construed to effectuate its purpose as a consumer protection statute.
(Act 2003-359, p. 992, §1.)
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https://law.justia.com/codes/alabama/title-5/chapter-18a/section-5-18a-2/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 18A - Deferred Presentment Services Act.›Section 5-18A-2 - Definitions.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 18A - Deferred Presentment Services Act. › Section 5-18A-2 - Definitions.
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Section 5-18A-2
Definitions.
As used in this chapter, the following terms shall have the following meanings:
(1) CHECK. A debit authorization or a check signed by the maker and made payable to a person licensed under this chapter.
(2) CONTINUOUS TRANSACTION. To extend a deferred presentment transaction with the same account without redemption in full with cash or guaranteed funds.
(3) DEFERRED PRESENTMENT SERVICES. A transaction pursuant to a written agreement involving the following combination of activities in exchange for a fee:
a. Accepting a check or authorization to debit a checking account and, in connection with that acceptance, advancing funds to the checking account holder.
b. Holding the check or authorization to debit checking account for a period of time prior to payment or deposit.
(4) DEPARTMENT. The State Banking Department.
(5) LICENSEE. A person licensed to provide deferred presentment services pursuant to this chapter.
(6) PERSON. An individual, group of individuals, partnership, association, corporation, or any other business unit or legal entity.
(7) ROLLOVER. Any deferred presentment transaction where the transaction is not paid in full and the licensee agrees to allow the customer to pay the fee only for a new deferred presentment transaction.
(8) SUPERVISOR. The Supervisor of the Bureau of Loans or his or her designee.
(Act 2003-359, p. 992, §2.)
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https://law.justia.com/codes/alabama/title-5/chapter-18a/section-5-18a-3/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 18A - Deferred Presentment Services Act.›Section 5-18A-3 - License - Required; Applicability.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 18A - Deferred Presentment Services Act. › Section 5-18A-3 - License - Required; Applicability.
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Section 5-18A-3
License - Required; applicability.
(a) On or after January 1, 2004, no person shall engage in the business of deferred presentment services without having first obtained a license from the supervisor. A separate license shall be required for each location from which the business is conducted.
(b) Trust companies, life insurance companies, and federally constituted agencies shall be exempt from licensing under this chapter. Notwithstanding anything to the contrary in this chapter, this chapter shall not apply to any of the following entities, and each of these entities shall be exempt from this chapter: Banks, credit unions, savings associations, savings banks, and thrift institutions organized pursuant to the laws of this state or any other state or the laws of the United States and any parent of any of the foregoing entities.
(c) This chapter shall have no application to persons who do not engage in deferred presentment services.
(Act 2003-359, p. 992, §3.)
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https://law.justia.com/codes/alabama/title-5/chapter-18a/section-5-18a-4/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 18A - Deferred Presentment Services Act.›Section 5-18A-4 - License - Qualifications.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 18A - Deferred Presentment Services Act. › Section 5-18A-4 - License - Qualifications.
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Section 5-18A-4
License - Qualifications.
(a) Each applicant for a license shall satisfy all of the following requirements to qualify for a license:
(1) Have a financial statement showing that the applicant has at least twenty thousand dollars ($20,000) in unencumbered cash assets or its equivalent available for each location of the business prepared in accordance with standard accounting practices and procedures.
(2) Have no record on the part of the applicant, any director, officer, or shareholder owning more than 25 percent of the applicant, of any court findings of fraud or any official suspension or removal by any agency or department of the United States or any state from participation in the conduct of any lending, deferred presentment, or related business.
(3) Have no record of a conviction of a felony or an offense involving breach of trust, fraud, or dishonesty in any jurisdiction or a history of acting as a beneficial owner for an individual who has been convicted of a felony or an offense involving breach of trust, fraud, or dishonesty in any jurisdiction.
(b) The requirements set forth in this section shall be continuing in nature.
(Act 2003-359, p. 992, §4.)
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https://law.justia.com/codes/alabama/title-5/chapter-18a/section-5-18a-5/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 18A - Deferred Presentment Services Act.›Section 5-18A-5 - License - Application.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 18A - Deferred Presentment Services Act. › Section 5-18A-5 - License - Application.
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Section 5-18A-5
License - Application.
Each application for a license shall be in writing and under oath to the supervisor, in a form prescribed by the supervisor, and shall include the legal name, residence, business address, and telephone number of the applicant. If the applicant is a partnership, association, or corporation, the application shall include the name and address of every member, officer, and director.
(Act 2003-359, p. 992, §5.)
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https://law.justia.com/codes/alabama/title-5/chapter-18a/section-5-18a-6/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 18A - Deferred Presentment Services Act.›Section 5-18A-6 - License - Fees; Financial Statement.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 18A - Deferred Presentment Services Act. › Section 5-18A-6 - License - Fees; Financial Statement.
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Section 5-18A-6
License - Fees; financial statement.
Each application for a license shall be accompanied by all of the following:
(1) A nonrefundable license fee of five hundred dollars ($500) for each location, office, or branch at which the applicant conducts business. The license fees are subject to increase by the supervisor through regulation.
(2) A nonrefundable application investigation fee of one hundred dollars ($100).
(3) A financial statement meeting the requirements of subdivision (1) of subsection (a) of Section 5-18A-4.
(Act 2003-359, p. 992, §6.)
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https://law.justia.com/codes/alabama/title-5/chapter-18a/section-5-18a-7/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 18A - Deferred Presentment Services Act.›Section 5-18A-7 - License - Issuance; Display; Payment of Fees; Surrender.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 18A - Deferred Presentment Services Act. › Section 5-18A-7 - License - Issuance; Display; Payment of Fees; Surrender.
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Section 5-18A-7
License - Issuance; display; payment of fees; surrender.
(a) Upon the filing of an application in the form prescribed by the supervisor, accompanied by the fee and documents required pursuant to Section 5-18A-6, the supervisor shall investigate to ascertain whether the qualifications prescribed by Section 5-18A-4 have been satisfied. If the supervisor finds that the qualifications have been satisfied, and approves the documents, the supervisor shall issue to the applicant a license to engage in deferred presentment services business in Alabama. A request shall be either granted or denied within 90 days of receipt. If permission is denied, the applicant for licensure shall have the right to an administrative hearing within 60 days of the denial, if requested, and the right to appeal pursuant to rules promulgated by the supervisor.
(b) The license shall be kept conspicuously posted in the place of business of the licensee and shall not be assignable or transferable or removed to another location without permission of the supervisor.
(c) The annual license fee required in subdivision (1) of Section 5-18A-6 for each office, branch, or place of business of the licensee shall be due on January 1 of each year and shall be valid for a one-year period ending the following December 31. License fees shall be delinquent on February 1 of each year and there shall be a penalty of 10 percent for each month or portion thereof that the licensee is delinquent in the payment of a license fee. All license fees and investigation fees collected pursuant to this chapter shall be paid into the special fund created pursuant to Section 5-2A-20, and shall be used in the supervision and examination of licensees.
(d) A licensee may voluntarily surrender its license to the supervisor; however, the licensee shall not be entitled to receive a refund of any license fees previously paid. Upon surrender of a license, the licensee shall immediately make available to the supervisor all books, records, and papers required to be created and maintained pursuant to this chapter or rule or regulation promulgated hereunder.
(Act 2003-359, p. 992, §7.)
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https://law.justia.com/codes/alabama/title-5/chapter-18a/section-5-18a-8/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 18A - Deferred Presentment Services Act.›Section 5-18A-8 - License - Change of Control.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 18A - Deferred Presentment Services Act. › Section 5-18A-8 - License - Change of Control.
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Section 5-18A-8
License - Change of control.
The prior written approval of the supervisor shall be required for the continued operation of a deferred presentment services business whenever a change in control of a license is proposed. Control in the case of a corporation shall mean direct or indirect ownership, or the right to control 25 percent or more of the voting shares of the corporation, or the ability of a person to elect a majority of the directors or otherwise effect a change in policy. Control in the case of any other entity shall mean the ability to change the principals of the organization, whether active or passive. The supervisor may require any information deemed necessary to determine whether a new application is required.
(Act 2003-359, p. 992, §8.)
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https://law.justia.com/codes/alabama/title-5/chapter-18a/section-5-18a-9/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 18A - Deferred Presentment Services Act.›Section 5-18A-9 - Circumstances Requiring Written Report.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 18A - Deferred Presentment Services Act. › Section 5-18A-9 - Circumstances Requiring Written Report.
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Section 5-18A-9
Circumstances requiring written report.
Within 15 days of the occurrence of any one of the following events, a licensee shall file a written report with the supervisor describing the event and its expected impact on the activities of the licensee in this state:
(1) The filing for bankruptcy or reorganization by the licensee.
(2) The institution of revocation or suspension proceedings against the licensee by any state or governmental authority and subsequently the outcome of such proceeding.
(3) The denial of a license to engage in the deferred presentment services business by any state or governmental authority.
(4) Any felony indictment of the licensee or any of its directors, officers, or principals.
(5) Any felony conviction of the licensee or any of its directors, officers, or principals.
(6) All other events as the supervisor may determine and identify by regulation.
(Act 2003-359, p. 992, §9.)
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https://law.justia.com/codes/alabama/title-5/chapter-18a/section-5-18a-10/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 18A - Deferred Presentment Services Act.›Section 5-18A-10 - Rules and Regulations; Judicial Review.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 18A - Deferred Presentment Services Act. › Section 5-18A-10 - Rules and Regulations; Judicial Review.
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Section 5-18A-10
Rules and regulations; judicial review.
(a) The supervisor may promulgate reasonable rules and regulations for the implementation, administration, execution, and enforcement of this chapter.
(b) Prior to adoption, amendment, or repeal of any regulation, the supervisor shall give at least 35 days' notice of its intended action by filing notice of intended action with the Legislative Reference Service for publication in the Alabama Administrative Monthly. The date of publication in the Alabama Administrative Monthly shall constitute the date of notice. The notice shall include a statement of either the terms or substance of the intended action or a description of the subject and issues involved, shall specify a notice period ending not less than 35 days nor more than 90 days from the date of the notice, during which period interested persons may present their views thereon, and shall specify the place where, and the manner in which interested persons may present their views thereon.
(c) All interested persons shall have a reasonable opportunity to submit data, views, or arguments, orally or in writing. The supervisor shall consider all written and oral submissions respecting the proposed regulation. Upon adoption of a regulation, the supervisor, if conflicting views are submitted on the proposed regulation and if requested in writing to do so by an interested person prior to adoption, shall issue a concise statement of the principal reasons for and against its adoption, incorporating therein its reasons for overruling any considerations urged against its adoption.
(d) Notwithstanding any other provisions of this chapter to the contrary, if the supervisor finds that action is required by or to comply with a federal statute or regulation which requires adoption of a regulation upon fewer than 35 days' notice and states in writing his or her reasons for that finding, the supervisor may proceed without prior notice or hearing or upon any abbreviated notice and hearing that he or she finds practicable, to adopt an emergency regulation. The regulation shall become effective immediately, unless otherwise stated therein. The regulation may be effective for a period of not longer than 120 days unless within such time the supervisor complies with the procedures set forth in subsections (b) and (c). The adoption of the same or substantially similar regulation following the procedures set forth in subsections (b) and (c) at any time is not limited by the adoption of a regulation following the emergency regulation procedure set forth in this subsection.
(e) A person who has exhausted all administrative remedies available within the department, other than rehearing, and who is aggrieved by the final decision of the supervisor with respect to a regulation, is entitled to judicial review under this chapter. All proceedings for a review shall be instituted by filing of notice of appeal or review and a cost bond with the supervisor to cover the reasonable costs of preparing the transcript of the proceeding under review, unless waived by the supervisor or the court on a showing of substantial hardship. The notice of appeal and cost bond shall be filed within 42 days after the date the supervisor issued the final regulation. The appeal shall be filed pursuant to Title 6. The regulation shall be in effect pending the outcome of any appeal unless the supervisor stays the effective date of regulations.
(f) A licensee acting in reasonable reliance upon any written opinion or regulation promulgated by the supervisor or a decision of an appellate court of this state shall be presumed to have acted in accordance with applicable law, notwithstanding that after such act has occurred, the regulation is amended, rescinded, or determined by judicial or other authority to be incorrect or invalid for any reason or the particular judicial decision is reversed or modified.
(Act 2003-359, p. 992, §10.)
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https://law.justia.com/codes/alabama/title-5/chapter-18a/section-5-18a-11/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 18A - Deferred Presentment Services Act.›Section 5-18A-11 - Maintenance of Business Records; Notice of Intent to Conduct Business in Conjunct...
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 18A - Deferred Presentment Services Act. › Section 5-18A-11 - Maintenance of Business Records; Notice of Intent to Conduct Business in Conjunction With Other Business; Examination of Place of Business.
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Section 5-18A-11
Maintenance of business records; notice of intent to conduct business in conjunction with other business; examination of place of business.
(a) Each licensee shall keep and use in its business any books, accounts, and records that the supervisor may require to carry into effect this chapter and the administrative regulations issued hereunder. If a licensee operates any other business licensed by the department, a deferred presentment services business shall be accounted for separately from any other business licensed by the department. Each licensed business shall maintain separate business records.
(b) No licensee shall conduct the business of making deferred presentment transactions under this chapter within any office, suite, room, or place of business in which any other business except check cashing or a business conducted pursuant to Chapter 19A is solicited or engaged in or in association or conjunction with any other business until 15 days' written notice of an intention to do so has been given the supervisor. Upon receipt of written notification, the supervisor may investigate the facts and, if he or she finds that the character of the licensee and the nature of the other business warrant belief that such conduct of business would conceal violation or evasion of this chapter or of regulations lawfully made hereunder, he or she shall enter an order directing the licensee to discontinue the other business. The order shall be entered in the manner specified in and subject to the provisions of Section 5-18A-7.
(c) For the purpose of determining compliance with this chapter, the supervisor may, at any reasonable time, cause an examination to be made at the licensee's place of business of the records and transactions of such licensee. As cost of examination, the licensee shall pay to the supervisor an examination fee as provided in Section 5-2A-24, which fee shall be collected and paid into the special fund as provided by Section 5-2A-20, and shall be used in the supervision and examination of licensees. Each licensee shall preserve all relevant records for a period of two years after making the last entry on any transaction, and the supervisor shall have free access thereto at the licensee's place of business at all reasonable times. If the supervisor has probable cause to believe that a licensee has engaged in an activity which violates the provisions of this chapter, the supervisor may compel the production of such books and records of the person as he or she has probable cause to believe are relevant to the alleged violation. Any action arising out of any investigation or examination shall be in the Circuit Court of Montgomery County or in the county of the principal place of business of the licensee.
(Act 2003-359, p. 992, §11.)
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https://law.justia.com/codes/alabama/title-5/chapter-18a/section-5-18a-12/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 18A - Deferred Presentment Services Act.›Section 5-18A-12 - Transaction Fees; Renewal or Extension; Repayment; Bad Check Charge.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 18A - Deferred Presentment Services Act. › Section 5-18A-12 - Transaction Fees; Renewal or Extension; Repayment; Bad Check Charge.
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Section 5-18A-12
Transaction fees; renewal or extension; repayment; bad check charge.
(a) Subject to the following subsections, every licensee under this chapter may charge and collect a maximum fee on any deferred presentment transaction not to exceed 17.5 percent of the amount advanced. The maximum amount that may be advanced in any deferred presentment transaction is five hundred dollars ($500).
(b) Each licensee may renew or extend a deferred presentment transaction with the same customer no more than one additional time at this fee for a maximum of two continuous transactions. After two continuous transactions with the customer, the licensee shall not enter into a new deferred presentment transaction with that same customer until the next business day after the transaction amount is repaid in full. After the customer has redeemed the check in full with cash or guaranteed funds, the licensee has the same authority as any other licensee to enter into another agreement for deferred presentment services with the customer on another check.
(c) After the initial loan period and one rollover with the same customer, the full outstanding amount of the loan, including, but not limited to, held check or debt authorization, shall become due. If the customer is unable to repay the outstanding balance in full, the licensee may offer the customer an extended repayment option of four equal monthly installments of the remaining balance. The licensee shall not commence any civil action to collect on a transaction in default until written notice has been sent notifying the customer of his or her rights. If the customer fails to exercise his or her rights within 15 days of the notice, the licensee may commence action to collect on a transaction in default.
(d) If there are insufficient funds to pay a check on the date of presentment, the licensee may charge a fee authorized in Section 8-8-15; however, only one such fee may be collected with respect to any particular transaction. No other fees or charges of any kind may be charged or collected from customers except those authorized herein. No person shall use any device, subterfuge, or pretense whatsoever, including, but not limited to, catalog sales, discount vouchers, Internet instant-rebate programs, phone card clubs, or any agreement, including agreements with affiliated persons, with the intent to obtain greater charges than would otherwise be authorized by this chapter.
(Act 2003-359, p. 992, §12.)
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https://law.justia.com/codes/alabama/title-5/chapter-18a/section-5-18a-13/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 18A - Deferred Presentment Services Act.›Section 5-18A-13 - Duties of Licensee.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 18A - Deferred Presentment Services Act. › Section 5-18A-13 - Duties of Licensee.
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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 contract.
(d) The licensee shall notify the district attorney for the circuit in which the check was received within five business days after being advised by the payer financial institution that a check or draft has been altered, forged, stolen, obtained through fraudulent or illegal means, negotiated without proper legal authority, or represents the proceeds of illegal activity. If a check or draft is returned to the licensee by the payer financial institution for any of these reasons, the licensee shall not release the check, draft, or money order without the consent of the district attorney or other investigating law enforcement authority.
(e) A licensee shall comply with all provisions of state and federal law regarding cash transactions and cash transaction reporting.
(f) A licensee shall provide each prospective customer, before consummation of the deferred presentment agreement, with a written explanation in clear, understandable language of the fees to be charged by the licensee and the date on which the check or debit authorization may be deposited or presented by the licensee. All fees associated with deferred presentment transactions shall be disclosed as finance charges as required by the Federal Truth-in-Lending Act, 15 U.S.C. §1605, its regulations, 12 C.F.R. Part 226, and Official Staff Commentary as adopted by the Federal Reserve Board. The supervisor may promulgate rules establishing additional requirements in order to assure complete and accurate disclosures. The customer, prior to entering into a deferred presentment transaction, shall receive and acknowledge an accurate and complete notification and disclosure of the itemized and total amounts of all fees and other costs that will or potentially could be imposed as a result of such agreement. This subsection shall not create any inference that a particular method of disclosure was required prior to June 20, 2003. All customers will be notified in clear and conspicuous language that the deferred presentment check or debit authorization after one rollover, will be subject to terms and conditions described in subsection (c) of Section 5-18A-12. The terms and conditions of the transaction shall be provided in the notification.
(g) A licensee shall issue a copy of the written agreement to each person for whom a licensee defers deposit of a check or debit authorization. The written agreement shall include the information described in subsection (f) and the extended repayment program described in subsection (c) of Section 5-18A-12.
(h) If a check is returned to the licensee from a payer financial institution due to insufficient funds or a closed account, the licensee shall have the right to all civil remedies allowed by law, except as provided for in Section 5-18A-12, to collect the check and may recover court costs and a reasonable attorney's fee. The attorney's fee may not exceed 15 percent of the face amount of the check or debit authorization. No individual who issues a personal check or authorizes a debit for his or her checking account to a licensee for the purpose of a deferred presentment transaction under this chapter shall be convicted pursuant to Section 13A-9-13.1, if the check or debit authorization is returned due to insufficient funds. Checks or debit authorizations returned to the licensee due to a closed account may be collected pursuant to Section 13A-9-13.1.
(i) No licensee may alter or delete the date on any check accepted by the licensee. No licensee may accept an undated check or debit authorization or a check or debit authorization dated on a date other than the date on which the licensee accepts the check or debit authorization.
(j) No licensee shall engage in unfair or deceptive acts, practices, or advertising in the conduct of the licensed business.
(k) No licensee shall require a customer to provide security for the transaction or require the customer to provide a guaranty from another person.
(l) Each licensee shall pay all proceeds for any deferred presentment transaction in cash and directly to the customer.
(m) Every licensee shall conspicuously and continuously display a schedule of all fees, charges, and penalties for all services provided by the licensee. The schedule of fees shall contain the following statement in all capital letters and in l2-point type or larger immediately above the space for the borrower's signature: NOTICE: FEES FOR DEFERRED PRESENTMENT TRANSACTIONS MAY BE SIGNIFICANTLY HIGHER THAN FOR OTHER TYPES OF LOANS.
(n) A deferred presentment provider shall not redeem, extend, or otherwise consolidate a deferred deposit agreement with the proceeds of another deferred presentment transaction made by the same or affiliated deferred presentment provider except as expressly provided in Section 5-18A-12.
(o) The licensee shall use a third party private sector database, where available, to ensure that the customer does not have outstanding deferred presentment transactions that exceed five hundred dollars ($500).
(Act 2003-359, p. 992, §13.)
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https://law.justia.com/codes/alabama/title-5/chapter-18a/section-5-18a-14/
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AL
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 18A - Deferred Presentment Services Act.›Section 5-18A-14 - Denial of Application; Hearing.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 18A - Deferred Presentment Services Act. › Section 5-18A-14 - Denial of Application; Hearing.
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Section 5-18A-14
Denial of application; hearing.
(a) If the supervisor determines that an applicant is not qualified to receive a license, the supervisor shall notify the applicant in writing that the application has been denied, stating the basis for denial.
(b) If the supervisor denies an application or if the supervisor fails to act on an application within 90 days after the filing of a properly completed application, the applicant may make a written demand to the supervisor for a hearing as provided in subsection (a) of Section 5-18A-7 before the supervisor on the question of whether the license should be granted.
(c) At the hearing, the burden of proving that the applicant is entitled to a license shall be on the applicant. A decision of the supervisor following any hearing on the denial of a license may be subject to review by the circuit court pursuant to Title 6.
(Act 2003-359, p. 992, §14.)
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https://law.justia.com/codes/alabama/title-5/chapter-18a/section-5-18a-15/
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AL
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 18A - Deferred Presentment Services Act.›Section 5-18A-15 - Suspension or Revocation of License; Hearing.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 18A - Deferred Presentment Services Act. › Section 5-18A-15 - Suspension or Revocation of License; Hearing.
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Section 5-18A-15
Suspension or revocation of license; hearing.
(a) The supervisor may, after notice and hearing, suspend or revoke any license if the supervisor finds that the licensee has knowingly or through lack of due care committed any of the following actions:
(1) Failed to pay the annual license fee imposed by this chapter or an examination fee imposed by the supervisor under the authority of this chapter.
(2) Committed fraud, engaged in a dishonest activity, or made misrepresentations.
(3) Violated a provision of this chapter, an administrative regulation issued pursuant to this chapter, or has violated any other law in the course of its or his or her dealings as a licensee.
(4) Made a false statement in the application for the license or failed to give a true reply to a question in the application.
(5) Demonstrated incompetence or untrustworthiness to act as a licensee.
(6) Entered or caused to be entered or allowed to be entered any false information on any business record of the licensed activity, including, but not limited to, any information in customer agreements and on deferred presentment checks or debit authorizations.
(b) If the reason for revocation or suspension of a license of the licensee at any one location is of general application to all locations operated by a licensee, the supervisor may revoke or suspend all licenses issued to a licensee.
(c) A hearing shall be held on written notice given at least 20 days prior to the date of the hearings.
(Act 2003-359, p. 992, §15.)
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