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https://law.justia.com/codes/alabama/title-5/chapter-18a/section-5-18a-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 18A - Deferred Presentment Services Act.›Section 5-18A-16 - Violations of Chapter.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 18A - Deferred Presentment Services Act. › Section 5-18A-16 - Violations of Chapter.
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Section 5-18A-16
Violations of chapter.
If, after a hearing, the supervisor finds that a person has violated this chapter or any administrative regulation issued pursuant to this chapter, the supervisor may take any one or more of the following enforcement actions:
(1) Order the person to cease and desist violating the chapter or any administrative rules issued pursuant thereto.
(2) Require the refund of any fees collected by such person in violation of this chapter.
(3) Order the person to pay to the supervisor a civil penalty of not more than one thousand dollars ($1,000) for each transaction in violation of this chapter.
(Act 2003-359, p. 992, §16.)
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https://law.justia.com/codes/alabama/title-5/chapter-18a/section-5-18a-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 18A - Deferred Presentment Services Act.›Section 5-18A-17 - Consent Orders; Civil or Criminal Penalties; Extraordinary Circumstances.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 18A - Deferred Presentment Services Act. › Section 5-18A-17 - Consent Orders; Civil or Criminal Penalties; Extraordinary Circumstances.
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Section 5-18A-17
Consent orders; civil or criminal penalties; extraordinary circumstances.
(a) The supervisor may enter into consent orders at any time with any person to resolve any matter arising under this chapter. A consent order shall be signed by the person to whom it is issued, or a duly authorized representative, and shall indicate agreement to the terms contained therein. A consent order need not constitute an admission by any person that any provision of this chapter, or any rule, regulation, or order promulgated or issued pursuant to this chapter has been violated, nor need it constitute a finding by the supervisor that such person has violated any provision of this chapter or any rule, regulation, or order promulgated or issued hereunder.
(b) Notwithstanding the issuance of a consent order, the supervisor may seek civil or criminal penalties or compromise civil penalties concerning matters encompassed by the consent order.
(c) In cases involving extraordinary circumstances requiring immediate action, the supervisor may take any enforcement action authorized by this chapter without providing the opportunity for a prior hearing.
(Act 2003-359, p. 992, §17.)
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https://law.justia.com/codes/alabama/title-5/chapter-18a/section-5-18a-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 18A - Deferred Presentment Services Act.›Section 5-18A-18 - Written Complaint; Investigation; Compliance With Subpoena.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 18A - Deferred Presentment Services Act. › Section 5-18A-18 - Written Complaint; Investigation; Compliance With Subpoena.
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Section 5-18A-18
Written complaint; investigation; compliance with subpoena.
(a) Any person aggrieved by the conduct of a licensee under this chapter in connection with the regulated activities of the licensee may file a written complaint with the supervisor who may investigate the complaint.
(b) In the course of the investigation of the complaint, the supervisor may do the following:
(1) Subpoena witnesses.
(2) Administer oaths.
(3) Examine any individual under oath.
(4) Compel the production of records, books, papers, contracts, or other documents relevant to the investigation.
(c) If a person fails to comply with a subpoena of the supervisor under this chapter or to testify concerning any matter about which the person may be interrogated under this chapter, the supervisor may petition any court of competent jurisdiction for enforcement.
(d) The license of any licensee under this chapter who fails to comply with a subpoena of the supervisor may be suspended pending compliance with the subpoena.
(Act 2003-359, p. 992, §18.)
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https://law.justia.com/codes/alabama/title-5/chapter-18a/section-5-18a-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 18A - Deferred Presentment Services Act.›Section 5-18A-19 - Public Notice of Provisions.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 18A - Deferred Presentment Services Act. › Section 5-18A-19 - Public Notice of Provisions.
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Section 5-18A-19
Public notice of provisions.
Every licensee shall conspicuously post a sign, as designed by the department, notifying the public of the pertinent provisions of this chapter and any consequences related to entering into a deferred presentment transaction pursuant to this chapter.
(Act 2003-359, p. 992, §19.)
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https://law.justia.com/codes/alabama/title-5/chapter-18a/section-5-18a-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 18A - Deferred Presentment Services Act.›Section 5-18A-20 - Excessive Charges.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 18A - Deferred Presentment Services Act. › Section 5-18A-20 - Excessive Charges.
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Section 5-18A-20
Excessive charges.
Any person who willfully makes charges in excess of those permitted by Section 5-18A-12 or any person who willfully engages in the business of cashing deferred presentment checks in violation of Section 5-18A-3, or both, is guilty of a Class B misdemeanor for the first offense and a Class B felony for the second or subsequent offense.
(Act 2003-359, p. 992, §20.)
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https://law.justia.com/codes/alabama/title-5/chapter-18a/section-5-18a-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 18A - Deferred Presentment Services Act.›Section 5-18A-21 - Disposition of Funds.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 18A - Deferred Presentment Services Act. › Section 5-18A-21 - Disposition of Funds.
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Section 5-18A-21
Disposition of funds.
All license fees and administrative penalties collected under this chapter shall be paid into the special fund provided by Section 5-2A-20, and used in the supervision and examination of applicants and licensees.
(Act 2003-359, p. 992, §21.)
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https://law.justia.com/codes/alabama/title-5/chapter-18a/section-5-18a-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 18A - Deferred Presentment Services Act.›Section 5-18A-22 - Claims Preceding Effective Date of Chapter.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 18A - Deferred Presentment Services Act. › Section 5-18A-22 - Claims Preceding Effective Date of Chapter.
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Section 5-18A-22
Claims preceding effective date of chapter.
The provisions of this chapter shall not be construed to take away or negatively impact the customers' claims in pending lawsuits against persons operating deferred presentment services on or before June 20, 2003.
(Act 2003-359, p. 992, §22.)
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https://law.justia.com/codes/alabama/title-5/chapter-19/section-5-19-1/
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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 19 - Consumer Finance.›Section 5-19-1 - Definitions.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 19 - Consumer Finance. › Section 5-19-1 - Definitions.
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Section 5-19-1
Definitions.
For the purposes of this chapter, the following terms shall have the following meanings respectively ascribed to them by this section:
(1) FINANCE CHARGE. The sum of all charges, payable directly or indirectly by the person to whom credit is extended, and imposed directly or indirectly by the creditor as an incident to the extension of credit. The amount of the finance charge in connection with any credit transaction (i) shall be determined, and shall include and exclude the fees and charges, as provided by Section 106 of the Federal Truth-in-Lending Act, 15 U.S.C. Section 1605 and the regulations of the Federal Reserve Board promulgated pursuant to the Federal Truth-in-Lending Act, 12 C.F.R. Part 226, and the Official Staff Commentary adopted by the Federal Reserve Board pursuant to that regulation, and without limiting or affecting the foregoing subparagraph (i), (ii) shall exclude, without limitation, late charges and other charges resulting from or arising out of late payment, delinquency, default, or other like occurrence. For the purpose of determining the permissible finance charge, any discount or point paid by the debtor in connection with a consumer credit transaction secured by a mortgage on real estate, even though paid at one time, shall be spread over the stated term of the consumer credit transaction. The administrator from time to time may promulgate regulations pursuant to Section 5-19-21 further establishing charges and fees which constitute a finance charge and the manner in which the finance charge is determined to assure consistency between the meaning of "finance charge" under this chapter and the meaning and application of "finance charge" under the above-referenced Federal Truth-in-Lending Act, regulations and Official Staff Commentary, as the same may be amended from time to time.
(2) CONSUMER.When used as an adjective with reference to a credit transaction, characterizes the credit transaction as one in which the party to whom credit is extended is a natural person and the money, property, or services which are the subject of the transaction are primarily for personal, family or household purposes.
(3) CREDITOR. A person who regularly extends or arranges for the extension of credit for which the payment of a finance charge is required, whether in connection with loans, sales of property or services, or otherwise. The provisions of this chapter apply to any such creditor irrespective of the creditor's status as a natural person or any type of organization. A person is a creditor only if the person extended or arranged for the extension of credit more than 25 times in the preceding calendar year or more than five times in the preceding calendar year for credit transactions secured by a residential structure that contains one to four units.
(4) CREDIT SALE. Any sale with respect to which credit is extended or arranged by a seller who is a creditor. The term includes any contract in the form of a bailment or lease if the bailee or lessee contracts to pay as compensation for use a sum substantially equivalent to or in excess of the aggregate value of the property or services involved and it is agreed that the bailee or lessee may become for no other or a nominal consideration the owner of the property upon full compliance with the bailee's or lessee's obligations under the contract. A rental-purchase agreement which is subject to the provisions of Chapter 25 of Title 8 is not a credit sale.
(5) OPEN-END CREDIT PLAN. A plan prescribing the terms of credit transactions which may be made thereunder from time to time and under the terms of which a finance charge may be charged from time to time on an outstanding unpaid balance.
(6) ADMINISTRATOR. The Superintendent of Banks of the State Banking Department.
(7) SUPERVISOR OF THE BUREAU OF LOANS. The designated deputy administrator for the purpose of enforcing this chapter as to licensees.
(8) HOME SOLICITATION SALE. A consumer credit sale of goods or services, other than motor vehicles, in which the seller or a person acting for the seller engages in a personal solicitation of the sale at a place other than the seller's place of business and the buyer's agreement or offer to purchase is there given to the seller or a person acting for the seller. The term does not include a sale made pursuant to a preexisting open-end credit plan, a closed-end plan providing for a series of sales or a sale made pursuant to prior negotiations between the parties at the seller's place of business where goods or services are offered or exhibited for sale.
(9) CREDIT TRANSACTION. A loan or credit sale made by a creditor. For purposes only of Sections 5-19-1(1) and 5-19-3, "credit transaction" shall include nonconsumer loans and credit sales as well as consumer loans and consumer credit sales with an original amount financed of less than two thousand dollars ($2,000). Otherwise, the term "credit transaction" refers only to consumer loans and consumer credit sales irrespective of whether the term is preceded by the word "consumer."
(10) AMOUNT FINANCED. The sum determined by adding the principal loan amount or the cash price in a credit sale, less any down payment, and any other amounts that are financed by the creditor.
(Acts 1971, No. 2052, p. 3290, §1; Acts 1979, No. 79-428, p. 673, §1; Acts 1986, No. 86-304, p. 451, §1; Acts 1986, No. 86-497, p. 945, §7; Acts 1996, No. 96-576, p. 887, §2.)
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https://law.justia.com/codes/alabama/title-5/chapter-19/section-5-19-1-1/
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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 19 - Consumer Finance.›Section 5-19-1.1 - Legislative Findings.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 19 - Consumer Finance. › Section 5-19-1.1 - Legislative Findings.
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Section 5-19-1.1
Legislative findings.
The Legislature finds as fact and determines that:
(1) The Alabama Consumer Credit Act, Title 5, Chapter 19, (commonly referred to as the "Mini-Code"), was enacted by the Legislature by Acts 1971, No. 2052, page 3290. All, or a portion, of the provisions of the Mini-Code apply to substantially all consumer credit transactions in Alabama involving billions of dollars annually.
(2) The availability of consumer credit and certainty of consumer credit transactions is essential to Alabama citizens and the economy of Alabama. Disputes have arisen involving the Mini-Code resulting in significant litigation.
(Acts 1996, No. 96-576, p. 887, §1.)
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https://law.justia.com/codes/alabama/title-5/chapter-19/section-5-19-3/
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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 19 - Consumer Finance.›Section 5-19-3 - Maximum Finance Charges; Contracting for Minimum Finance Charge; Alternate per Mont...
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 19 - Consumer Finance. › Section 5-19-3 - Maximum Finance Charges; Contracting for Minimum Finance Charge; Alternate per Month Computed Finance Charge.
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Section 5-19-3
Maximum finance charges; contracting for minimum finance charge; alternate per month computed finance charge.
(a) Except under open-end credit plans, the maximum finance charge for any credit transaction where the original amount financed is less than two thousand dollars ($2,000), may equal but may not exceed the total of the following:
(1) Fifteen dollars ($15) per one hundred dollars ($100) per year for the first seven hundred fifty dollars ($750) of the original amount financed; and
(2) Ten dollars ($10) per one hundred dollars ($100) per year for that portion of the original amount financed exceeding seven hundred fifty dollars ($750) and less than two thousand dollars ($2,000).
The maximum finance charge under this subsection shall be determined by computing the maximum rates authorized by this subsection on the original amount financed for the full term of the contract without regard to scheduled payments and the maximum finance charge so determined, or any lesser amount, may be added to the original amount financed. The finance charge may be calculated and expressed as a simple interest charge or by any method which does not result in a finance charge yield greater than the yield permitted by this subsection.
(b) A creditor, in connection with any credit sale other than a sale made under an open-end credit plan, may contract for and receive a minimum finance charge not in excess of the following amounts:
(1) Four dollars ($4) on any credit sale in which the amount financed is twenty-five dollars ($25) or less; and
(2) Six dollars ($6) on any credit sale in which the amount financed is more than twenty-five dollars ($25).
(c) In an open-end credit plan, if there is an unpaid balance on the date as of which the finance charge is applied, a creditor may contract for and receive a minimum finance charge in an amount not exceeding fifty cents ($.50) per month.
(d) Other than under an open-end credit plan, in any credit transaction where the finance charge is computed on the unpaid balance of the amount financed outstanding from time to time, for the actual time outstanding:
(1) Each payment shall be applied first to accrued charges and the remainder of the payment applied to the unpaid balance of the amount financed, except that if the amount of the payment is insufficient to pay the accumulated charges, unpaid charges continue to accumulate to be paid from the proceeds of subsequent payments and are not added to the unpaid amount financed.
(2) Except for permissible prepaid finance charges, the finance charge shall not be payable in advance, or compounded; however, if part or all of the consideration for a new credit transaction contract is the unpaid amount financed and unpaid accrued charges of a prior credit transaction, then the amount financed under the new credit transaction contract may include any unpaid accrued charges. The resulting credit transaction contract shall be deemed a new and separate credit transaction for all purposes.
(3) Debtors may pay in advance the unpaid balance of the amount financed and all accrued finance charges without penalty.
(4) For purposes of computing finance charges for a fraction of a month, a day may be considered one-thirtieth of a month, at the option of the creditor.
(e) The provisions of this section shall not apply to any credit transaction with an original amount financed that is equal to or greater than two thousand dollars ($2,000). The finance charge for any credit transaction with an original amount financed or original principal balance not less than two thousand dollars ($2,000) and for any open-end credit plan with a credit limit not less than two thousand dollars ($2,000) shall be subject to the provisions of Section 8-8-5, or Sections 5-20-2, et seq., as applicable. The maximum finance charge for any open-end credit plan with a credit limit of less than two thousand dollars ($2,000) shall be determined by Section 8-8-14, or Sections 5-20-2, et seq., as applicable.
(Acts 1971, No. 2052, p. 3290, §2; Acts 1979, No. 79-328, p. 499, §1; Acts 1996, No. 96-576, p. 887, §2.)
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https://law.justia.com/codes/alabama/title-5/chapter-19/section-5-19-4/
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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 19 - Consumer Finance.›Section 5-19-4 - Additional Charges for Default or Deferral; Prepayment; Renewal or Refinancing; Rea...
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 19 - Consumer Finance. › Section 5-19-4 - Additional Charges for Default or Deferral; Prepayment; Renewal or Refinancing; Real Property Transactions.
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Section 5-19-4
Additional charges for default or deferral; prepayment; renewal or refinancing; real property transactions.
(a) When a scheduled payment in a consumer credit transaction is in default 10 days or more, the creditor may charge and collect a late charge not exceeding the greater of eighteen dollars ($18) or five percent of the amount of the scheduled payment in default, not to exceed one hundred dollars ($100). The late charge may be collected only once on any scheduled payment, regardless of the period during which the scheduled payment remains in default.
(b) With respect to the deferral of one or more wholly unpaid scheduled payments in a consumer credit transaction, in which the finance charge was determined by the precomputed method, the creditor may collect, by agreement with the debtor either before or after default, an additional charge for each full month that any wholly unpaid scheduled payments are outstanding after the due date of each scheduled payment equal to that proportion of the finance charge which the amount of the deferred monthly scheduled payment bears to the sum of all monthly balances originally scheduled.
(c) Except as otherwise provided by law, when any debt is paid in full before the final scheduled payment date, the debtor may do so without penalty, and the creditor shall refund or credit the debtor with not less than that portion of the finance charge which shall be due the debtor as follows:
(1)a. In the case of a consumer credit transaction with an original term of more than 61 months according to any generally accepted actuarial method of computation established or otherwise approved by the administrator; and
b. In all other consumer credit transactions according to the rule of 78ths or sum of the digits method, meaning the amount of the refund or credit shall be as great a proportion of the finance charge originally contracted for as the sum of the periodic time balances of the debt scheduled to follow the date of prepayment bears to the sum of all the periodic time balances of the debt, both sums to be determined according to the scheduled payments originally contracted for.
(2) No refund of less than one dollar ($1) need be made.
(3) If the prepayment is made by the debtor other than on a scheduled payment date, the nearest scheduled payment date shall be used in the computation.
(d) Except as otherwise provided by law, when any debt is renewed or refinanced by any creditor or creditor's affiliate within a period of 90 days from the date the debt is made or incurred, the debtor shall be entitled to a pro rata refund or credit of any unearned portion of the original finance charge computed as of the date of such refinancing or renewal. When the renewal or refinancing occurs after 90 days, any refund or credit shall be calculated as provided in subsection (c) above. On and after January 1, 1997, except as otherwise provided by law, when any debt is renewed or refinanced by any creditor or creditor's affiliate within a period of 120 days from the date the debt is made or incurred, the debtor shall be entitled to a pro rata refund or credit of any unearned portion of the original finance charge computed as of the date of such refinancing or renewal. When the renewal or refinancing occurs after 120 days, any refund or credit shall be calculated as provided in subsection (c) above.
(e) When any consumer debt is renewed or refinanced by the creditor or an affiliate of the creditor, any minimum finance charge for a credit sale shall be reduced to the finance charge which is otherwise permitted by Section 5-19-3.
(f) A creditor may charge and collect in a transaction secured by real property the following fees and charges if bona fide and reasonable in amount, and provided that, other than the appraisal fees authorized by subdivision (4) and fees and charges authorized by regulations promulgated by the administrator, the fees are paid to parties unrelated to the creditor:
(1) Fees for title examination, abstract of title, title insurance, property survey, pest inspection, flood inspection, and similar purposes;
(2) Fees for preparing deeds, mortgages, and reconveyance, settlement, and similar documents;
(3) Notary fees and credit report fees;
(4) Appraisal fees paid to persons licensed under the provisions of the Alabama Real Estate Appraisers Act, whether or not the appraiser is employed by or otherwise related to the creditor; and
(5) Fees and charges prescribed by law which are or will be paid to public officials or agencies for recording or releasing a lien on property which secured the loan, provided, however, that a releasing fee may only be charged and collected at or after the time the lien is released.
(6) The administrator may by regulation promulgated pursuant to Section 5-19-21 authorize other fees and charges.
(g) A creditor may, pursuant to a consumer credit transaction contract secured by an interest in real property, charge and collect points in an amount not to exceed five percent of the original principal balance in the case of a closed-end consumer credit transaction, or five percent of the total line of credit in the case of an open-end credit plan. Points may be paid in cash at the time of the consumer credit transaction, or may be deducted from the proceeds and included in the original amount financed for the purposes of Section 5-19-3 or financed under the open-end credit plan. Points shall be in addition to all other charges, are fully earned on the date of the consumer credit transaction, and may be excluded from the finance charge for the purpose of computing any finance charge credit or refund.
(h) Subsections (b), (c), (d), and (e) of this section shall not apply to open-end credit plans. The requirements of a refund or credit of any unearned finance charge under subsections (c) and (d) of this section apply only if and to the extent the consumer credit transaction includes a precomputed or prepaid finance charge.
(Acts 1971, No. 2052, p. 3290, §3; Acts 1975, 4th Ex. Sess., No. 95, p. 2774, §1; Acts 1986, No. 86-304, p. 451, §2; Acts 1988, No. 88-87, p. 112, §1; Acts 1988, 1st Ex. Sess., No. 88-942, p. 562, §1; Acts 1989, No. 89-525, p. 1074, §1; Acts 1996, No. 96-576, p. 887, §2; Acts 1997, No. 97-440, p. 739, §1; Act 2011-529, p. 866, §1.)
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https://law.justia.com/codes/alabama/title-5/chapter-19/section-5-19-5/
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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 19 - Consumer Finance.›Section 5-19-5 - Acceptance of Negotiable Instruments as Evidence of Consumer Debt.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 19 - Consumer Finance. › Section 5-19-5 - Acceptance of Negotiable Instruments as Evidence of Consumer Debt.
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Section 5-19-5
Acceptance of negotiable instruments as evidence of consumer debt.
In a consumer credit sale, the seller may not take as evidence of the obligation of the buyer, a negotiable instrument other than (1) a check; or (2) a promise or order containing a statement, required by applicable statutory or administrative law, to the effect that the rights of a holder or transferee are subject to claims or defenses that the issuer could assert against the original payee. A holder is not a holder in due course if the holder takes a negotiable instrument with notice that it is issued in violation of this section. A holder in due course is not subject to the liabilities prescribed in this chapter.
(Acts 1971, No. 2052, p. 3290, §4; Acts 1995, No. 95-668, p. 1381, §4; Acts 1996, No. 96-576, p. 887, §2.)
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https://law.justia.com/codes/alabama/title-5/chapter-19/section-5-19-6/
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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 19 - Consumer Finance.›Section 5-19-6 - Copies of Instruments Signed by Debtors to Be Furnished to Debtors; Required Statem...
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 19 - Consumer Finance. › Section 5-19-6 - Copies of Instruments Signed by Debtors to Be Furnished to Debtors; Required Statement in Contracts, etc.; Limitation on Disclosure Requirements; Intent, Applicability of Limitation.
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Section 5-19-6
Copies of instruments signed by debtors to be furnished to debtors; required statement in contracts, etc.; limitation on disclosure requirements; intent, applicability of limitation.
(a) Any creditor, when extending credit with respect to a consumer credit transaction, other than under an open-end credit plan, shall at that time furnish to the debtor a copy of each instrument executed by the debtor in connection with the consumer credit transaction. The consumer credit transaction contract or note shall contain the following statement in eight point or larger type immediately above the space for the borrower's signature.
"CAUTION - IT IS IMPORTANT THAT YOU THOROUGHLY READ THE CONTRACT BEFORE YOU SIGN IT."
(b) No disclosures are required by this chapter to be made by a creditor with respect to any transaction other than disclosures required by regulations made by the administrator pursuant to Section 5-19-21 and disclosures required by subsection (a) above and by Sections 5-19-12(a) and 5-19-20(e).
(c) Without limiting the generality of subsection (b), there is no obligation or duty under this chapter to disclose to a debtor any agreement to assign or otherwise transfer a consumer credit transaction contract at a discount or that the assignee of, or person who funded, the consumer credit transaction agreed or may agree to pay the creditor or other person who originated the consumer credit transaction all or a portion of the prepaid finance charges and other fees and/or a portion of the finance charge to be paid by the debtor over the term of the transaction and/or other compensation irrespective of how the compensation is determined or described.
(d) Except as modified hereby, the provisions of subsections (b) and (c) confirm, clarify and are declaratory of existing law. Except as modified hereby, the provisions of Alabama Act No. 94-115 remain applicable to consumer credit transactions entered into on, before, and after February 24, 1994.
(Acts 1971, No. 2052, p. 3290, §4; Acts 1994, No. 94-115, p. 124, §2; Acts 1996, No. 96-576, p. 887, §2.)
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https://law.justia.com/codes/alabama/title-5/chapter-19/section-5-19-7/
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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 19 - Consumer Finance.›Section 5-19-7 - Right to Refinance Amount of Certain Scheduled Payments.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 19 - Consumer Finance. › Section 5-19-7 - Right to Refinance Amount of Certain Scheduled Payments.
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Section 5-19-7
Right to refinance amount of certain scheduled payments.
With respect to a consumer credit transaction, if any scheduled payment is more than one and one-half times as large as the average of earlier scheduled payments, the debtor has the right to refinance the amount of that payment at the time it is due without penalty. The terms of the refinancing shall be no less favorable than the terms of the original transaction. The provisions of this section do not apply if the debtor's payment schedule has been adjusted to conform with the seasonal or irregular income of the debtor, or if a consumer credit transaction is repayable in a single principal payment irrespective of the scheduled interest payments.
(Acts 1971, No. 2052, p. 3290, §4; Acts 1989, No. 89-879, p. 1771, §1; Acts 1996, No. 96-576, p. 887, §2.)
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https://law.justia.com/codes/alabama/title-5/chapter-19/section-5-19-8/
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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 19 - Consumer Finance.›Section 5-19-8 - Assignee of Seller Subject to Claims and Defenses of Buyer.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 19 - Consumer Finance. › Section 5-19-8 - Assignee of Seller Subject to Claims and Defenses of Buyer.
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Section 5-19-8
Assignee of seller subject to claims and defenses of buyer.
With respect to a consumer credit sale, an assignee of the rights of the seller is subject to all claims and defenses of the buyer against the seller arising out of the sale, notwithstanding an agreement to the contrary, but the assignee's liability under this section may not exceed the amount owing to the assignee at the time the claim or defense is asserted against the assignee. Rights of the buyer under this section can only be asserted as a matter of defense to or setoff against a claim by the assignee.
(Acts 1971, No. 2052, p. 3290, §5; Acts 1996, No. 96-576, p. 887, §2.)
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https://law.justia.com/codes/alabama/title-5/chapter-19/section-5-19-9/
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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 19 - Consumer Finance.›Section 5-19-9 - Application of Payments When Buyer Indebted to Same Seller for Two or More Consumer...
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 19 - Consumer Finance. › Section 5-19-9 - Application of Payments When Buyer Indebted to Same Seller for Two or More Consumer Credit Sales.
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Section 5-19-9
Application of payments when buyer indebted to same seller for two or more consumer credit sales.
When the buyer is indebted to a particular seller for two or more consumer credit sales of goods and the goods which were the subject of two or more sales secure the buyer's total debt to the seller, the security shall be discharged by applying the buyer's payments as they are received by the seller or the seller's assignee to the portions of the debt in the order in which they were incurred. To the extent that debts are paid according to the preceding sentence, security interests in items of property terminate as the debt originally incurred with respect to each item is paid. Payments received by the seller upon a revolving charge account are deemed, for the purpose of determining the amount of the debt secured by the various security interests, to have been applied first to the payment of finance charges in the order of their entry to the account and then to the payment of debts in the order in which the entries to the account showing the debts were made. If the debts consolidated arose from two or more consumer sales made on the same day, payments received by the seller are deemed, for the purpose of determining the amount of the debt secured by the various security interests, to have been applied first to the payment of the smallest debt. This section shall not apply to two or more consumer credit sales made by the same seller to the same buyer when the debts have been assigned to different and unrelated persons for value and the assignment was bona fide and not for the purpose of violating this section.
(Acts 1971, No. 2052, p. 3290, §5; Acts 1996, No. 96-576, p. 887, §2.)
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https://law.justia.com/codes/alabama/title-5/chapter-19/section-5-19-10/
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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 19 - Consumer Finance.›Section 5-19-10 - Contract Provisions for Attorney's Fees.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 19 - Consumer Finance. › Section 5-19-10 - Contract Provisions for Attorney's Fees.
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Section 5-19-10
Contract provisions for attorney's fees.
A contract for a consumer credit transaction with an original amount financed not exceeding three hundred dollars ($300) may not provide for payment by the debtor of attorney's fees after default by the debtor. A contract for a consumer credit transaction with an original amount financed exceeding three hundred dollars ($300) may provide for the payment by the debtor of reasonable attorney's fees not exceeding 15 percent of the unpaid debt after default and referral of the contract to an attorney who is not a salaried employee of the creditor. An open-end credit plan may not provide for attorney's fees when the unpaid balance does not exceed three hundred dollars ($300), but may provide for reasonable attorney's fees after default by the debtor when the unpaid balance exceeds three hundred dollars ($300). In a consumer credit transaction contract where the original amount financed exceeds ten thousand dollars ($10,000) or the credit transaction is secured by real property, the creditor may require the payment by the debtor of attorney's fees prior to default by the debtor in connection with the closing of, amendment to, or modification of the credit transaction, provided that the attorney is not a salaried employee of the creditor.
(Acts 1971, No. 2052, p. 3290, §6; Acts 1996, No. 96-576, p. 887, §2.)
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https://law.justia.com/codes/alabama/title-5/chapter-19/section-5-19-12/
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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 19 - Consumer Finance.›Section 5-19-12 - Buyer's Right to Cancel Home Solicitation Sale.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 19 - Consumer Finance. › Section 5-19-12 - Buyer's Right to Cancel Home Solicitation Sale.
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Section 5-19-12
Buyer's right to cancel home solicitation sale.
(a) A buyer has the right to cancel a home solicitation sale until midnight of the third business day following execution by the buyer of an agreement or offer to purchase, which notice is effective when delivered or when deposited in the mail properly addressed to the seller, postage prepaid. The seller must deliver to the buyer and obtain the buyer's written signature to a written agreement or offer to purchase designating as the date of the transaction the date on which the buyer actually signs and containing the following under the conspicuous caption:
"BUYER'S RIGHT TO CANCEL"
"If this agreement was solicited at your residence and you do not want the goods or services, you may cancel this agreement by delivering or mailing a notice to the seller. The notice must say that you are cancelling the agreement and must be delivered or mailed before midnight of the third business day after you sign this agreement. The notice must be delivered or mailed to:
_______________________________________________."
(insert name and mailing address of seller)
Alternately, the seller may deliver to the buyer the notice required by the Federal Trade Commission Trade Regulation Rule concerning Cooling-Off Period for Sales Made at Homes or at Certain Other Locations, Title 16, Code of Federal Regulations, Part 429, as amended from time to time, which shall satisfy the notice requirement of this section. Until the seller has complied with this section the buyer may cancel the home solicitation sale within one year after the date of the sale by notifying the seller in any manner and by any means of the buyer's intention to cancel.
(b) The buyer has a duty to take reasonable care of the goods in the buyer's possession before cancellation and for a reasonable time thereafter, during which time the goods are otherwise at seller's risk. Within 10 days after a home solicitation sale has been cancelled or an offer to purchase revoked, the seller must tender to the buyer any payments made or goods traded in by the buyer, or the amount equal to the trade-in allowance stated in the agreement, and any note or other evidence of debt. Within a reasonable time thereafter the buyer, upon demand, must tender at the buyer's residence to the seller any goods delivered by the seller. If the seller fails to demand such possession within 20 days after receipt of the notice, the goods become the property of the buyer without obligation to pay for them.
(c) The provisions of this section shall not apply if the buyer furnishes the seller with a separate dated and signed personal statement describing an emergency requiring immediate remedy and modifying or waiving his right to cancel. The use of printed forms for this purpose is prohibited.
(Acts 1971, No. 2052, p. 3290, §8; Acts 1996, No. 96-576, p. 887, §2.)
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https://law.justia.com/codes/alabama/title-5/chapter-19/section-5-19-13/
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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 19 - Consumer Finance.›Section 5-19-13 - Repossession or Acceptance of Surrender of Goods Priced at One Thousand Dollars or...
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 19 - Consumer Finance. › Section 5-19-13 - Repossession or Acceptance of Surrender of Goods Priced at One Thousand Dollars or Less.
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Section 5-19-13
Repossession or acceptance of surrender of goods priced at one thousand dollars or less.
If any seller or assignee of the seller repossesses or voluntarily accepts surrender of goods sold in which the seller or assignee has a security interest and the original cash price of the goods repossessed or surrendered was one thousand dollars ($$1,000) or less, the buyer is not personally liable to the seller or assignee for the unpaid balance of the debt arising from the sale and the seller or assignee is not obligated to sell the collateral.
(Acts 1971, No. 2052, p. 3290, §9; Acts 1996, No. 96-576, p. 887, §2.)
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https://law.justia.com/codes/alabama/title-5/chapter-19/section-5-19-14/
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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 19 - Consumer Finance.›Section 5-19-14 - Rebates or Discounts, etc., as Inducement for Aiding Sale to Another Prohibited.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 19 - Consumer Finance. › Section 5-19-14 - Rebates or Discounts, etc., as Inducement for Aiding Sale to Another Prohibited.
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Section 5-19-14
Rebates or discounts, etc., as inducement for aiding sale to another prohibited.
With respect to a consumer credit sale, the seller may not give or offer to give a rebate or discount, or otherwise pay or offer to pay value to the buyer, as an inducement for a sale in consideration of the buyer giving to the seller the names of prospective purchasers, or otherwise aiding the seller in making a sale to another person, if the earning of the rebate, discount, or other value is contingent upon the occurrence of an event subsequent to the time the buyer agrees to buy. If a buyer is induced by a violation of this section to enter into a consumer credit sale, the agreement is unenforceable by the seller and the buyer, at the buyer's option, may rescind the agreement or retain the goods delivered and the benefit of any services performed without any obligation to pay for them.
(Acts 1971, No. 2052, p. 3290, §10; Acts 1996, No. 96-576, p. 887, §2.)
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https://law.justia.com/codes/alabama/title-5/chapter-19/section-5-19-15/
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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 19 - Consumer Finance.›Section 5-19-15 - Garnishment.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 19 - Consumer Finance. › Section 5-19-15 - Garnishment.
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Section 5-19-15
Garnishment.
Prior to entry of judgment on a consumer credit transaction, the creditor may not attach unpaid earnings of the debtor by garnishment. Notwithstanding the garnishment procedure otherwise applicable after judgment, with respect to a consumer credit transaction, the amount of unpaid earnings of the debtor subject to garnishment shall not exceed the lesser of:
(1) Twenty-five percent of the debtor's disposable earnings for that week; or
(2) The amount by which the debtor's disposable earnings for that week exceed 30 times the federal minimum hourly wage in effect when payable.
"Disposable earnings" means that part of the earnings of a debtor remaining after deduction of amounts required by law to be withheld, and disposable earnings shall not include periodic payments pursuant to a pension, retirement, or disability program.
(Acts 1971, No. 2052, p. 3290, §11; Acts 1988, No. 88-294, p. 454, §1; Acts 1996, No. 96-576, p. 887, §2.)
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https://law.justia.com/codes/alabama/title-5/chapter-19/section-5-19-16/
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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 19 - Consumer Finance.›Section 5-19-16 - Refusal by Court to Enforce Unconscionable Agreement.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 19 - Consumer Finance. › Section 5-19-16 - Refusal by Court to Enforce Unconscionable Agreement.
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Section 5-19-16
Refusal by court to enforce unconscionable agreement.
With respect to a consumer credit transaction, if the court as a matter of law finds the contract or any provision of the contract to have been unconscionable at the time it was made, the court may refuse to enforce the contract, or it may enforce the remainder of the contract without the unconscionable provision, or it may so limit the application of any unconscionable provision as to avoid any unconscionable result.
(Acts 1971, No. 2052, p. 3290, §12; Acts 1996, No. 96-576, p. 887, §2.)
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https://law.justia.com/codes/alabama/title-5/chapter-19/section-5-19-17/
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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 19 - Consumer Finance.›Section 5-19-17 - Inducing Obligation on More Than One Contract in Order to Obtain Higher Finance Ch...
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 19 - Consumer Finance. › Section 5-19-17 - Inducing Obligation on More Than One Contract in Order to Obtain Higher Finance Charge Prohibited; Consolidation of Existing Precomputed Consumer Credit Transaction Contract and Subsequent Precomputed Consumer Credit Transaction.
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Section 5-19-17
Inducing obligation on more than one contract in order to obtain higher finance charge prohibited; consolidation of existing precomputed consumer credit transaction contract and subsequent precomputed consumer credit transaction.
(a) No creditor shall induce or permit any person or any husband and wife, jointly or severally, to become obligated directly or contingently, or both, on more than one consumer credit transaction at the same time for the purpose of obtaining a higher finance charge than would otherwise be permitted by Section 5-19-3. This subsection shall not apply to the maintenance of two or more separate consumer credit transactions where the consumer credit transactions were created on different dates.
(b) It shall be unlawful for any seller to evade or attempt to evade this section by inducing a buyer to become obligated to another creditor in which the initial creditor has a pecuniary interest or with whom the initial creditor has an arrangement for exchange of customers.
(c) Subsection (a) does not obligate a creditor to allow any person to maintain two or more contracts or accounts. Effective June 19, 1996, an existing precomputed consumer credit transaction contract and a subsequent precomputed consumer credit transaction document may be consolidated provided that the consumer cannot be required to consolidate the contracts as a condition for the extension of credit nor can the creditor be required to extend credit; and provided further, that if such contracts are consolidated, the annual percentage rate resulting from the consolidation can be no greater than the annual percentage rate on the prior existing consumer credit transaction contract nor can the consumer be charged any duplicate fees or expenses that originated in the existing consumer credit transaction contract, provided, however, that finance charges and other charges and fees rebated in accordance with applicable law and those charges as permitted by Section 5-19-4(f) and UCC filing fees or nonfiling insurance premiums in lieu thereof are excluded from this provision. Nothing herein restricts a creditor from renewing or refinancing an existing consumer credit transaction contract.
(Acts 1971, No. 2052, p. 3290, §13; Acts 1996, No. 96-576, p. 887, §2.)
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https://law.justia.com/codes/alabama/title-5/chapter-19/section-5-19-18/
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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 19 - Consumer Finance.›Section 5-19-18 - Installment Payment of Debt of One Thousand Dollars or Less.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 19 - Consumer Finance. › Section 5-19-18 - Installment Payment of Debt of One Thousand Dollars or Less.
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Section 5-19-18
Installment payment of debt of one thousand dollars or less.
With respect to consumer credit transactions, where the debt is payable in installments, not made pursuant to an open-end credit plan and in which the original amount financed is one thousand dollars ($1,000) or less, the debt shall be scheduled to be payable in substantially equal installments at equal periodic intervals, except to the extent that the schedule of payments is adjusted to the seasonal or irregular income of the debtor or when the transaction is a single principal payment obligation irrespective of the scheduled interest payments, and:
(1) Over a period of not more than 36 months and 15 days if the original amount financed is more than three hundred dollars ($300); or
(2) Over a period of not more than 24 months and 15 days if the original amount financed is three hundred dollars ($300) or less.
(Acts 1971, No. 2052, p. 3290, §14; Acts 1989, No. 89-879, p. 1771, §1; Acts 1996, No. 96-576, p. 887, §2.)
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https://law.justia.com/codes/alabama/title-5/chapter-19/section-5-19-19/
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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 19 - Consumer Finance.›Section 5-19-19 - Liabilities of Creditor Making Excess Finance Charge; Failure to Obtain License; D...
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 19 - Consumer Finance. › Section 5-19-19 - Liabilities of Creditor Making Excess Finance Charge; Failure to Obtain License; Damages for Deliberate Violation or Reckless Disregard; Written Notice of Violations; Oral Statements Not Admissible; Fiduciary Duty Not Created.
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Section 5-19-19
Liabilities of creditor making excess finance charge; failure to obtain license; damages for deliberate violation or reckless disregard; written notice of violations; oral statements not admissible; fiduciary duty not created.
(a)(1)(i) Any creditor charging a finance charge in excess of the amount authorized herein, except as specified in subdivision (2), shall forfeit debtor's actual economic damages not to exceed the finance charge, and shall refund to the debtor such amount of the actual economic damages, which may be done by reducing the amount of the debtor's obligation. If the debtor is entitled to a refund and the creditor refuses to refund within a reasonable time, not to exceed 60 days, after written demand, including the filing of a legal action, the debtor shall recover a penalty of five times the amount of the actual economic damages not to exceed the finance charge, but in any event not less than one hundred dollars ($100). Provided, however, as to any legal action pending on May 20, 1996, the debtor shall make a new written demand under this subsection.
(ii) As to transactions occurring after May 20, 1996, any creditor charging a finance charge in excess of the amount authorized herein, except as specified in subdivision (2), shall forfeit to the debtor the amount of the actual economic damages not to exceed the finance charge, which may be done by reducing the amount of the debtor's obligation. If the debtor is entitled to a refund and the creditor refuses to refund within a reasonable time, not to exceed 60 days, after written demand, including the filing of a legal action, the debtor shall recover twice the actual economic damages not to exceed the finance charge, but in any event not less than one hundred dollars ($100).
(2) If the creditor has made an excess finance charge in deliberate violation of or in reckless disregard for this chapter, the creditor shall forfeit the greater of the entire finance charge imposed or five times the amount of the actual economic damages, but not less than one hundred dollars ($100). No action under this subsection may be brought more than one year after the due date of the last scheduled payment of the agreement pursuant to which the charge was made or, in the case of an open-end credit plan, one year after the excess charge is made.
(3) Any creditor licensed under this chapter adjudged after May 20, 1996 by a court of competent jurisdiction in any civil action to be in deliberate violation of or in reckless disregard for this chapter shall within 10 days of such adjudication forward a copy of the judgment to the administrator. Within 10 days of such judgment becoming final and nonappealable, the creditor shall notify the administrator and the administrator shall, within 60 days of such notification, review the creditor's license in view of the matters on which the judgment was based and determine whether to conduct a license revocation hearing pursuant to Section 5-19-23. At any hearing conducted thereon by the administrator, such judgment shall be prima facie evidence in support of the revocation of the creditor's license.
(b) A creditor required to obtain a license who fails to obtain such license may not maintain a proceeding in any court in this state on a consumer credit transaction for which a license was required until the creditor obtains the license required by Section 5-19-22. If a court determines that an unlicensed creditor should have obtained a license, the action may be stayed until the creditor obtains the required license and satisfies the requirements of the next sentence of this subsection. The creditor shall pay to the administrator a civil penalty equal to three times the amount of the investigation fee and the annual license fee for each year or portion thereof, the creditor, in violation of Section 5-19-22, has engaged in the business of making consumer loans or taking assignments of consumer credit contracts without first having obtained a license, but in no event shall a civil penalty exceed one hundred thousand dollars ($100,000). All civil penalties shall be paid into the special fund set up by the State Treasurer pursuant to Section 5-2A-20 and used in the supervision and examination of licensees. After obtaining the required license, and paying the civil penalty prescribed by this subsection, the creditor may bring and maintain proceedings in the courts of this state on consumer credit transaction contracts, and the enforceability of the contracts shall not be impaired by the prior failure to obtain a license, irrespective of whether the consumer credit transaction contracts were made before or after the license was obtained. No private cause of action exists against a creditor for failing to obtain a license required by Section 5-19-22.
(c) Except for the specific remedies and obligations provided in subsection (a) with respect to excess finance charges, or subsection (b) with respect to licensing, in which event the remedy and obligations set forth in subsection (a) or (b), as applicable, shall apply, any provision of a consumer credit transaction which violates this chapter shall be unenforceable by the creditor 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 provided in subsection (a), any creditor who fails to comply with any requirement imposed under this chapter with respect to any person is liable to the person only for the actual economic damages sustained by the person as the result of the failure. Except as set forth in subsection (a), no action may be brought by the debtor under this section based upon a violation of any provision of this chapter more than two years after the date the violation occurred; provided, however, this limitation shall not bar a debtor from asserting a violation of this chapter in an action brought by the creditor, as a matter of defense by recoupment or setoff in such action, if otherwise allowed by law.
(d) A creditor or assignee has no liability to the debtor for any violation of this chapter if, prior to receipt of written notice from the debtor of a violation, the creditor or assignee notifies the debtor of the violation and makes whatever adjustments in the appropriate account, or payments to the debtor, as are necessary to assure that the debtor will not be required to pay an amount in excess of the charges permitted by this chapter.
(e) An oral statement shall not be admissible to contradict the provisions of a credit transaction document, unless the debtor establishes by clear and convincing evidence that the oral statement was made and that it constituted a misrepresentation of a material fact relating to the character or essential terms of the transaction that was made principally to induce the debtor to sign the document and upon which the debtor reasonably relied in signing the document or entering into the transaction. This subsection shall not apply to credit transaction documents in effect on May 20, 1996, nor to causes of action that arise therefrom; nor shall this subsection apply to any credit transaction documents not covered by this chapter.
(f) A consumer credit transaction does not create or give rise to a fiduciary duty on the part of the creditor.
(Acts 1971, No. 2052, p. 3290, §15; Acts 1996, No. 96-576, p. 887, §2.)
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https://law.justia.com/codes/alabama/title-5/chapter-19/section-5-19-20/
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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 19 - Consumer Finance.›Section 5-19-20 - Insurance.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 19 - Consumer Finance. › Section 5-19-20 - Insurance.
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Section 5-19-20
Insurance.
(a) With respect to any consumer credit transaction, the creditor shall not require any insurance other than insurance against loss of or damage to any property in which the creditor is given a security interest and insurance insuring the lien of the creditor on the property which is collateral for the transaction.
(b) (1) Credit life and disability and involuntary unemployment insurance may be offered and, if accepted, may be provided by the creditor. The charge to the debtor for the insurance shall not exceed the premium permitted for the coverages. Insurance with respect to any credit transaction shall not exceed the approximate amount and term of the credit.
(2) This subdivision (2) applies to all consumer credit transactions entered into on or after June 19, 1996. If the consumer credit transaction is scheduled to be repaid in substantially equal installments which include a portion of the amount financed, the amount of credit life insurance at any time shall not exceed the greater of the approximate unpaid balance of the debt, excluding unearned finance charges, if any, or the approximate unpaid scheduled balance of the debt, excluding unearned finance charges, if any, plus the amount of one scheduled payment. The amount of credit life insurance on single payment consumer credit transactions and the amount of accident and health insurance and involuntary unemployment insurance shall not exceed the approximate amount of the total of payments. The amount of credit life insurance under an open-end credit plan shall not exceed the approximate unpaid balance of the debt from time to time. The debtor's estate or a named beneficiary shall be entitled to any excess credit life insurance benefit.
(c) If the debtor fails to provide any required property insurance, the creditor may, but is not required to, purchase insurance insuring its interest only, or with the debtor's written consent, insuring both the creditor's interest and the debtor's interest, and the premium for the property insurance together with interest on the premium at the contract rate or other rate agreed to in writing may be charged by the creditor to the debtor. The premium charged to the debtor for any insurance shall not exceed the premium approved by the administrator or the rates filed by the insurer with the Alabama Department of Insurance for the insurance, as applicable. If the insurance insures only the creditor's interest in the property, the term of the insurance provided pursuant to this subsection shall not exceed the approximate remaining term of the credit, and the amount of insurance shall not exceed the approximate amount of the unpaid balance of the debt excluding unearned finance charges, if any. The administrator may promulgate regulations pursuant to Section 5-19-21 to provide further for the term and maximum permissible amount of insurance which covers the creditor's interest in the property.
(d) The premium for nonfiling insurance, insuring the lien of the creditor on any property which is collateral for the consumer credit transaction, may not exceed the cost of filing of a lien on the property and any document necessary to continue the lien and is nonrefundable. The insurance may be required in both purchase money and nonpurchase money secured transactions. A creditor may not charge a debtor the cost of filing the lien and a premium for nonfiling insurance in a consumer credit transaction.
(e) If a creditor requires any insurance against loss of or damage to any property in which the creditor is given a security interest, the debtor shall have and be given written notice of the option of obtaining the insurance through a person of the debtor's choice. If the debtor does not exercise the option of providing the insurance through an existing policy or a policy independently obtained and paid for by the debtor, the creditor may purchase the insurance on the property and charge the premium for the insurance to the debtor. The premium or premiums charged for such required insurance shall not exceed the premium approved by the administrator or the rates filed by the insurer with the Alabama Department of Insurance, as applicable. The creditor may, for reasonable cause, decline the insurance provided by the debtor.
(f) When property insurance, as permitted herein, is required by the creditor, is not furnished by the debtor, and is purchased by the creditor, then upon renewal, refinancing, or payment of the debt before the final maturity date, the creditor shall refund or credit the debtor with that portion of the premium refunded by the insurance carrier upon the termination of the insurance.
(g) A creditor may not contract for or receive a separate charge for insurance against loss of or damage to property or against liability for property damage or personal injuries unless the original amount financed exclusive of the charges for insurance is three hundred dollars ($300) or more and the value of the property is three hundred dollars ($300) or more.
(h) In no event shall the creditor have any responsibility or liability for the failure to purchase any insurance permitted by this section unless the creditor has affirmatively undertaken in writing to purchase the insurance.
(i) A creditor may offer and finance any other insurance in connection with any consumer credit transaction upon such terms as are authorized by regulation of the administrator.
(Acts 1971, No. 2052, p. 3290, §16; Acts 1986, No. 86-304, p. 451, §3; Acts 1987, No. 87-766, p. 1494; Acts 1996, No. 96-576, p. 887, §2.)
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https://law.justia.com/codes/alabama/title-5/chapter-19/section-5-19-21/
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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 19 - Consumer Finance.›Section 5-19-21 - Administrator Authorized to Make Rules and Regulations; Filing Notice of Intended...
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 19 - Consumer Finance. › Section 5-19-21 - Administrator Authorized to Make Rules and Regulations; Filing Notice of Intended Action With Legislative Reference Service; Transactions Entered Into After May 20, 1996.
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Section 5-19-21
Administrator authorized to make rules and regulations; filing notice of intended action with Legislative Reference Service; transactions entered into after May 20, 1996.
(a) The administrator is authorized and empowered to promulgate rules and regulations and official interpretations (collectively "regulations") as may be necessary or appropriate for the execution and enforcement of this chapter. The administrator or, if authorized by regulation, the administrator's designee, or both, may also issue written interpretations of consumer finance statutes and regulations and this chapter.
(b)(1) Prior to the adoption, amendment, or repeal of any regulation, the administrator 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 or 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.
(2) All interested persons shall have a reasonable opportunity to submit data, views, or arguments, orally or in writing. The administrator shall consider all written and oral submissions respecting the proposed regulation. Upon adoption of a regulation, the administrator, 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.
(3) Notwithstanding any other provision of this chapter to the contrary, if the administrator finds that an immediate danger to the public health, safety, or welfare requires adoption of a regulation upon fewer than 35 days' notice or 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 its reasons for that finding, it may proceed without prior notice or hearing or upon any abbreviated notice and hearing that it 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 administrator complies with the procedures set forth in subsections (b)(1) and (b)(2). The adoption of the same or a substantially similar regulation following the procedures set forth in subsections (b)(1) and (b)(2) at any time is not limited by the adoption of a regulation following the emergency regulation procedure set forth in this subsection.
(4) A person who has exhausted all administrative remedies available within the State Banking Department, other than rehearing, and who is aggrieved by a final decision of the administrator with respect to a regulation, is entitled to judicial review under this chapter. All proceedings for review shall be instituted by filing of notice of appeal or review and a cost bond with the administrator to cover the reasonable costs of preparing the transcript of the proceeding under review, unless waived by the administrator or the court on a showing of substantial hardship. The notice of appeal and cost bond must be filed within 42 days after the date the administrator issued its final regulation. The appeal shall be filed in the Circuit Court of Montgomery County. The regulation will be in effect pending the outcome of any appeal unless the administrator stays the effective date of the regulation.
(c) As to transactions entered into after May 20, 1996, a creditor shall have no liability under this chapter for any act or practice done or omitted in conformity with any (i) regulation of the administrator, or (ii) any rule, regulation, interpretation, or approval of any applicable Alabama or federal agency or any opinion of the Attorney General, notwithstanding that after such act or omission has occurred, the regulation, rule, interpretation, opinion, or approval is amended, rescinded, or determined by judicial or other authority to be invalid for any reason; provided, however, that any interpretation or opinion issued after May 20, 1996, shall not have any effect on any litigation pending on May 20, 1996, nor shall any interpretation or opinion issued after May 20, 1996, have any effect on litigation if issued subsequent to filing of the litigation. The enactment of Act 96-576 shall have no effect on interpretations or opinions issued prior to May 20, 1996.
(d) A creditor, acting in conformity with a written interpretation or approval by the administrator or the administrator's designee, or by the official in charge of any applicable Alabama agency or department, or by an official of any federal agency or department, shall be presumed to have acted in accordance with applicable law, notwithstanding that after such act has occurred, the interpretation or approval is amended, rescinded, or determined by judicial or other authority to be incorrect or invalid for any reason.
(e) Interpretations, opinions, and approvals shall protect, to the extent provided in subsections (c) and (d), as applicable, both the creditor at whose request they were issued and any other creditor in a materially like circumstance.
(Acts 1971, No. 2052, p. 3290, §17; Acts 1996, No. 96-576, p. 887, §2.)
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https://law.justia.com/codes/alabama/title-5/chapter-19/section-5-19-22/
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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 19 - Consumer Finance.›Section 5-19-22 - License to Engage in Business of Making Consumer Loans or Taking Assignments of Co...
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 19 - Consumer Finance. › Section 5-19-22 - License to Engage in Business of Making Consumer Loans or Taking Assignments of Consumer Credit Contracts - Required; Exceptions; Application; Investigation; Standards for Issuance; Hearing; Licensing Under Small Loan Act; Fees; Participation in Nationwide Mortgage Licensing System and Registry.
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Section 5-19-22
License to engage in business of making consumer loans or taking assignments of consumer credit contracts - Required; exceptions; application; investigation; standards for issuance; hearing; licensing under Small Loan Act; fees; participation in Nationwide Mortgage Licensing System and Registry.
(a) No creditor shall engage in any one or more of the following activities without first having obtained a license from the administrator:
(1) Making consumer loans to Alabama residents, regardless of whether the creditor has a place of business in Alabama or an employee residing in Alabama.
(2) Making consumer loans originated by an individual required to be licensed as a mortgage loan originator under the Alabama Secure and Fair Enforcement for Mortgage Licensing Act of 2009.
(3) Taking assignments of consumer credit contracts, either from a place of business in Alabama or through use of an employee residing in Alabama whose employment includes taking assignments of consumer credit contracts.
Banks chartered by this state or any other state, banks chartered by the United States, trust companies, savings or building and loan associations, savings banks and other thrift institutions, bank holding companies, thrift holding companies, credit unions, and federally constituted agencies shall be exempt from licensing. A seller, with respect to consumer credit sale transactions and the financing of charges permitted by this chapter, is not required to be licensed under this chapter. Any creditor required to be licensed under this chapter shall obtain a license for each location in Alabama from which these activities are conducted or, if the creditor has no location in Alabama, for the location where the creditor maintains its records regarding Alabama loans or Alabama consumer credit contracts; provided, however, insurance companies and their subsidiaries and affiliates who do not make loans or take assignments of consumer credit contracts secured by real property may obtain a license for the location where the records are maintained in lieu of obtaining a license for each location where the activity is conducted.
(b) The license application shall be in writing, under oath, in the form prescribed by the administrator, and be accompanied by an investigation fee of one hundred dollars ($100).
(c) Upon receipt of the application and investigation fee, the administrator shall investigate the applicant and determine whether the license should be issued or denied.
(d) No license shall be issued unless the administrator determines that the financial responsibility, character, and fitness of the applicant, and of the members thereof if the applicant is a partnership or association, officers and directors thereof if the applicant is a corporation are such as to warrant belief that the business will be operated honestly and fairly within the purpose of this chapter and finds that the applicant has assets available for the operation of business under this chapter of at least twenty-five thousand dollars ($25,000). The State Banking Department may require the applicant or licensee engaging in extensions of credit secured by real estate to obtain a surety bond in lieu of the net asset requirement in order to fulfill the requirements of the Alabama Secure and Fair Enforcement for Mortgage Licensing Act. The amount of the surety bond will be determined by the department. The surety bond will be in favor of the State of Alabama for the use, benefit, and indemnity of any person who suffers damage or loss as a result of the company's breach of contract or of any obligation arising therefrom or any violation of the law.
(e) Upon written request, the applicant is entitled to a hearing on the question of his qualifications for a license if:
(1) The administrator has notified the applicant in writing that the application has been denied; or
(2) The administrator has not issued a license within 60 days after the application for the license was filed.
A request for a hearing may not be made more than 15 days after the administrator has mailed by certified mail a writing to the applicant notifying him that the application has been denied stating in substance the administrator's findings supporting denial of the application.
(f) Any person licensed under the Alabama Small Loan Act may engage in business under the Alabama Small Loan Act, but shall not make loans in excess of one thousand dollars ($1,000) unless such person is also licensed under this chapter. The payment of the license and examination fees required by this chapter shall be in lieu of the license and examination fees required by the Alabama Small Loan Act when the licensee is also licensed under the Alabama Small Loan Act.
(g) The license shall be in the form prescribed by the administrator, posted conspicuously in the place of business of the licensee, and shall not be assignable or transferable or removed to another location without permission of the administrator.
(h) The annual license fee shall be 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, and shall be delinquent on February 1 of each year, and there shall be a penalty of 10 percent for each month or part thereof that the licensee is delinquent in the payment of such license fee. All license fees and investigation fees collected shall be nonrefundable and paid into the special fund provided by Section 5-2A-20 and used in the supervision and examination of licensees.
(i) With respect to any license applicants that will make Residential Mortgage Loans, as defined in the Alabama S.A.F.E. Act, the State Banking Department may require applicants to apply through the Nationwide Mortgage Licensing System and Registry. In order to carry out this requirement, the supervisor is authorized to participate in the Nationwide Mortgage Licensing System and Registry. For this purpose, the supervisor may establish by rule or order requirements as necessary, including, but not limited to, the following:
(1) Background checks for the following purposes:
a. Criminal history through fingerprint or other databases.
b. Civil or administrative records.
c. Credit history.
d. Any other information deemed necessary by the Nationwide Mortgage Licensing System and Registry.
(2) The payment of fees to apply for or renew licenses through the Nationwide Mortgage Licensing System and Registry.
(Acts 1971, No. 2052, p. 3920, §18; Acts 1983, No. 83-747, p. 1244, §1; Acts 1996, No. 96-576, p. 887, §2; Act 2009-625, p. 1900, §1.)
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https://law.justia.com/codes/alabama/title-5/chapter-19/section-5-19-23/
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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 19 - Consumer Finance.›Section 5-19-23 - License to Engage in Business of Making Consumer Loans or Taking Assignments of Co...
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 19 - Consumer Finance. › Section 5-19-23 - License to Engage in Business of Making Consumer Loans or Taking Assignments of Consumer Credit Contracts - Revocation or Suspension.
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Section 5-19-23
License to engage in business of making consumer loans or taking assignments of consumer credit contracts - Revocation or suspension.
(a) The administrator may issue to a person licensed under this chapter an order to show cause why his license should not be revoked or suspended for a period not in excess of six months. The order shall state the place for a hearing and set a time for the hearing that is not less than 10 days from the date of the order. At such hearing, the licensee shall be entitled to counsel.
(b) After the hearing, the administrator:
(1) Shall revoke the license if he finds that:
a. The licensee has repeatedly and willfully violated this chapter or any rule or order lawfully made pursuant to this chapter; or
b. Facts or conditions exist which would clearly have justified the administrator in refusing to grant a license had such facts or conditions been known to exist at the time the application of the license was made.
(2) May suspend the license if he finds that the licensee has violated this chapter or any rule or order lawfully made pursuant to this chapter.
(Acts 1971, No. 2052, p. 3290, §23.)
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https://law.justia.com/codes/alabama/title-5/chapter-19/section-5-19-24/
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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 19 - Consumer Finance.›Section 5-19-24 - Examinations and Investigations of Licensees by Administrator.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 19 - Consumer Finance. › Section 5-19-24 - Examinations and Investigations of Licensees by Administrator.
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Section 5-19-24
Examinations and investigations of licensees by administrator.
(a) For the purpose of determining compliance with this chapter, the administrator 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 the administrator an examination fee as provided by Section 5-2A-24 which shall be collected and paid into the special fund provided by Section 5-2A-20 and used in the supervision and examination of licensees. Each licensee shall preserve all relevant records for a period of at least two years after making the last entry on any transaction, and the administrator shall have free access thereto at the licensee's place of business at all reasonable times. If the administrator has probable cause to believe that a person has engaged in an activity which violates the provisions of this chapter, the administrator 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.
(b) If the person's records are located outside this state, the person may either make them available to the administrator at a convenient location within this state, or pay the reasonable and necessary expenses for the administrator or a representative of the administrator to examine them at the place where they are maintained. The administrator may designate representatives, including comparable officials of the state in which the records are located, to inspect them on his or her behalf.
(c) Reports of examinations and investigations, all working papers related thereto 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 and the licensee, and their respective counsel. This subsection does not apply to disclosures in proceedings brought by the administrator pursuant to this chapter.
(d) A licensee's books and records may be maintained, produced, and reproduced for examination by photostatic, photographic, microphotographic, optical imaging, or by any other generally recognized process for data storage and reproduction.
(e) Nothing contained herein shall prohibit discovery of these materials by and through a lawfully issued subpoena from a court of competent jurisdiction.
(Acts 1971, No. 2052, p. 3290, §19; Acts 1996, No. 96-576, p. 887, §2.)
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https://law.justia.com/codes/alabama/title-5/chapter-19/section-5-19-25/
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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 19 - Consumer Finance.›Section 5-19-25 - Cease and Desist Orders by Administrator; Penalties for Violation of This Chapter;...
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 19 - Consumer Finance. › Section 5-19-25 - Cease and Desist Orders by Administrator; Penalties for Violation of This Chapter; Right to Counsel at Hearing; Judicial Review.
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Section 5-19-25
Cease and desist orders by administrator; penalties for violation of this chapter; right to counsel at hearing; judicial review.
After notice and hearing, the administrator may order a licensee under this chapter or a person acting on behalf of the licensee to cease and desist from engaging in violations of this chapter. A creditor who is found by the administrator, after notice and hearing, to have violated this chapter may be ordered by the administrator to pay a civil penalty in an amount determined by the administrator of not more than ten thousand dollars ($10,000) in the aggregate for all violations of a similar nature or, where violations are knowing violations, of not more than fifty thousand dollars ($50,000), in addition to any other penalties provided by law, including, but not limited to, license revocation. Violations shall be of a similar nature if the violations consist of the same or substantially the same course of action or practice irrespective of the number of times the course of action or practice occurred. All civil penalties collected shall be paid into the special fund provided by Section 5-2A-20 and used in the supervision and examination of licensees. At the hearing, the licensee shall be entitled to be represented by counsel. A licensee aggrieved by an order of the administrator under this section may obtain judicial review of the order and the administrator may obtain an order of the court for enforcement of its order in the circuit court. The proceedings shall be governed by the provisions of Section 5-19-26.
(Acts 1971, No. 2052, p. 3290, §20; Acts 1996, No. 96-576, p. 887, §2.)
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https://law.justia.com/codes/alabama/title-5/chapter-19/section-5-19-26/
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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 19 - Consumer Finance.›Section 5-19-26 - Appeals to Circuit Court From Order of Administrator; Appeals From Decision of Cir...
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 19 - Consumer Finance. › Section 5-19-26 - Appeals to Circuit Court From Order of Administrator; Appeals From Decision of Circuit Court.
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Section 5-19-26
Appeals to circuit court from order of administrator; appeals from decision of circuit court.
(a) Any interested party or intervener may appeal an order of the administrator to the Circuit Court of Montgomery County or to the circuit court of the county in which such party has its principal place of business in Alabama by filing notice of appeal with the administrator and with the register or clerk of the circuit court within 30 days from the date of said final order. The administrator's findings shall be prima facie correct, but the circuit court may hear such appeal according to its own rules and procedure, including the taking of additional testimony and staying the order. In the circuit court, the trial shall be de novo. The court may, if it decides that the Administrator has erred to the prejudice of appellant's substantial rights in its application of the law or that the order was based upon findings of fact contrary to the substantial weight of the evidence, remand the proceeding to the administrator for further action in conformity with the direction of the court or may enter such order as the court deems appropriate.
(b) Either party may appeal from the circuit court to the Supreme Court within 42 days from the date of entry of the order of the circuit court.
(Acts 1971, No. 2052, p. 3290, §21.)
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https://law.justia.com/codes/alabama/title-5/chapter-19/section-5-19-29/
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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 19 - Consumer Finance.›Section 5-19-29 - Injunctions.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 19 - Consumer Finance. › Section 5-19-29 - Injunctions.
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Section 5-19-29
Injunctions.
(a) The administrator may bring an action to restrain a creditor or a person acting in his behalf from engaging in any business subject to licensing under subsection (a) of Section 5-19-22 without first obtaining a license therefor as provided in Section 5-19-22 and a licensee or any person acting in his behalf from engaging in violations of this chapter or engaging in a course of fraudulent or unconscionable conduct in inducing debtors to enter credit transactions or in the collection of debts.
(b) With respect to an action brought to enjoin violations of the chapter or fraudulent or unconscionable conduct, the administrator may apply to the court for appropriate temporary relief against a defendant, pending final determination of the proceedings. If the court finds, after a hearing held upon notice to the defendant, that there is reasonable cause to believe that the defendant is engaging in or is likely to engage in conduct which violates this chapter or which is fraudulent or unconscionable, it may grant any temporary relief or restraining order it deems appropriate.
(Acts 1971, No. 2052, p. 3290, §22.)
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https://law.justia.com/codes/alabama/title-5/chapter-19/section-5-19-30/
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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 19 - Consumer Finance.›Section 5-19-30 - Penalty for Violations.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 19 - Consumer Finance. › Section 5-19-30 - Penalty for Violations.
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Section 5-19-30
Penalty for violations.
A creditor who willfully makes charges in excess of those permitted by Section 5-19-3 or a creditor who willfully engages in the business of making loans in violation of subsection (a) of Section 5-19-22, or both, is guilty of a misdemeanor and, upon conviction, shall be sentenced to pay a fine not exceeding five hundred dollars ($500) or to imprisonment not exceeding one year, or both.
(Acts 1971, No. 2052, p. 3290, §24; Acts 1982, No. 82-521, p. 869, §1; Acts 1996, No. 96-576, p. 887, §2.)
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https://law.justia.com/codes/alabama/title-5/chapter-19/section-5-19-31/
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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 19 - Consumer Finance.›Section 5-19-31 - Nonapplicability of Chapter to Certain Transactions; Certain Laws Not Repealed or...
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 19 - Consumer Finance. › Section 5-19-31 - Nonapplicability of Chapter to Certain Transactions; Certain Laws Not Repealed or Amended.
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Section 5-19-31
Nonapplicability of chapter to certain transactions; certain laws not repealed or amended.
(a) The provisions of this chapter, except the provisions of subdivision (1) of Section 5-19-1 and Section 5-19-3, shall not apply (i) to any consumer credit transaction or other transaction involving an interest in real property or the sale, lease, or mortgage of an interest in real property where the creditor is exempt from licensing under this chapter, (ii) where the credit transaction is not a consumer transaction, (iii) where the credit transaction is by a trust institution as defined in Section 5-12A-1(1), in its capacity as a fiduciary under any plan or agreement qualified under 26 U.S.C. 401(a) or defined by 5 U.S.C. 8437, 26 U.S.C. 403(b), or 26 U.S.C. 457, or a trust exempt under 26 U.S.C. 501, or (iv) to any municipal pension system created under the laws of the State of Alabama. The provisions of this chapter shall not apply where the credit transaction is a policy loan made by a life insurance company licensed by this state or any other state.
(b) This chapter shall not be construed to amend or repeal, without limitation, Sections 5-18-1 through 5-18-24, inclusive, Section 8-8-6, Section 8-8-4, Section 8-8-5, Sections 8-8-1.1, 8-8-14, 8-8-15, or Sections 5-20-2 through 5-20-10, inclusive.
(c) This chapter shall not apply to any lawful, bona fide pawnbroking business.
(d) This chapter shall not apply to any insurance agent or agency licensed in Alabama that elects to charge a collection fee on unpaid balances for insurance premiums under Section 27-12-17. An election shall be made by stating such on the premium finance contract.
(Acts 1971, No. 2052, p. 3290, §25; Acts 1989, No. 89-541, p. 1132, §1; Acts 1994, No. 94-118, p. 146, §1; Acts 1996, No. 96-576, p. 887, §2; Act 2002-307, p. 873, §1; Act 2009-625, p. 1900, §1.)
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https://law.justia.com/codes/alabama/title-5/chapter-19/section-5-19-32/
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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 19 - Consumer Finance.›Section 5-19-32 - Service Contracts.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 19 - Consumer Finance. › Section 5-19-32 - Service Contracts.
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Section 5-19-32
Service contracts.
Any creditor who extends credit with respect to a consumer credit sale, may sell or finance, or both, a service contract covering tangible goods which are the subject of the consumer credit sale. Any other person who was not the creditor with regard to the initial sale of the tangible goods also may sell or finance, or both, a service contract covering the tangible goods. A "service contract" as used in this section is an agreement, for a separately stated consideration, of the service contract offeror to correct, repair, or replace, or to pay for the correction, repair, maintenance, or replacement of tangible goods during the period covered by the service contract, with or without additional provisions for payment of or indemnity under limited circumstances for related expenses including, without limitation, for towing, rental, and emergency road service, whether called a service contract, extended warranty or otherwise. The service contract offeror need not be the seller or creditor. The service contract may be offered, sold, and financed at the time of the credit sale or at any time thereafter, including, without limitation, at or about the time of the expiration of any original warranty or the expiration of the period covered by the service contract. The service contract may, but is not required to, be renewable from time to time as set forth in the service contract. A service contract does not constitute insurance for any purpose, other than for the purpose of a service contract holder's claim against a service contract provider for failure to comply with the provisions of the service contract if so provided by other law.
(Acts 1996, No. 96-576, p. 887, §3.)
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https://law.justia.com/codes/alabama/title-5/chapter-19/section-5-19-33/
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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 19 - Consumer Finance.›Section 5-19-33 - Account Maintenance Fee.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 19 - Consumer Finance. › Section 5-19-33 - Account Maintenance Fee.
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Section 5-19-33
Account maintenance fee.
(a) In addition to other lawful charges permitted under various state or federal laws, except under open-end credit plans, a creditor may, if provided in the contract, charge an account maintenance fee of not more than three dollars ($3) for each month of the scheduled period of repayment of the credit transaction. The account maintenance fee shall be determined at the date of the credit transaction and may be charged in full at that time. The account maintenance fee as so determined shall not bear interest and shall constitute a part of the finance charge. In the event of the renewal, refinance, or payment in full of the credit transaction, the debtor shall be entitled to a refund or credit of any unearned portion of the account maintenance fee under subsection (c) of Section 5-19-4, as of the date of such renewal, refinancing, or payment in full.
(b) This section shall not repeal, amend, modify, or diminish any right or power to charge and collect charges, fees, interest, or an interest surcharge existing under any other applicable state or federal statute, nor repeal, amend, or modify Public Law 96-221, enacted by the United States Congress and approved March 31, 1980, nor Section 5-2A-24.
(Act 2006-238, §§1, 2.)
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https://law.justia.com/codes/alabama/title-5/chapter-19a/section-5-19a-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 19A - Alabama Pawnshop Act.›Section 5-19A-1 - Short Title.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 19A - Alabama Pawnshop Act. › Section 5-19A-1 - Short Title.
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Section 5-19A-1
Short title.
This chapter shall be known and may be cited as the "Alabama Pawnshop Act."
(Acts 1992, No. 92-597, p. 1227, §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 19A - Alabama Pawnshop Act.›Section 5-19A-2 - Definitions.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 19A - Alabama Pawnshop Act. › Section 5-19A-2 - Definitions.
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Section 5-19A-2
Definitions.
The following words and phrases shall have the following meanings:
(1) APPROPRIATE LAW ENFORCEMENT AGENCY. The sheriff of each county in which the pawnbroker maintains an office, or the police chief of the municipality in which the pawnbroker maintains an office.
(2) ATTORNEY GENERAL. The Attorney General of the State of Alabama.
(3) PAWN TRANSACTION. Any loan on the security of pledged goods or any purchase of pledged goods on condition that the pledged goods are left with the pawnbroker and may be redeemed or repurchased by the seller for a fixed price within a fixed period of time. A "pawn transaction" does not include the pledge to, or the purchase by, a pawnbroker of real or personal property from a customer followed by the sale or the leasing of that property back to the customer in the same or a related transaction.
(4) PAWNBROKER. Any person engaged in the business of lending money on the security of pledged goods left in pawn, or in the business of purchasing tangible personal property to be left in pawn on the condition that it may be redeemed or repurchased by the seller for a fixed price within a fixed period of time. Notwithstanding the foregoing, the following are exempt from the definition of the term "pawnbroker" and from this chapter: any bank which is regulated by the State Banking Department of Alabama; the Comptroller of the Currency of the United States; the Federal Deposit Insurance Corporation; the Board of Governors of the Federal Reserve System or any other federal or state authority; and all affiliates thereof and any bank or savings and loan association whose deposits or accounts are eligible for insurance by the Bank Insurance Fund or the Savings Association Insurance Fund or other fund administered by the Federal Deposit Insurance Corporation all affiliates thereof, any state or federally chartered credit union, and any finance company subject to licensing and regulation by the State Banking Department pursuant to Sections 5-19-1 to 5-19-19, inclusive.
(5) PERSON. An individual, partnership, corporation, joint venture, trust, association, or any legal entity.
(6) PLEDGED GOODS. Tangible personal property other than choses in action, securities, or printed evidences of indebtedness, which property is purchased by, deposited with, or otherwise actually delivered into the possession of, a pawnbroker in connection with a pawn transaction.
(7) SUPERVISOR. The Supervisor of the Bureau of Loans of the State Banking Department.
(Acts 1992, No. 92-597, p. 1227, §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 19A - Alabama Pawnshop Act.›Section 5-19A-3 - Pawnbroker to Enter on Pawn Ticket Record of Information.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 19A - Alabama Pawnshop Act. › Section 5-19A-3 - Pawnbroker to Enter on Pawn Ticket Record of Information.
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Section 5-19A-3
Pawnbroker to enter on pawn ticket record of information.
At the time of making the pawn or purchase transaction, the pawnbroker shall enter on the pawn ticket a record of the following information which shall be typed or written in ink and in the English language:
(1) A clear and accurate description of the property, including model and serial number if indicated on the property.
(2) The name, residence address, and date of birth of the pledgor or seller.
(3) Date of the pawn or purchase transaction.
(4) Type of identification and the identification number accepted from pledgor or seller.
(5) Description of the pledgor including approximate height, sex, and race.
(6) Amount of cash advanced.
(7) The maturity date of the pawn transaction and the amount due.
(8) The monthly rate and pawn charges.
(Acts 1992, No. 92-597, p. 1227, §3.)
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https://law.justia.com/codes/alabama/title-5/chapter-19a/section-5-19a-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 19A - Alabama Pawnshop Act.›Section 5-19A-4 - Certain Information to Be Printed on Pawn Tickets.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 19A - Alabama Pawnshop Act. › Section 5-19A-4 - Certain Information to Be Printed on Pawn Tickets.
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Section 5-19A-4
Certain information to be printed on pawn tickets.
The following information shall be printed on all pawn tickets:
(1) The statement that "Any personal property pledged to a pawnbroker within this state is subject to sale or disposal when there has been no payment made on the account for a period of 30 days past maturity date of the original contract, and no further notice is necessary."
(2) The statement that "The pledgor of this item attests that it is not stolen, it has no liens or encumbrances against it, and the pledgor has the right to sell or pawn the item."
(3) The statement that "The item pawned is redeemable only by the bearer of this ticket."
(4) A blank line for the pledgor's signature.
(Acts 1992, No. 92-597, p. 1227, §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 19A - Alabama Pawnshop Act.›Section 5-19A-5 - Statement Verifying Pledgor Is Rightful Owner of Goods; Pawnbroker to Maintain Rec...
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 19A - Alabama Pawnshop Act. › Section 5-19A-5 - Statement Verifying Pledgor Is Rightful Owner of Goods; Pawnbroker to Maintain Record of Transactions; Goods to Be Maintained on Premises for Certain Number of Days Before Resale.
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Section 5-19A-5
Statement verifying pledgor is rightful owner of goods; pawnbroker to maintain record of transactions; goods to be maintained on premises for certain number of days before resale.
(a) The pledgor or seller shall sign a statement verifying that the pledgor or seller is the rightful owner of the goods or is entitled to sell or pledge the goods and shall receive an exact copy of the pawn ticket which shall be signed or initialed by the pawnbroker or any employee of the pawnbroker.
(b) The pawnbroker shall maintain a record of all transactions of pledged or purchased goods on the premises. A pawnbroker shall make available to the appropriate law enforcement agency a record of the transactions. These records shall be a correct copy of the entries made of the pawn or purchase transaction, except as to the amount of cash advanced or paid for the goods and the monthly pawnshop charge.
(c) All goods purchased by the pawnbroker except for automobiles, trucks, and similar vehicles shall be maintained on the premises by the pawnbroker for at least fifteen business days before the goods may be offered for resale. Automobiles, trucks, and similar vehicles shall be maintained on the premises for 21 calendar days.
(Acts 1992, No. 92-597, p. 1227, §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 19A - Alabama Pawnshop Act.›Section 5-19A-6 - Redemption or Automatic Forfeiture of Pledged Goods.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 19A - Alabama Pawnshop Act. › Section 5-19A-6 - Redemption or Automatic Forfeiture of Pledged Goods.
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Section 5-19A-6
Redemption or automatic forfeiture of pledged goods.
A pledgor shall have no obligation to redeem pledged goods or make any payment on a pawn transaction. Pledged goods not redeemed within 30 days following the originally fixed maturity date shall be forfeited to the pawnbroker and absolute right, title, and interest in and to the goods shall vest in the pawnbroker.
(Acts 1992, No. 92-597, p. 1227, §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 19A - Alabama Pawnshop Act.›Section 5-19A-7 - Pawnshop Charge; Amounts in Excess of Pawnshop Charge.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 19A - Alabama Pawnshop Act. › Section 5-19A-7 - Pawnshop Charge; Amounts in Excess of Pawnshop Charge.
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Section 5-19A-7
Pawnshop charge; amounts in excess of pawnshop charge.
(a) A pawnbroker may contract for and receive a pawnshop charge in lieu of interest or other charges for all services, expenses, costs, and losses of every nature but not to exceed 25 percent of the principal amount, per month, advanced in the pawn transaction.
(b) Any interest, charge, or fees contracted for or received, directly or indirectly, in excess of the amount permitted under subsection (a) shall be uncollectible and the pawn transaction shall be void. The pawnshop charge allowed under subsection (a) shall be deemed earned, due, and owing as of the date of the pawn transaction and a like sum shall be deemed earned, due, and owing on the same day of the succeeding month.
(Acts 1992, No. 92-597, p. 1227, §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 19A - Alabama Pawnshop Act.›Section 5-19A-8 - Certain Acts by Pawnbrokers Prohibited.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 19A - Alabama Pawnshop Act. › Section 5-19A-8 - Certain Acts by Pawnbrokers Prohibited.
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Section 5-19A-8
Certain acts by pawnbrokers prohibited.
A pawnbroker, any clerk, agent, or employee of a pawnbroker shall not do any of the following:
(1) Fail to make an entry of any material matter in the record book.
(2) Make any false entry therein.
(3) Falsify, obliterate, destroy, or remove from the place of business records, books, or accounts relating to the licensee's pawn transactions.
(4) Refuse to allow the supervisor, the appropriate law enforcement agency, the Attorney General, or any other duly authorized state or federal law enforcement officer to inspect the pawn records or any pawn goods during the ordinary hours of business or other acceptable time to both parties.
(5) Fail to maintain a record of each pawn transaction for at least four years.
(6) Accept a pledge or purchase property from a person under the age of 19 years.
(7) Make any agreement requiring the personal liability of a pledgor or seller or waiving any of the provisions of this section or providing for a maturity date less than 30 days after the date of the pawn transaction.
(8) Fail to return or replace pledged goods to a pledgor or seller upon payment of the full amount due the pawnbroker unless the pledged goods have been taken into custody by a court or by a law enforcement officer or agency.
(9) Sell, lease, or agree to sell or lease pledged or purchased goods back to the pledgor or back to the seller and the same or related transaction.
(10) Sell or otherwise charge for insurance in connection with a pawn transaction.
(Acts 1992, No. 92-597, p. 1227, §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 19A - Alabama Pawnshop Act.›Section 5-19A-9 - Pledgor Presenting Pawn Ticket Entitled to Redeem or Repurchase Goods; Lost or Dam...
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 19A - Alabama Pawnshop Act. › Section 5-19A-9 - Pledgor Presenting Pawn Ticket Entitled to Redeem or Repurchase Goods; Lost or Damaged Pledged Goods in Possession of Pawnbroker; Lost, Destroyed, or Stolen Pawn Ticket.
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Section 5-19A-9
Pledgor presenting pawn ticket entitled to redeem or repurchase goods; lost or damaged pledged goods in possession of pawnbroker; lost, destroyed, or stolen pawn ticket.
(a) Any person properly identified as pledgor or as authorized representative of the pledgor and presenting a pawn ticket to the pawnbroker shall be entitled to redeem or repurchase the pledged goods described in the ticket. In the event pledged goods are lost or damaged while in the possession of the pawnbroker, it shall be the responsibility of the pawnbroker to replace the lost or damaged goods with like kinds of merchandise and proof of replacement shall be a defense to any prosecution. For the purposes of this subsection, "lost" includes pledged goods that have been destroyed or have disappeared due to willful neglect that results in the pledged goods being unavailable for return to the pledgor.
(b) If the pawn ticket is lost, destroyed, or stolen, the pledgor shall so notify the pawnbroker in writing, and receipt of this notice shall invalidate the pawn ticket, if the pledged goods have not previously been redeemed. Before delivering the pledged goods or issuing a new pawn ticket, the pawnbroker shall require the pledgor to make a written statement of the loss, destruction, or theft of the ticket. The pawnbroker shall record on the written statement the identifying information required by Section 5-19A-3, the date the statement is given, and the number of the pawn ticket lost, destroyed, or stolen. The statement shall be signed by the pawnbroker or the pawnshop employee who accepts the statement from the pledgor. A pawnbroker is entitled to a fee not to exceed five dollars in connection with each lost, destroyed, or stolen pawn ticket and the taking of a properly prepared written statement for the pawn ticket.
(Acts 1992, No. 92-597, p. 1227, §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 19A - Alabama Pawnshop Act.›Section 5-19A-10 - Liens for Pawnbrokers; Pledged Goods Not Redeemed on or Before Maturity Date Fixe...
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 19A - Alabama Pawnshop Act. › Section 5-19A-10 - Liens for Pawnbrokers; Pledged Goods Not Redeemed on or Before Maturity Date Fixed in Ticket.
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Section 5-19A-10
Liens for pawnbrokers; pledged goods not redeemed on or before maturity date fixed in ticket.
(a) A pawnbroker shall have a lien on the pledged goods pawned for the money advanced and the pawnshop charge owed, but not for other debts due to the pawnbroker, subject to the rights of other persons who have an ownership interest or prior liens in the pledged goods. The pawnbroker shall retain possession of the pledged goods except as otherwise herein provided until the lien is satisfied.
(b) Pledged goods not redeemed on or before the maturity date if fixed and set out in the pawn ticket issued in connection with any transaction shall be held by the pawnbroker for 30 days following that date and may be redeemed or repurchased by the pledgor or seller within the period by the payment of the originally agreed redemption price, and by the payment of an additional pawnshop charge equal to the original pawnshop charge.
(Acts 1992, No. 92-597, p. 1227, §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 19A - Alabama Pawnshop Act.›Section 5-19A-11 - Licensing Generally; Annual Fee; Temporary License; When New License Not Required...
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 19A - Alabama Pawnshop Act. › Section 5-19A-11 - Licensing Generally; Annual Fee; Temporary License; When New License Not Required Upon Change in Ownership.
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Section 5-19A-11
Licensing generally; annual fee; temporary license; when new license not required upon change in ownership.
(a) A person may not engage in business as a pawnbroker unless the person has a valid license authorizing engagement in the business. A separate license is required for each place of business. The supervisor may issue more than one license to a person if that person complies with this chapter for each license. A new license or application to transfer an existing license is required upon any change, directly or beneficially, in the ownership of any licensed pawnshop and an application must be made to the supervisor in accordance with this chapter.
(b) When a licensee wishes to move a pawnshop to another location, the licensee shall give 30 days written notice to the supervisor, who shall then amend the license accordingly.
(c) Each license shall remain in full force and effect until relinquished, suspended, revoked, or expired. Every licensee, on or before each December 1st, shall pay the supervisor $100.00 for each license as the annual fee for the succeeding calendar year. If the annual fee remains unpaid 30 days after written notice of delinquency has been given to the licensee by the supervisor, the license shall thereupon expire, but not before December 31st of any year for which the annual fee has been paid. All licensing and investigation fees shall be paid into the special fund established under Section 5-2A-20.
(d) The supervisor may issue a temporary license authorizing the operation of a pawnshop upon receipt of an application to transfer a license from one person to another, or upon the receipt of an application for a license involving principals and owners that are substantially identical to those of an existing licensed pawnshop. The temporary license shall be effective until the permanent license is issued or denied.
(e) A new license or an application to transfer an existing license shall not be required upon any change, directly or beneficially, in the ownership of a licensed pawnshop incorporated under the laws of this state or any other state if the licensee continues to operate as a corporation doing a pawnbroking business under the license. The supervisor may require the licensee to provide information deemed reasonable and appropriate concerning the officers and directors of the corporation and persons owning in excess of 25 percent of the outstanding shares of the corporation.
(Acts 1992, No. 92-597, p. 1227, §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 19A - Alabama Pawnshop Act.›Section 5-19A-12 - Eligibility for Pawnshop License; Application Fee.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 19A - Alabama Pawnshop Act. › Section 5-19A-12 - Eligibility for Pawnshop License; Application Fee.
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Section 5-19A-12
Eligibility for pawnshop license; application fee.
(a) To be eligible for a pawnshop license, an applicant shall:
(1) Operate lawfully and fairly within the purposes of this chapter.
(2) Not have been convicted of a felony within the last 10 years or not be acting as a beneficial owner for someone who has been convicted of a felony within the last 10 years.
(b) The application shall be accompanied by a fee of $50.00 to be paid to the Supervisor if the applicant does not possess an existing license at the time of applying for the pawnshop license. If the application involves a second or additional license to an applicant previously licensed for a separate location or involves substantially identical principals and owners of a licensed pawnshop at a separate location. The application shall be accompanied by a fee of $50.00.
(Acts 1992, No. 92-597, p. 1227, §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 19A - Alabama Pawnshop Act.›Section 5-19A-13 - Suspension or Revocation of License; Notice and Hearing; Surrender of License.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 19A - Alabama Pawnshop Act. › Section 5-19A-13 - Suspension or Revocation of License; Notice and Hearing; Surrender of License.
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Section 5-19A-13
Suspension or revocation of license; notice and hearing; surrender of license.
(a) The supervisor may, after notice and hearing, suspend or revoke any license upon a finding that:
(1) The licensee, either knowingly or without the exercise of due care to prevent the same, has violated this chapter.
(2) A fact or condition exists which, if it had existed or had been known to exist at the time of the original application for a license, would have justified the supervisor in refusing a license.
(3) The licensee has aided, abetted, or conspired with an individual or person to circumvent or violate the requirements of this chapter.
(4) The licensee or a legal or beneficial owner of the license has been convicted of a crime that the supervisor finds directly relates to the duties and responsibilities of the occupation of pawnbroker.
(b) The supervisor may conditionally license or place on probation a person whose license has been suspended or may reprimand a licensee for a violation of this chapter.
(c) The manner of giving notice and conducting a hearing, as required by subsection (a), shall be as required by Sections 41-22-12 and 41-22-13.
(d) Any licensee may surrender a license by delivering it to the supervisor with written notice of its surrender. Notwithstanding the foregoing, this surrender shall not affect the civil or criminal liability of the licensee for acts committed prior to surrendering of the license.
(e) No revocation, suspension, or surrender of a license shall impair or affect the obligation of any pre-existing lawful contract between the licensee and any pledgor. Any pawn transaction made without benefit of license is void.
(f) 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 would have justified the supervisor in refusing originally to issue a license under this chapter.
(Acts 1992, No. 92-597, p. 1227, §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 19A - Alabama Pawnshop Act.›Section 5-19A-14 - Application for New Pawnshop License, Transfer of Existing License, Etc.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 19A - Alabama Pawnshop Act. › Section 5-19A-14 - Application for New Pawnshop License, Transfer of Existing License, Etc.
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Section 5-19A-14
Application for new pawnshop license, transfer of existing license, etc.
(a) An application for a new pawnshop license, the transfer of an existing pawnshop license, or the approval of a change in the ownership of a licensed pawnshop shall be under oath and shall state the full name and place of residence of the applicant, the place where the business is to be conducted, and other relevant information required by the supervisor. If the applicant is a partnership, the application shall state the full name and address of each partner. If the applicant is a corporation, the application shall state the full name and address of each officer, shareholder, and director.
(b) Notwithstanding the foregoing, the application need not state the full name and address of each shareholder, if the applicant is owned directly or beneficially by a person which as an issuer has a class of securities registered pursuant to Section 12 of the Securities Exchange Act of 1934, or pursuant to Section 15(d) is an issuer of securities which is required to file reports with the Securities and Exchange Commission, if the person files with the supervisor any information, documents, and reports required by that act to be filed with the Securities and Exchange Commission.
(Acts 1992, No. 92-597, p. 1227, §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 19A - Alabama Pawnshop Act.›Section 5-19A-15 - No Confiscation of Property Pledged to Pawnbroker if Property May Be Put on Seven...
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 19A - Alabama Pawnshop Act. › Section 5-19A-15 - No Confiscation of Property Pledged to Pawnbroker if Property May Be Put on Seven-Day Hold; When Property May Be Placed on Hold.
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Section 5-19A-15
No confiscation of property pledged to pawnbroker if property may be put on seven-day hold; when property may be placed on hold.
(a) No pledged or purchased goods may be confiscated if the property pledged to, or purchased by, a pawnbroker may be put on a seven-day hold by the authorized law enforcement authorities, but the pledged or purchased property may not be placed on hold unless:
(1) A police report is made in a timely manner.
(2) A warrant is sworn out for the person who pledged or sold the goods to the pawnbroker or for alias if the person is unknown.
(3) A warrant or writ is issued for the merchandise to be confiscated along with a request for restitution, pursuant to law.
(b) This section shall not affect the right of any person who has an ownership interest or prior lien in the pledged or purchased goods.
(Acts 1992, No. 92-597, p. 1227, §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 19A - Alabama Pawnshop Act.›Section 5-19A-16 - Penalties for Failure to Secure License.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 19A - Alabama Pawnshop Act. › Section 5-19A-16 - Penalties for Failure to Secure License.
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Section 5-19A-16
Penalties for failure to secure license.
Any person who engages in the business of operating a pawnshop without first securing the license prescribed by this chapter shall be guilty of a misdemeanor and, upon conviction thereof, shall be punished by a fine not in excess of $1,000.00 or by confinement in the county jail for not more than one year, or for both.
(Acts 1992, No. 92-597, p. 1227, §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 19A - Alabama Pawnshop Act.›Section 5-19A-17 - Penalties for Willful Violation of Chapter or for False Entry in Required Records...
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 19A - Alabama Pawnshop Act. › Section 5-19A-17 - Penalties for Willful Violation of Chapter or for False Entry in Required Records; Compliance Enforced by Supervisor; Order Requiring Person to Refrain From Violation.
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Section 5-19A-17
Penalties for willful violation of chapter or for false entry in required records; compliance enforced by supervisor; order requiring person to refrain from violation.
(a) In addition to any other penalty which may be applicable, any licensee who willfully violates this chapter or who willfully makes a false entry in any record specifically required by this chapter shall be guilty of a misdemeanor and, upon conviction thereof, shall be punished by a fine not in excess of $1,000.00 per violation or false entry.
(b) Compliance with this chapter shall be enforced by the supervisor who may exercise any authority conferred by law.
(c) When the supervisor has reasonable cause to believe that a person is violating this chapter, the supervisor, in addition to and without prejudice to the authority provided elsewhere in this chapter, may enter an order requiring the person to stop or to refrain from the violation. The supervisor may sue in any circuit court of the state having jurisdiction and venue to enjoin the person from engaging in, continuing the violation, or from doing any act in furtherance of the violation. In an action, the court may enter an order or judgment awarding a preliminary or permanent injunction.
(Acts 1992, No. 92-597, p. 1227, §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 19A - Alabama Pawnshop Act.›Section 5-19A-18 - Department of Public Safety to Supply Available Arrest and Conviction Records.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 19A - Alabama Pawnshop Act. › Section 5-19A-18 - Department of Public Safety to Supply Available Arrest and Conviction Records.
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Section 5-19A-18
Department of Public Safety to supply available arrest and conviction records.
The Department of Public Safety on request shall supply to the supervisor any available arrest and conviction records of an individual applying for or holding a license under this chapter.
(Acts 1992, No. 92-597, p. 1227, §18.)
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https://law.justia.com/codes/alabama/title-5/chapter-19a/section-5-19a-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 19A - Alabama Pawnshop Act.›Section 5-19A-19 - Ordinances to Be in Compliance With but Not More Restrictive Than Chapter.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 19A - Alabama Pawnshop Act. › Section 5-19A-19 - Ordinances to Be in Compliance With but Not More Restrictive Than Chapter.
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Section 5-19A-19
Ordinances to be in compliance with but not more restrictive than chapter.
Any municipality may enact ordinances which are in compliance with but not more restrictive than this chapter. Any existing or future order, ordinances, or regulation which conflicts with this provision shall be null and void.
(Acts 1992, No. 92-597, p. 1227, §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 19A - Alabama Pawnshop Act.›Section 5-19A-20 - Pawnbrokers to Be Subject to Licensing and Issuance Fees Under Chapter 12 of Titl...
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 19A - Alabama Pawnshop Act. › Section 5-19A-20 - Pawnbrokers to Be Subject to Licensing and Issuance Fees Under Chapter 12 of Title 40; Chapter Not to Repeal Uniform Commercial Code.
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Section 5-19A-20
Pawnbrokers to be subject to licensing and issuance fees under Chapter 12 of Title 40; chapter not to repeal Uniform Commercial Code.
Notwithstanding the foregoing, all persons currently doing business as pawnbrokers and those seeking licensure under this chapter, shall be subject to the applicable licensing and issuance fees levied under Chapter 12 of Title 40. This chapter shall not repeal or be construed to repeal any provision of the Uniform Commercial Code, Sections 7-1-101 et seq.
(Acts 1992, No. 92-597, p. 1227, §21.)
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https://law.justia.com/codes/alabama/title-5/chapter-20/section-5-20-2/
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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 20 - Alabama Credit Card Act.›Section 5-20-2 - Short Title.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 20 - Alabama Credit Card Act. › Section 5-20-2 - Short Title.
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Section 5-20-2
Short title.
This chapter shall be known and may be cited as the "Alabama Credit Card Act."
(Acts 1988, No. 88-85, p. 104, §1.)
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https://law.justia.com/codes/alabama/title-5/chapter-20/section-5-20-3/
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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 20 - Alabama Credit Card Act.›Section 5-20-3 - Definitions.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 20 - Alabama Credit Card Act. › Section 5-20-3 - Definitions.
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Section 5-20-3
Definitions.
Notwithstanding any other provision of law, for the purposes of this chapter, the following terms shall have the meanings prescribed by this section:
(1) ALABAMA BANK. A bank which is organized under the laws of this state or of the United States and which has its principal place of business in this state.
(2) BANK. Any "insured bank" as such term is defined in Section 3(h) of the Federal Deposit Insurance Act, 12 U.S.C. §1813(h).
(3) BANK HOLDING COMPANY. Any company which is a bank holding company under the Bank Holding Company Act of 1956, as amended, 12 U.S.C. §1841(a).
(4) CREDIT CARD. Any type of arrangement or agreement pursuant to which any domestic lender or credit card bank, whether directly or indirectly through any domestic lender acting as its agent, gives a debtor the privilege of using a credit card or other credit confirmation, device or instrument of any type in transactions out of which debt arises:
a. By the domestic lender or credit card bank honoring a draft or other order, whether written, verbal or electronic, for the payment of money and which is created, authorized, issued or accepted by the debtor; or
b. By the domestic lender or credit card bank paying or agreeing to pay the debtor's obligation.
(5) CREDIT CARD ACCOUNT. An arrangement or agreement between a debtor and a domestic lender or credit card bank, whether directly or indirectly through any domestic lender acting as its agent, which provides for the creation of debt pursuant to a credit card and under which:
a. The domestic lender or credit card bank may permit the debtor to create debt from time to time;
b. The unpaid balance of principal of such debt and the finance and other charges and fees are debited to an account;
c. A finance charge is computed or an interest rate imposed upon the outstanding balances of the debtor's account from time to time; and
d. The domestic lender or credit card bank renders bills or statements to the debtor at regular intervals, providing that the amount of credit extensions shown in such bills or statements is payable by and due from the debtor on a date specified in such bill or statement or, at the option of the debtor, but subject to the terms and conditions of the credit card account, may be paid by the debtor in installments.
(6) CREDIT CARD BANK. Any Alabama bank which is organized hereunder and whose activities are limited to those permitted under this chapter.
(7) DOMESTIC LENDER. Any Alabama bank, savings and loan association, savings bank or credit union organized or chartered under the laws of this state or the United States which has its principal place of business in this state and which (i) makes loans, and (ii) accepts deposits or share accounts which are insured by an agency of the United States and which are payable on demand or are subject to withdrawal by check or similar means of payment to third parties or others.
(8) FOREIGN LENDER. Any bank other than an Alabama bank, or any savings and loan association, savings bank, or credit union organized or chartered under the laws of any state other than Alabama or of the United States which has its principal place of business outside this state, and which (i) makes loans, and (ii) accepts deposits or share accounts which are insured by an agency of the United States and which are payable on demand, or are subject to withdrawal by check or similar means of payment to third parties or others.
(9) SUPERINTENDENT. The Superintendent of Banks of this state.
(Acts 1988, No. 88-85, p. 104, §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 20 - Alabama Credit Card Act.›Section 5-20-4 - Establishment or Acquisition of a Credit Card Bank.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 20 - Alabama Credit Card Act. › Section 5-20-4 - Establishment or Acquisition of a Credit Card Bank.
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Section 5-20-4
Establishment or acquisition of a credit card bank.
Subject to the provisions of this chapter and to the prior approval of the superintendent, any bank holding company, bank holding company subsidiary, domestic lender or foreign lender may, either singly or jointly with other bank holding companies, bank holding company subsidiaries, domestic lenders or foreign lenders, establish or acquire, and own and control all the voting shares of a single credit card bank located in Alabama when and for so long as the following conditions are satisfied:
(1) If the credit card bank is to be organized under the laws of this state, such bank shall be organized as provided in this chapter and in the manner provided in Chapter 5A of this title;
(2) In connection with the application to organize, or to acquire control of a credit card bank, the applicant or applicants shall pay one filing fee to the Alabama Department of Banking in an amount not less than $15,000 to be set by the superintendent and approved by the Alabama Department of Banking;
(3) The shares of a credit card bank shall be owned only by one or more bank holding companies, bank holding company subsidiaries, domestic lenders or foreign lenders;
(4) Each credit card bank shall have total initial capital accounts actually paid in of not less than $1,750,000, and at all times thereafter shall maintain such minimum capital together with such additional capital accounts such that it shall have total capital not less than that capital generally required of Alabama banks supervised by the superintendent;
(5) The credit card bank may engage only in the business of soliciting, processing, and extending credit pursuant to credit card accounts and conducting such other activities as are incidental thereto and not inconsistent with the provisions of this chapter;
(6) The credit card bank shall not accept demand deposits or deposits that are withdrawable by check or similar means for payment to third parties or others, and shall not accept any savings or time deposits of less than $100,000;
(7) The credit card bank must operate only a single office in this state, and such office's location and manner of operation shall be limited so as to be not likely to attract customers from the general public in this state to the substantial detriment of banks and depository institutions located in this state; and
(8) A credit card bank, owned singly or jointly by a foreign lender or by a foreign bank holding company or by a subsidiary thereof, shall have, within one year of the date it commences operations, no fewer than 40 employees located in this state devoted to its credit card activities.
An Alabama bank or a domestic lender is not required to establish a credit card bank to issue credit cards and create credit card accounts.
(Acts 1988, No. 88-85, p. 104, §1.)
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https://law.justia.com/codes/alabama/title-5/chapter-20/section-5-20-5/
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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 20 - Alabama Credit Card Act.›Section 5-20-5 - Charges, Rates, and Fees.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 20 - Alabama Credit Card Act. › Section 5-20-5 - Charges, Rates, and Fees.
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Section 5-20-5
Charges, rates and fees.
Notwithstanding the provisions of any other law, in connection with a credit card account, any domestic lender or any credit card bank may provide in the credit card agreement such charges for cash advances, charges for extensions of credit in excess of pre-established limits, late fees or delinquency charges, premiums on credit life and credit accident and health insurance, annual fees and other charges and fees, and such other terms and conditions as such domestic lender or credit card bank and the debtor may agree from time to time. Further, in addition to and apart from the charges and fees set forth above, in connection with a credit card account, any domestic lender or credit card bank may impose such interest and other finance charges as any such domestic lender or credit card bank and the debtor may from time to time agree notwithstanding any law otherwise prescribing, regulating or limiting such rates of interest, finance charges, fees and other charges. In the event any domestic lender or credit card bank desires to modify in any respect any term of the credit card account, it shall first provide at least 30 days' prior written notice of such modification to the debtor. In providing such notice, such domestic lender or credit card bank shall advise the debtor in writing that the debtor has the option (i) to surrender the credit card whereupon the debtor shall have the right to continue to pay off the credit card account in the same manner and under the same terms and conditions as then in effect; or (ii) to hold the credit card after the 30-day period has elapsed, or to use the credit card during such period, either of which shall constitute the debtor's consent to the modification.
(Acts 1988, No. 88-85, p. 104, §1.)
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https://law.justia.com/codes/alabama/title-5/chapter-20/section-5-20-6/
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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 20 - Alabama Credit Card Act.›Section 5-20-6 - Application for Approval; Filing Fee.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 20 - Alabama Credit Card Act. › Section 5-20-6 - Application for Approval; Filing Fee.
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Section 5-20-6
Application for approval; filing fee.
Any bank holding company, bank holding company subsidiary, domestic lender or foreign lender proposing to establish or acquire a credit card bank pursuant to this chapter shall file an application with the superintendent for prior approval of such establishment or acquisition. Such application shall contain such information as the superintendent may require, and shall specifically acknowledge each applicant's agreement to be bound by the conditions set forth in Section 5-20-4. In addition, such application shall designate a resident of this state as each applicant's registered agent in connection with matters arising out of this chapter and shall be accompanied by the filing fee specified in section 5-20-4.
(Acts 1988, No. 88-85, p. 104, §1.)
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https://law.justia.com/codes/alabama/title-5/chapter-20/section-5-20-7/
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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 20 - Alabama Credit Card Act.›Section 5-20-7 - Supervision and Enforcement.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 20 - Alabama Credit Card Act. › Section 5-20-7 - Supervision and Enforcement.
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Section 5-20-7
Supervision and enforcement.
(a) All credit card banks organized under the laws of this state shall be subject to the supervision, regulation, and examination of the superintendent and the superintendent shall have all enforcement powers with respect thereto as are provided in this title.
(b) In the event any credit card bank does not conduct its business consistent with the provisions of Section 5-20-4, the superintendent may require such credit card bank to cease all unauthorized activities, and may issue cease and desist orders and exercise any other rights or powers provided by this title, including, but not limited to, seeking equitable or legal remedies. In the event such credit card bank fails to abide by any order or written agreement with the superintendent, the superintendent may in addition to all other rights, remedies, and powers it may have under this title:
(1) Impose upon the credit card bank or any of its controlling or investor bank holding companies, bank holding company subsidiaries, domestic lenders or foreign lenders, a penalty of up to $10,000 per day for each day such order is violated; and
(2) Require divestiture of any interest in such credit card bank by any person or entity not qualified to acquire such credit card bank on the date it ceased to operate within the limitations imposed by Section 5-20-5.
(c) The superintendent shall have the power to promulgate rules and regulations implementing the provisions of this chapter in the manner provided by Sections 5-2A-7 and 5-2A-8.
(Acts 1988, No. 88-85, p. 104, §1.)
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https://law.justia.com/codes/alabama/title-5/chapter-20/section-5-20-8/
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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 20 - Alabama Credit Card Act.›Section 5-20-8 - Applicable Law.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 20 - Alabama Credit Card Act. › Section 5-20-8 - Applicable Law.
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Section 5-20-8
Applicable law.
(a) A credit card bank shall be subject to all provisions of this title except to the extent any rights, powers, privileges, provisions or limitations of this title are inconsistent with the rights, powers, privileges, provisions or limitations of this chapter.
(b) A credit card bank shall not be considered a "bank" for the purposes of Section 5-5A-20 or Chapter 13A of Title 5.
(c) Notwithstanding anything to the contrary contained in Section 5-5A-27, an Alabama bank may subscribe for and own stock in a credit card bank.
(Acts 1988, No. 88-85, p. 104, §1.)
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https://law.justia.com/codes/alabama/title-5/chapter-20/section-5-20-9/
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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 20 - Alabama Credit Card Act.›Section 5-20-9 - Severability.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 20 - Alabama Credit Card Act. › Section 5-20-9 - Severability.
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Section 5-20-9
Severability.
If any provision or clause of this chapter, including without limitation Section 5-20-4(8), or any application thereof to any entity or circumstances is held invalid, such invalidity shall not affect the other provisions or applications of the chapter which can be given effect without the invalid provision or application, and to this end the provisions of this chapter are declared to be severable.
(Acts 1988, No. 88-85, p. 104, §1.)
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https://law.justia.com/codes/alabama/title-5/chapter-20/section-5-20-10/
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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 20 - Alabama Credit Card Act.›Section 5-20-10 - Construction With Other Laws; Repeal of Conflicting Laws.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 20 - Alabama Credit Card Act. › Section 5-20-10 - Construction With Other Laws; Repeal of Conflicting Laws.
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Section 5-20-10
Construction with other laws; repeal of conflicting laws.
To the extent other laws or parts of laws, whether general, local, or general laws of local application, conflict with this chapter, such other laws or parts of laws are hereby amended or repealed to the extent of such conflict as necessary to permit full effectiveness of the provisions of this chapter; provided, however, nothing contained in this chapter shall be construed to amend or modify the provisions of Chapter 13A of Title 5, as currently amended.
(Acts 1988, No. 88-85, p. 104, §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 21 - George Wallace, jr., Plan for Linked Deposits of 1988.›Section 5-21-1 - Short Title.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 21 - George Wallace, jr., Plan for Linked Deposits of 1988. › Section 5-21-1 - Short Title.
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Section 5-21-1
Short title.
Repealed by Act 2007-397, p. 790, §2, effective January 1, 2008.
(Acts 1988, No. 88-162, p. 256, §1.)
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https://law.justia.com/codes/alabama/title-5/chapter-21/section-5-21-2/
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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 21 - George Wallace, jr., Plan for Linked Deposits of 1988.›Section 5-21-2 - Legislative Purpose.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 21 - George Wallace, jr., Plan for Linked Deposits of 1988. › Section 5-21-2 - Legislative Purpose.
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Section 5-21-2
Legislative purpose.
Repealed by Act 2007-397, p. 790, §2, effective January 1, 2008.
(Acts 1988, No. 88-162, p. 256, §2; Acts 1991, No. 91-720, p. 1399, §1; Acts 1993, No. 93-351, p. 540, §1; Acts 1995, No. 95-257, p. 430, §1.)
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https://law.justia.com/codes/alabama/title-5/chapter-21/section-5-21-3/
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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 21 - George Wallace, jr., Plan for Linked Deposits of 1988.›Section 5-21-3 - Definitions.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 21 - George Wallace, jr., Plan for Linked Deposits of 1988. › Section 5-21-3 - Definitions.
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Section 5-21-3
Definitions.
Repealed by Act 2007-397, p. 790, §2, effective January 1, 2008.
(Acts 1988, No. 88-162, p. 256, §3; Acts 1991, No. 91-720, p. 1399, §1; Acts 1993, No. 93-351, p. 540, §1; Acts 1995, No. 95-257, p. 430, §1; Act 99-659, 2nd Sp. Sess., p. 113, §1.)
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https://law.justia.com/codes/alabama/title-5/chapter-21/section-5-21-4/
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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 21 - George Wallace, jr., Plan for Linked Deposits of 1988.›Section 5-21-4 - Creation of Plan; Term and Return Rate of Deposits.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 21 - George Wallace, jr., Plan for Linked Deposits of 1988. › Section 5-21-4 - Creation of Plan; Term and Return Rate of Deposits.
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Section 5-21-4
Creation of plan; term and return rate of deposits.
Repealed by Act 2007-397, p. 790, §2, effective January 1, 2008.
(Acts 1988, No. 88-162, p. 256, §4; Acts 1989, No. 89-882, p. 1780, §1; Acts 1991, No. 91-720, p. 1399, §1; Acts 1993, No. 93-351, p. 540, §1; Acts 1995, No. 95-257, p. 430, §1; Act 99-659, 2nd Sp. Sess., p. 113, §1; Act 2003-304, p. 722, §1; Act 2006-416, p. 1032, §1.)
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https://law.justia.com/codes/alabama/title-5/chapter-21/section-5-21-5/
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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 21 - George Wallace, jr., Plan for Linked Deposits of 1988.›Section 5-21-5 - Amounts of Loans; Eligibility.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 21 - George Wallace, jr., Plan for Linked Deposits of 1988. › Section 5-21-5 - Amounts of Loans; Eligibility.
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Section 5-21-5
Amounts of loans; eligibility.
Repealed by Act 2007-397, p. 790, §2, effective January 1, 2008.
(Acts 1988, No. 88-162, p. 256, §5; Acts 1995, No. 95-257, p. 430, §1; Act 99-659, 2nd Sp. Sess., p. 113, §1.)
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https://law.justia.com/codes/alabama/title-5/chapter-21/section-5-21-6/
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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 21 - George Wallace, jr., Plan for Linked Deposits of 1988.›Section 5-21-6 - Restriction of Fees or Charges.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 21 - George Wallace, jr., Plan for Linked Deposits of 1988. › Section 5-21-6 - Restriction of Fees or Charges.
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Section 5-21-6
Restriction of fees or charges.
Repealed by Act 2007-397, p. 790, §2, effective January 1, 2008.
(Acts 1988, No. 88-162, p. 256, §6; Act 99-659, 2nd Sp. Sess., p. 113, §1.)
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https://law.justia.com/codes/alabama/title-5/chapter-21/section-5-21-7/
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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 21 - George Wallace, jr., Plan for Linked Deposits of 1988.›Section 5-21-7 - Interest Rates.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 21 - George Wallace, jr., Plan for Linked Deposits of 1988. › Section 5-21-7 - Interest Rates.
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Section 5-21-7
Interest rates.
Repealed by Act 2007-397, §2, effective January 1, 2008.
(Acts 1988, No. 88-162, p. 256, §7; Acts 1995, No. 95-257, p. 430, §1; Act 99-659, 2nd Sp. Sess., p. 113, §1; Act 2004-486, §1.)
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https://law.justia.com/codes/alabama/title-5/chapter-21/section-5-21-8/
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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 21 - George Wallace, jr., Plan for Linked Deposits of 1988.›Section 5-21-8 - Agreements Between State and Eligible Lending Institutions in Writing; Specific Ter...
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 21 - George Wallace, jr., Plan for Linked Deposits of 1988. › Section 5-21-8 - Agreements Between State and Eligible Lending Institutions in Writing; Specific Terms, Conditions, etc., Included.
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Section 5-21-8
Agreements between state and eligible lending institutions in writing; specific terms, conditions, etc., included.
Repealed by Act 2007-397, p. 790, §2, effective January 1, 2008.
(Acts 1988, No. 88-162, p. 256, §8.)
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https://law.justia.com/codes/alabama/title-5/chapter-21/section-5-21-9/
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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 21 - George Wallace, jr., Plan for Linked Deposits of 1988.›Section 5-21-9 - Participation in Plan; Application.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 21 - George Wallace, jr., Plan for Linked Deposits of 1988. › Section 5-21-9 - Participation in Plan; Application.
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Section 5-21-9
Participation in plan; application.
Repealed by Act 2007-397, p. 790, §2, effective January 1, 2008.
(Acts 1988, No. 88-162, p. 256, §9; Acts 1993, No. 93-351, p. 540, §1; Acts 1995, No. 95-257, p. 430, §1; Act 99-659, 2nd Sp. Sess., p. 113, §1.)
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https://law.justia.com/codes/alabama/title-5/chapter-21/section-5-21-10/
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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 21 - George Wallace, jr., Plan for Linked Deposits of 1988.›Section 5-21-10 - Annual Report.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 21 - George Wallace, jr., Plan for Linked Deposits of 1988. › Section 5-21-10 - Annual Report.
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Section 5-21-10
Annual report.
Repealed by Act 2007-397, p. 790, §2, effective January 1, 2008.
(Acts 1988, No. 88-162, p. 256, §10.)
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https://law.justia.com/codes/alabama/title-5/chapter-21/section-5-21-11/
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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 21 - George Wallace, jr., Plan for Linked Deposits of 1988.›Section 5-21-11 - Effective Date; Termination Date.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 21 - George Wallace, jr., Plan for Linked Deposits of 1988. › Section 5-21-11 - Effective Date; Termination Date.
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Section 5-21-11
Effective date; termination date.
Repealed by Act 2007-397, p. 790, §2, effective January 1, 2008.
(Acts 1988, No. 88-162, p. 256, §13; Acts 1991, No. 91-720, p. 1399, §1; Acts 1995, No. 95-257, p. 430, §1; Act 99-659, 2nd Sp. Sess., p. 113, §1; Act 2003-304, p. 722, §1; Act 2006-416, p. 1032, §1.)
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https://law.justia.com/codes/alabama/title-5/chapter-22/section-5-22-1/
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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 22 - Reports of Transactions Involving Currency.›Section 5-22-1 - Purpose.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 22 - Reports of Transactions Involving Currency. › Section 5-22-1 - Purpose.
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Section 5-22-1
Purpose.
It is the purpose of this chapter to require submission to the State Revenue Department of certain reports and records of transactions involving United States currency where such reports and records have a high degree of usefulness in criminal, tax, or regulatory investigations or proceedings.
(Acts 1990, No. 90-469, p. 674, §1.)
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https://law.justia.com/codes/alabama/title-5/chapter-22/section-5-22-2/
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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 22 - Reports of Transactions Involving Currency.›Section 5-22-2 - Definitions.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 22 - Reports of Transactions Involving Currency. › Section 5-22-2 - Definitions.
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Section 5-22-2
Definitions.
For the purpose of this chapter, the following terms shall have the meanings ascribed by this section:
(1) CURRENCY. Currency and coin of the United States.
(2) FINANCIAL INSTITUTION. Any national bank or banking association, state bank or banking association, industrial savings bank, trust company, federal savings and loan association, state savings and loan association, federal savings bank, state savings bank, federal credit union, state credit union, Edge Act or agreement corporation, or international bank agency, located in this state, whether organized under the laws of this state, the laws of another state, or the laws of the United States.
(3) PERSON. Any individual, and any corporation, partnership, association or other such business entity.
(Acts 1990, No. 90-469, p. 674, §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 22 - Reports of Transactions Involving Currency.›Section 5-22-3 - Record of Currency Transactions; Report on Written Request; When No Longer Required...
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 22 - Reports of Transactions Involving Currency. › Section 5-22-3 - Record of Currency Transactions; Report on Written Request; When No Longer Required; Compliance With Federal Law Sufficient; Multiple Transactions; Disclosures.
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Section 5-22-3
Record of currency transactions; report on written request; when no longer required; compliance with federal law sufficient; multiple transactions; disclosures.
(a) Every financial institution shall keep a record of each of its currency transactions as required by 31 U.S.C. §5313 and regulations pursuant thereto, as the same may be amended from time to time ("federal monetary transaction records and reports requirement"). Upon the written request of the Revenue Commissioner, each financial institution shall file a report as described in this chapter with the State Revenue Department. After such request and during the period of time covered thereby, each report shall be filed no later than 15 banking days after the report of the same transaction is required to be filed pursuant to the federal monetary transaction records and reports requirement. If the information required to be reported to the State Revenue Department pursuant to this chapter becomes otherwise available to the State Revenue Department through access to reports of any federal agency, the Revenue Commissioner shall notify the financial institutions in writing that such financial institutions no longer have any obligation to file any report pursuant to this chapter. Each report may be in the same form as, or may be a copy of, the report required by the federal monetary transaction records and reports requirement. Notwithstanding any provision hereof to the contrary, maintaining the records and filing a copy of reports required by the federal monetary transaction records and reports requirement shall satisfy the recordkeeping and reporting requirements of this chapter.
(b) Multiple transactions conducted by or for any person in any one day shall be treated as a single transaction, if the financial institution actually is aware of them and such transactions are by or on behalf of the same person.
(c) Information obtained by the State Revenue Department may not be disclosed by the Revenue Commissioner or any officer or employee of the State Revenue Department, except that the Revenue Commissioner may in his discretion, if he deems it necessary or proper to the enforcement of the laws of this state or the United States and to the best interest of the public, divulge such information to any department, agency, or instrumentality of the state or federal government.
(Acts 1990, No. 90-469, p. 674, §3.)
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https://law.justia.com/codes/alabama/title-5/chapter-22/section-5-22-4/
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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 22 - Reports of Transactions Involving Currency.›Section 5-22-4 - Effect of Federal Exemptions.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 22 - Reports of Transactions Involving Currency. › Section 5-22-4 - Effect of Federal Exemptions.
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Section 5-22-4
Effect of federal exemptions.
All exemptions from recordkeeping and reporting requirements under the federal monetary transaction records and reports requirement shall be available to financial institutions under this chapter. This chapter shall not require any recordkeeping or reporting of currency transactions other than those required by the federal monetary transaction records and reports requirement.
(Acts 1990, No. 90-469, p. 674, §4.)
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https://law.justia.com/codes/alabama/title-5/chapter-22/section-5-22-5/
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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 22 - Reports of Transactions Involving Currency.›Section 5-22-5 - When Reports May Be Disclosed.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 22 - Reports of Transactions Involving Currency. › Section 5-22-5 - When Reports May Be Disclosed.
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Section 5-22-5
When reports may be disclosed.
Other than as provided for in Section 5-22-3, the State Revenue Department shall not provide to any person any report filed under Section 5-22-3 or any information contained therein except:
(1) Pursuant to a lawful subpoena or subpoena duces tecum issued by a state attorney, a United States attorney, or a court, in a criminal judicial proceeding;
(2) Pursuant to any such subpoena issued by a state or federal grand jury; or
(3) Pursuant to any such subpoena issued by a state attorney, a United States attorney, or a court, in the course of a civil judicial proceeding instituted by a state attorney or by a United States attorney.
(Acts 1990, No. 90-469, p. 674, §5.)
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https://law.justia.com/codes/alabama/title-5/chapter-22/section-5-22-6/
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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 22 - Reports of Transactions Involving Currency.›Section 5-22-6 - Criminal Penalties.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 22 - Reports of Transactions Involving Currency. › Section 5-22-6 - Criminal Penalties.
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Section 5-22-6
Criminal penalties.
(a) Except as provided in subsection (b) of this section, a person who willfully violates any provision of Section 5-22-3 shall in addition to other penalties provided by law, be guilty of a misdemeanor and, upon conviction thereof, shall be punished by a fine of not more than $500.00 or by imprisonment for not more than 12 months or both.
(b) A person who willfully violates any provision of Section 5-22-3, when the violation is:
(1) Committed in furtherance of the commission of any other violation of Alabama law; or
(2) Committed as part of a pattern of illegal activity involving transactions exceeding $100,000.00 in any 12-month period,
shall, in addition to other penalties provided by law, be guilty of a felony and, upon conviction thereof, shall be punished by a fine of not more than $500,000.00 or by imprisonment for not more than five years, or both.
(Acts 1990, No. 90-469, p. 674, §6.)
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https://law.justia.com/codes/alabama/title-5/chapter-22/section-5-22-7/
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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 22 - Reports of Transactions Involving Currency.›Section 5-22-7 - Immunity From Liability.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 22 - Reports of Transactions Involving Currency. › Section 5-22-7 - Immunity From Liability.
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Section 5-22-7
Immunity from liability.
Except as provided in Section 5-22-6, no financial institution, or director, officer, employee or agent thereof, shall be civilly or criminally liable to any person for acts or omissions done in connection with the keeping or maintaining of records and providing of reports or disclosure thereof as required by this chapter and no cause of action shall exist against any financial institution, director, officer, employee or agent thereof for any action taken or not taken pursuant to or in reliance upon the provisions of this chapter.
(Acts 1990, No. 90-469, p. 674, §7.)
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https://law.justia.com/codes/alabama/title-5/chapter-22/section-5-22-8/
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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 22 - Reports of Transactions Involving Currency.›Section 5-22-8 - Recoupment of Costs Not Authorized.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 22 - Reports of Transactions Involving Currency. › Section 5-22-8 - Recoupment of Costs Not Authorized.
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Section 5-22-8
Recoupment of costs not authorized.
No part of the cost or expense incurred by the State Revenue Department in recording, maintaining, disposing of or otherwise dealing with the information received by the State Revenue Department pursuant to the provisions of this chapter or otherwise incurred by the State Revenue Department in administering the provisions of this chapter shall be imposed upon or recouped from any financial institution by fees or assessments specially levied or assessed to impose or recoup such cost or expense.
(Acts 1990, No. 90-469, p. 674, §8.)
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https://law.justia.com/codes/alabama/title-5/chapter-23/section-5-23-1/
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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 23 - State Sponsorship of Financial Institution Credit Card.›Section 5-23-1 - Definitions.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 23 - State Sponsorship of Financial Institution Credit Card. › Section 5-23-1 - Definitions.
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Section 5-23-1
Definitions.
The following terms shall have the meanings ascribed to them unless the context clearly indicates otherwise:
(1) TREASURER. The State Treasurer of Alabama.
(2) FINANCIAL INSTITUTION. Any bank, savings and loans association or credit union operating in Alabama which is chartered under federal or state statutes.
(3) FINANCIAL INSTITUTION CREDIT CARD. A credit card that entitles the holder to make open-account purchases up to an approved amount and which is issued through a financial institution.
(4) SPONSORING ENTITY. An entity, including specifically the State of Alabama, which solicits the use of a particular financial institution credit card bearing the entity's name in exchange for a fee from the credit card issuer.
(5) STATE FEES. All moneys generated from this program that are remitted to the State of Alabama.
(Acts 1990, No. 90-524, p. 764, §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 23 - State Sponsorship of Financial Institution Credit Card.›Section 5-23-2 - State Participation in Financial Institution Credit Card Program; Contact With Fina...
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 23 - State Sponsorship of Financial Institution Credit Card. › Section 5-23-2 - State Participation in Financial Institution Credit Card Program; Contact With Financial Institutions.
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Section 5-23-2
State participation in financial institution credit card program; contact with financial institutions.
The State Treasurer is hereby authorized to participate in a financial institution credit card program for the benefit of the state. Within 180 days of April 19, 1990, the Treasurer shall contact as many financial institutions as, in the Treasurer's discretion is necessary, to determine if:
(1) The financial institution or its holding company or affiliate currently administers a credit card program;
(2) The credit card program provides a fee or commission on retail sales to the sponsoring entity for the issuance and use of the credit card; and
(3) The credit card program would accept the state as a sponsoring entity.
(Acts 1990, No. 90-524, p. 764, §2.)
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https://law.justia.com/codes/alabama/title-5/chapter-23/section-5-23-3/
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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 23 - State Sponsorship of Financial Institution Credit Card.›Section 5-23-3 - Negotiation of State's Fee; Contracts With Financial Institutions; Use of State Sea...
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 23 - State Sponsorship of Financial Institution Credit Card. › Section 5-23-3 - Negotiation of State's Fee; Contracts With Financial Institutions; Use of State Seal and Insignia.
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Section 5-23-3
Negotiation of state's fee; contracts with financial institutions; use of state seal and insignia.
(a) If the Treasurer determines that the state may be a sponsoring entity for a financial institution credit card, he shall negotiate and contract for the most favorable rate of return for the state's fee by a credit card issuer. The state may not offer a more favorable rate to any one credit card issuer over another. The rate must be expressed as a percentage of the gross sales from the use of the credit card.
(b) In participating in a credit card program, the State Treasurer may contract with any number of financial institutions in order to establish the state as a sponsoring entity.
(c) There shall be only one official state sponsored credit card at any given time, and it shall be the official state sponsored credit card authorized by this chapter. It is provided further that the card issuer is authorized to use the official state seal and insignia on said official card.
(d) The state shall not contract to assume any liability for lost or stolen credit cards, nor any other legal debt owed to the financial institutions.
(e) The Treasurer is specifically authorized to extend any contract with a financial institution or institutions previously selected for the credit card program.
(Acts 1990, No. 90-524, p. 764, §3.)
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https://law.justia.com/codes/alabama/title-5/chapter-23/section-5-23-4/
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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 23 - State Sponsorship of Financial Institution Credit Card.›Section 5-23-4 - Proceeds.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 23 - State Sponsorship of Financial Institution Credit Card. › Section 5-23-4 - Proceeds.
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Section 5-23-4
Proceeds.
The net proceeds of the state fees shall be transmitted to the state Comptroller and distributed as follows:
(1) Seventy-five percent to the Foundation for Local Schools as provided in Chapter 26C of Title 16, to be allocated to the credit of local school systems.
(2) Twenty-five percent to the Penny Trust Fund as established by Amendment 512 of the Constitution of Alabama of 1901, and by Chapter 15A of Title 41.
(Acts 1990, No. 90-524, p. 764, §5; Act 98-319, p. 535, §11.)
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https://law.justia.com/codes/alabama/title-5/chapter-23/section-5-23-5/
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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 23 - State Sponsorship of Financial Institution Credit Card.›Section 5-23-5 - Rules and Regulations.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 23 - State Sponsorship of Financial Institution Credit Card. › Section 5-23-5 - Rules and Regulations.
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Section 5-23-5
Rules and regulations.
The State Treasurer is authorized to adopt such rules and regulations as may be necessary to implement the Alabama state-sponsored credit card program. The rules may include, without limitation, provisions governing the procedures for contacting financial institutions to determine if they would accept the state as a sponsoring entity for a credit card program and for negotiating, and collecting, the rate for the state's fee. The financial institution which administers the program may name or rename the card.
(Acts 1990, No. 90-524, p. 764, §6; Act 98-319, p. 535, §12.)
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https://law.justia.com/codes/alabama/title-5/chapter-23/section-5-23-6/
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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 23 - State Sponsorship of Financial Institution Credit Card.›Section 5-23-6 - Disclosure of Information.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 23 - State Sponsorship of Financial Institution Credit Card. › Section 5-23-6 - Disclosure of Information.
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Section 5-23-6
Disclosure of information.
It shall be legal and permissible for the financial institution to request and receive from the state Comptroller a listing of all members of the Teachers' Retirement System, the Employees' Retirement System, and the Judicial Retirement System, including the names and addresses of the members on discs, tapes, or other appropriate electronic retrieval systems at actual costs. It shall also be legal and permissible for the financial institution to receive the names and addresses of all persons who purchase the "Helping Schools" distinctive car tags, if the purchasers of the tags have not signed forms disallowing the release of their names and addresses as provided by federal regulations. The financial institution may use the information only for informational or promotional purposes, or both, pertaining to the Alabama state-sponsored credit card card programs as provided by this chapter.
(Act 99-592, p. 1354, §4.)
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https://law.justia.com/codes/alabama/title-5/chapter-24/article-1/section-5-24-1/
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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 24 - Uniform Multiple-Person Accounts Act.›Article 1 - Definitions and General Provisions.›Section 5-24-1 - Definitions.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 24 - Uniform Multiple-Person Accounts Act. › Article 1 - Definitions and General Provisions. › Section 5-24-1 - Definitions.
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Section 5-24-1
Definitions.
In this chapter:
(1) ACCOUNT means a contract of deposit between a depositor and a financial institution, and includes a checking account, savings account, time deposit, certificate of deposit, and share account.
(2) AGENT means a person authorized to make account transactions for a party.
(3) BENEFICIARY means a person named as one to whom sums on deposit in an account are payable on request after death of all parties or for whom a party is named as trustee.
(4) DEVISEE means any person designated in a will to receive a testamentary disposition of real or personal property.
(5) FINANCIAL INSTITUTION means an organization authorized to do business under state or federal laws relating to financial institutions, and includes a bank, trust company, savings bank, building and loan association, savings and loan company or association, and credit union.
(6) HEIRS means those persons, including surviving spouse, who are entitled under the statutes of intestate succession to the property of a decedent.
(7) INCLUDES or INCLUDING means includes, but not limited to, or including, but not limited to.
(8) MULTIPLE-PARTY ACCOUNT means an account payable on request to one or more of two or more parties, whether or not a right of survivorship is mentioned.
(9) PARTY means a person who, by the terms of an account, has a present right, subject to request and the terms of the contract of deposit, to payment from the account other than as a beneficiary or agent.
(10) PAYMENT OF SUMS ON DEPOSIT includes withdrawal, payment to a party or third person pursuant to check or other request, and a pledge of sums on deposit by a party, or a set-off, reduction, or other disposition of all or part of an account pursuant to a pledge or a set-off.
(11) PERSON means an individual, a corporation, an organization, or other legal entity.
(12) PERSONAL REPRESENTATIVE includes executor, administrator, successor personal representative, special administrator, and persons who perform substantially the same function under the law governing their status.
(13) POD DESIGNATION means the designation of:
a. A beneficiary in an account payable on request to one party during the party's lifetime and on the party's death to one or more beneficiaries, or to one or more parties during their lifetimes and on death of all of them to one or more beneficiaries; or
b. A beneficiary in an account in the name of one or more parties as trustee for one or more beneficiaries if the relationship is established by the terms of the account and there is no subject of the trust other than the sums on deposit in the account, whether or not payment to the beneficiary is mentioned.
(14) RECEIVE as it relates to notice to a financial institution, means receipt in the principal office of the financial institution in which the account is established, but if the terms of the account require notice at a particular place, in the place required.
(15) REQUEST means a request for payment complying with all terms of the account, including special requirements concerning necessary signatures and regulations of the financial institution; but, for purposes of this chapter, if terms of the account condition payment on advance notice, a request for payment is treated as immediately effective to commence the advance notice and a notice of intent to withdraw is treated as a request for payment.
(16) STATE includes any state of the United States, the District of Columbia, the Commonwealth of Puerto Rico, and any territory or possession subject to the legislative authority of the United States.
(17) SUCCESSORS means those persons, other than creditors, who are entitled to property of a decedent under the decedent's will or otherwise.
(18) SUMS ON DEPOSIT means the balance payable on an account, including interest and dividends earned, whether or not included in the current balance, and any deposit life insurance proceeds added to the account by reason of death of a party.
(19) TERMS OF THE ACCOUNT includes the deposit agreement and other terms and conditions, including the form, of the contract of deposit.
(Acts 1997, No. 97-644, p. 1177, §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 24 - Uniform Multiple-Person Accounts Act.›Article 1 - Definitions and General Provisions.›Section 5-24-2 - Scope of Chapter.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 24 - Uniform Multiple-Person Accounts Act. › Article 1 - Definitions and General Provisions. › Section 5-24-2 - Scope of Chapter.
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Section 5-24-2
Scope of chapter.
This chapter does not apply to (1) an account established for a corporation, partnership, joint venture, other organization for a business purpose, an unincorporated association, or charitable or civic organization, (2) an account controlled by one or more persons as an agent or trustee for an organization described in subdivision (1), or (3) a fiduciary or trust account in which the relationship is established other than by the terms of the account.
(Acts 1997, No. 97-644, p. 1177, §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 24 - Uniform Multiple-Person Accounts Act.›Article 1 - Definitions and General Provisions.›Section 5-24-3 - Types of Account; Existing Accounts.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 24 - Uniform Multiple-Person Accounts Act. › Article 1 - Definitions and General Provisions. › Section 5-24-3 - Types of Account; Existing Accounts.
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Section 5-24-3
Types of account; existing accounts.
(a) An account may be for a single party or multiple parties. A multiple-party account may be with or without a right of survivorship between the parties. Subject to subsection (c) of Section 5-24-12, either a single-party account or a multiple-party account may have a POD designation, an agency designation, or both.
(b) An account established before, on, or after March 1, 1998, whether in the form prescribed in Section 5-24-4 or in any other form, is either a single-party account or a multiple-party account, with or without right of survivorship, and with or without a POD designation or an agency designation, within the meaning of this chapter, and is governed by this chapter.
(Acts 1997, No. 97-644, p. 1177, §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 24 - Uniform Multiple-Person Accounts Act.›Article 1 - Definitions and General Provisions.›Section 5-24-4 - Forms.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 24 - Uniform Multiple-Person Accounts Act. › Article 1 - Definitions and General Provisions. › Section 5-24-4 - Forms.
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Section 5-24-4
Forms.
(a) A contract of deposit may contain provisions in substantially the following form to establish the type of account provided, and the account shall be governed by the provisions of this chapter applicable to an account of that type:
UNIFORM SINGLE- OR MULTIPLE-PARTY
ACCOUNT FORM
PARTIES [Name One Or More Parties]:
___________________
_________________
OWNERSHIP
[Select One]:
___________
SINGLE-PARTY ACCOUNT
___________
MULTIPLE-PARTY ACCOUNT Parties own account during the lifetime of all parties in proportion to net contributions unless there is clear and convincing evidence of a different intent.
RIGHTS AT DEATH
[Select One]:
___________
SINGLE-PARTY ACCOUNT
At death of party, ownership passes as part of party's estate.
___________
SINGLE-PARTY ACCOUNT WITH POD (PAY ON DEATH) DESIGNATION [Name One Or More Beneficiaries]:
_____________________
_____________________
At death of party, ownership passes to POD beneficiaries and is not part of party's estate.
___________
MULTIPLE-PARTY ACCOUNT WITH RIGHT OF SURVIVORSHIP At death of party, ownership passes to surviving parties.
___________
MULTIPLE-PARTY ACCOUNT WITH RIGHT OF SURVIVORSHIP AND POD (PAY ON DEATH ) DESGINATION [Name One Or More Beneficiaries]:
______________________
______________________
At death of last surviving party, ownership passes to POD beneficiaries and is not part of last surviving party's estate.
___________
MULTIPLE-PARTY ACCOUNT WITHOUT RIGHT OF SURVIVORSHIP
At death of party, deceased party's ownership passes as part of deceased party's estate.
AGENCY DESIGNATION [Optional]
Agents may make account transactions for parties but have no ownership or rights at death unless named as POD beneficiaries.
[To Add Agency Designation To Account, Name One Or More Agents]:
______________
________________
[Select One]:
___________
AGENCY DESIGNATION SURVIVES DISABILITY OR INCAPACITY OF PARTIES
___________
AGENCY DESIGNATION TERMINATES ON DISABILITY OR INCAPACITY OF PARTIES
(b) A contract of deposit that does not contain provisions in substantially the form provided in subsection (a) is governed by the provisions of this chapter applicable to the type of account that most nearly conforms to the depositor's intent as expressed in the contract of deposit.
(Acts 1997, No. 97-644, p. 1177, §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 24 - Uniform Multiple-Person Accounts Act.›Article 1 - Definitions and General Provisions.›Section 5-24-5 - Designation of Agent.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 24 - Uniform Multiple-Person Accounts Act. › Article 1 - Definitions and General Provisions. › Section 5-24-5 - Designation of Agent.
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Section 5-24-5
Designation of agent.
(a) By a signed writing, a party may designate one or more persons other than a party as his or her agent on an account. Unless the terms of the agency designation provide otherwise, the agency designation may be revoked or amended only by the party making the designation or by a guardian, conservator, or other fiduciary appointed by a court of the party's domicile and charged with the management of the account.
(b) Unless the terms of an agency designation provide otherwise, the agent's authority survives disability, incompetency, and incapacity of the party making the agency designation. The agent may act for a disabled, incompetent, or incapacitated party until the authority of the agent is revoked.
(c) Death of the party making the agency designation terminates the authority of an agent.
(Acts 1997, No. 97-644, p. 1177, §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 24 - Uniform Multiple-Person Accounts Act.›Article 1 - Definitions and General Provisions.›Section 5-24-6 - Applicability of Chapter.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 24 - Uniform Multiple-Person Accounts Act. › Article 1 - Definitions and General Provisions. › Section 5-24-6 - Applicability of Chapter.
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Section 5-24-6
Applicability of chapter.
The provisions of Article 2 concerning beneficial ownership as between parties or as between parties and beneficiaries apply only to controversies between those persons and their creditors and other successors, and do not apply to the right of those persons to payment as determined by the terms of the account. Article 3 governs the liability and set-off rights of financial institutions that make payments pursuant to it.
(Acts 1997, No. 97-644, p. 1177, §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 24 - Uniform Multiple-Person Accounts Act.›Article 2 - Ownership as Between Parties and Others.›Section 5-24-11 - Ownership During Lifetime.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 24 - Uniform Multiple-Person Accounts Act. › Article 2 - Ownership as Between Parties and Others. › Section 5-24-11 - Ownership During Lifetime.
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Section 5-24-11
Ownership during lifetime.
(a) In this section, "net contribution" of a party means the sum of all deposits to an account made by or for the party, less all payments from the account made to or for the party which have not been paid to or applied to the use of another party and a proportionate share of any charges deducted from the account, plus a proportionate share of any interest or dividends earned, whether or not included in the current balance. The term includes any deposit life insurance proceeds added to the account by reason of death of the party whose net contribution is in question.
(b) During the lifetime of all parties, an account belongs to the parties in proportion to the net contribution of each to the sums on deposit, unless there is clear and convincing evidence of a different intent. As between parties married to each other, in the absence of proof otherwise, the net contribution of each is presumed to be an equal amount.
(c) A beneficiary in an account having a POD designation has no right to sums on deposit during the lifetime of any party.
(d) An agent in an account with an agency designation has no beneficial right to sums on deposit.
(Acts 1997, No. 97-644, p. 1177, §1.)
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https://law.justia.com/codes/alabama/title-5/chapter-24/article-2/section-5-24-12/
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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 24 - Uniform Multiple-Person Accounts Act.›Article 2 - Ownership as Between Parties and Others.›Section 5-24-12 - Rights at Death.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 24 - Uniform Multiple-Person Accounts Act. › Article 2 - Ownership as Between Parties and Others. › Section 5-24-12 - Rights at Death.
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Section 5-24-12
Rights at death.
(a) Except as otherwise provided in this chapter, on death of a party sums on deposit in a multiple-party account belong to the surviving party or parties. If two or more parties survive and one is the surviving spouse of the decedent, the amount to which the decedent, immediately before death, was beneficially entitled under Section 5-24-11 belongs to the surviving spouse. If two or more parties survive and none is the surviving spouse of the decedent, the amount to which the decedent, immediately before death, was beneficially entitled under Section 5-24-11 belongs to the surviving parties in equal shares, and augments the proportion to which each survivor, immediately before the decedent's death, was beneficially entitled under Section 5-24-11, and the right of survivorship continues between the surviving parties.
(b) In an account with a POD designation:
(1) On death of one of two or more parties, the rights in sums on deposit are governed by subsection (a).
(2) On death of the sole party or the last survivor of two or more parties, sums on deposit belong to the surviving beneficiary or beneficiaries. If two or more beneficiaries survive, sums on deposit belong to them in equal and undivided shares, and there is no right of survivorship in the event of death of a beneficiary thereafter. If no beneficiary survives, sums on deposit belong to the estate of the last surviving party.
(c) Sums on deposit in a single-party account without a POD designation, or in a multiple-party account that, by the terms of the account, is without right of survivorship, are not affected by death of a party, but the amount to which the decedent, immediately before death, was beneficially entitled under Section 5-24-11 is transferred as part of the decedent's estate. A POD designation in a multiple-party account without right of survivorship is ineffective. For purposes of this section, designation of an account as a tenancy in common establishes that the account is without right of survivorship.
(d) The ownership right of a surviving party or beneficiary, or of the decedent's estate, in sums on deposit is subject to requests for payment made by a party before the party's death, whether paid by the financial institution before or after death, or unpaid. The surviving party or beneficiary, or the decedent's estate, is liable to the payee of an unpaid request for payment. A proceeding to assert such liability must be commenced within one year after death of the decedent. The liability is limited to a proportionate share of the amount transferred under this section, to the extent necessary to discharge the request for payment.
(Acts 1997, No. 97-644, p. 1177, §1.)
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https://law.justia.com/codes/alabama/title-5/chapter-24/article-2/section-5-24-13/
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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 24 - Uniform Multiple-Person Accounts Act.›Article 2 - Ownership as Between Parties and Others.›Section 5-24-13 - Alteration of Rights.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 24 - Uniform Multiple-Person Accounts Act. › Article 2 - Ownership as Between Parties and Others. › Section 5-24-13 - Alteration of Rights.
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Section 5-24-13
Alteration of rights.
(a) Rights at death under Section 5-24-12 are determined by the type of account at the death of a party. The type of account may be altered by written notice given by a party to the financial institution to change the type of account or to stop or vary payment under the terms of the account. The notice must be signed by a party and received by the financial institution during the party's lifetime.
(b) A right of survivorship arising from the express terms of the account, Section 5-24-12, or a POD designation, may not be altered by will.
(Acts 1997, No. 97-644, p. 1177, §1.)
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