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https://law.justia.com/codes/alabama/title-5/chapter-24/article-2/section-5-24-14/
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AL
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 24 - Uniform Multiple-Person Accounts Act.›Article 2 - Ownership as Between Parties and Others.›Section 5-24-14 - Accounts and Transfers Nontestamentary.
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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 5-24-14 - Accounts and Transfers Nontestamentary.
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Section 5-24-14
Accounts and transfers nontestamentary.
Except as a consequence of, and to the extent directed by, Section 5-24-15, a transfer resulting from the application of Section 5-24-12 is effective by reason of the terms of the account involved and this chapter and is not testamentary or subject to estate administration.
(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-5-24-15/
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AL
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 24 - Uniform Multiple-Person Accounts Act.›Article 2 - Ownership as Between Parties and Others.›Section 5-24-15 - Rights of Creditors and Others.
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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 5-24-15 - Rights of Creditors and Others.
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Section 5-24-15
Rights of creditors and others.
(a) If other assets of the estate are insufficient, a transfer resulting from a right of survivorship or POD designation under this chapter is not effective against the estate of a deceased party to the extent needed to pay claims against the estate and statutory allowances to the surviving spouse and children.
(b) A surviving party or beneficiary who receives payment from an account after death of a party is liable to account to the personal representative of the decedent for a proportionate share of the amount received to which the decedent, immediately before death, was beneficially entitled under Section 5-24-11, to the extent necessary to discharge the claims and allowances described in subsection (a) remaining unpaid after application of the decedent's estate. A proceeding to assert the liability may not be commenced unless the personal representative has received a written demand by the surviving spouse, a creditor, a child, or a person acting for a child of the decedent. The proceeding must be commenced within one year after death of the decedent.
(c) A surviving party or beneficiary against whom a proceeding to account is brought may join as a party to the proceeding a surviving party or beneficiary of any other account of the decedent.
(d) Sums recovered by the personal representative must be administered as part of the decedent's estate. This section does not affect the protection from claims of the personal representative or estate of a deceased party provided in Section 5-24-26 for a financial institution that makes payment in accordance with the terms of the account.
(e) In this section:
(1) CHILD includes any individual entitled to take as a child by intestate succession from the parent whose relationship is involved and excludes any person who is only a stepchild, a foster child, a grandchild, or any more remote descendant.
(2) CLAIMS, in respect to the estate of a decedent, includes liabilities of the decedent whether arising in contract, tort, or otherwise, and liabilities of the estate which arise at or after the death of the decedent, including funeral expenses and expenses of administration. The term does not include estate or inheritance taxes, or demands or disputes regarding title of a decedent to specific assets alleged to be included in the estate.
(Acts 1997, No. 97-644, p. 1177, §1.)
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https://law.justia.com/codes/alabama/title-5/chapter-24/article-3/section-5-24-21/
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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 3 - Protection of Financial Institutions.›Section 5-24-21 - Authority of Financial Institution.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 24 - Uniform Multiple-Person Accounts Act. › Article 3 - Protection of Financial Institutions. › Section 5-24-21 - Authority of Financial Institution.
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Section 5-24-21
Authority of financial institution.
A financial institution may enter into a contract of deposit for a multiple-party account to the same extent it may enter into a contract of deposit for a single-party account, and may provide for a POD designation and an agency designation in either a single-party account or a multiple-party account. A financial institution need not inquire as to the source of a deposit to an account or as to the proposed application of a payment from an account. A financial institution may answer "indebted", or a similar answer, for the entire amount of an account upon receipt of a garnishment, levy, or similar process involving a party and pay the entire amount in the account pursuant to the process even though the process is issued in the name of fewer than all parties. The parties on the account may assert their claims to ownership of the account in the proceedings out of which the process arose or was issued.
(Acts 1997, No. 97-644, p. 1177, §1.)
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https://law.justia.com/codes/alabama/title-5/chapter-24/article-3/section-5-24-22/
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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 3 - Protection of Financial Institutions.›Section 5-24-22 - Payment on Multiple-Party Account.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 24 - Uniform Multiple-Person Accounts Act. › Article 3 - Protection of Financial Institutions. › Section 5-24-22 - Payment on Multiple-Party Account.
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Section 5-24-22
Payment on multiple-party account.
A financial institution, on request, may pay sums on deposit in a multiple-party account to:
(1) One or more of the parties, whether or not another party is disabled, incapacitated, or deceased when payment is requested and whether or not the party making the request survives another party; or
(2) The personal representative, if any, of a deceased party if proof of death is presented to the financial institution showing that the deceased party was the survivor of all other persons named on the account either as a party or beneficiary, unless the account is without right of survivorship under Section 5-24-12; or
(3) The persons named in Section 5-5A-38, in accordance with the procedures set forth in Sections 5-5A-38 and 5-5A-39.
(Acts 1997, No. 97-644, p. 1177, §1.)
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https://law.justia.com/codes/alabama/title-5/chapter-24/article-3/section-5-24-23/
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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 3 - Protection of Financial Institutions.›Section 5-24-23 - Payment on Pod Designation.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 24 - Uniform Multiple-Person Accounts Act. › Article 3 - Protection of Financial Institutions. › Section 5-24-23 - Payment on Pod Designation.
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Section 5-24-23
Payment on POD designation.
A financial institution, on request, may pay sums on deposit in an account with a POD designation to:
(1) One or more of the parties, whether or not another party is disabled, incapacitated, or deceased when the payment is requested and whether or not a party survives another party;
(2) The beneficiary or beneficiaries, if proof of death is presented to the financial institution showing that the beneficiary or beneficiaries survived all persons named as parties; or
(3) The personal representative, if any, if proof of death is presented to the financial institution showing that the deceased party was the survivor of all other persons named on the account either as a party or beneficiary; or
(4) The persons named in Section 5-5A-38, in accordance with the procedures in Sections 5-5A-38 and 5-5A-39.
(Acts 1997, No. 97-644, p. 1177, §1.)
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https://law.justia.com/codes/alabama/title-5/chapter-24/article-3/section-5-24-24/
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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 3 - Protection of Financial Institutions.›Section 5-24-24 - Payment to Designated Agent.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 24 - Uniform Multiple-Person Accounts Act. › Article 3 - Protection of Financial Institutions. › Section 5-24-24 - Payment to Designated Agent.
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Section 5-24-24
Payment to designated agent.
A financial institution, on request of an agent under an agency designation for an account, may pay to the agent sums on deposit in the account, whether or not a party is disabled, incompetent, incapacitated, or deceased when the request is made or received, and whether or not the authority of the agent terminates on the death, disability, incompetency, or incapacity of a party.
(Acts 1997, No. 97-644, p. 1177, §1.)
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https://law.justia.com/codes/alabama/title-5/chapter-24/article-3/section-5-24-25/
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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 3 - Protection of Financial Institutions.›Section 5-24-25 - Payment to Minor.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 24 - Uniform Multiple-Person Accounts Act. › Article 3 - Protection of Financial Institutions. › Section 5-24-25 - Payment to Minor.
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Section 5-24-25
Payment to minor.
If a financial institution is required or permitted to make payment pursuant to this chapter to a minor designated as a beneficiary, payment may be made pursuant to the Uniform Transfers to Minors Act.
(Acts 1997, No. 97-644, p. 1177, §1.)
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https://law.justia.com/codes/alabama/title-5/chapter-24/article-3/section-5-24-26/
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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 3 - Protection of Financial Institutions.›Section 5-24-26 - Discharge.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 24 - Uniform Multiple-Person Accounts Act. › Article 3 - Protection of Financial Institutions. › Section 5-24-26 - Discharge.
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Section 5-24-26
Discharge.
(a) Payment made pursuant to this chapter in accordance with the type of account discharges the financial institution from all claims for amounts so paid, whether or not the payment is consistent with the beneficial ownership of the account as between parties, beneficiaries, or their successors. Payment may be made whether or not a party, beneficiary, or agent is disabled, incapacitated, or deceased when payment is requested, received, or made.
(b) Protection of a financial institution under this section does not affect the rights of parties in disputes between themselves or their successors concerning the beneficial ownership of sums on deposit in accounts or payments made from accounts.
(Acts 1997, No. 97-644, p. 1177, §1.)
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https://law.justia.com/codes/alabama/title-5/chapter-24/article-3/section-5-24-27/
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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 3 - Protection of Financial Institutions.›Section 5-24-27 - Set-Off.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 24 - Uniform Multiple-Person Accounts Act. › Article 3 - Protection of Financial Institutions. › Section 5-24-27 - Set-Off.
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Section 5-24-27
Set-off.
Without qualifying any other statutory right to set-off or lien and subject to any contractual provision between a party and a financial institution, if any party is indebted to a financial institution, the financial institution has a right to set-off against the entire amount of the account without regard to the net contribution of the parties to the account.
(Acts 1997, No. 97-644, p. 1177, §1.)
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https://law.justia.com/codes/alabama/title-5/chapter-24/article-4/section-5-24-31/
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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 4 - Short Title, Construction, Transitional Provisions.›Section 5-24-31 - Short Title.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 24 - Uniform Multiple-Person Accounts Act. › Article 4 - Short Title, Construction, Transitional Provisions. › Section 5-24-31 - Short Title.
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Section 5-24-31
Short title.
This chapter may be cited as the Uniform Multiple-Person Accounts Act.
(Acts 1997, No. 97-644, p. 1177, §1.)
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https://law.justia.com/codes/alabama/title-5/chapter-24/article-4/section-5-24-32/
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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 4 - Short Title, Construction, Transitional Provisions.›Section 5-24-32 - Uniformity of Application and Construction.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 24 - Uniform Multiple-Person Accounts Act. › Article 4 - Short Title, Construction, Transitional Provisions. › Section 5-24-32 - Uniformity of Application and Construction.
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Section 5-24-32
Uniformity of application and construction.
This chapter shall be applied and construed to effectuate its general purpose to make uniform the law with respect to the subject of this chapter among states enacting it.
(Acts 1997, No. 97-644, p. 1177, §1.)
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https://law.justia.com/codes/alabama/title-5/chapter-24/article-4/section-5-24-33/
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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 4 - Short Title, Construction, Transitional Provisions.›Section 5-24-33 - Supplementary General Principles of Law Applicable.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 24 - Uniform Multiple-Person Accounts Act. › Article 4 - Short Title, Construction, Transitional Provisions. › Section 5-24-33 - Supplementary General Principles of Law Applicable.
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Section 5-24-33
Supplementary general principles of law applicable.
Unless displaced by the particular provisions of this chapter, the principles of law and equity supplement its provisions.
(Acts 1997, No. 97-644, p. 1177, §1.)
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https://law.justia.com/codes/alabama/title-5/chapter-24/article-4/section-5-24-34/
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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 4 - Short Title, Construction, Transitional Provisions.›Section 5-24-34 - Transitional Provisions.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 24 - Uniform Multiple-Person Accounts Act. › Article 4 - Short Title, Construction, Transitional Provisions. › Section 5-24-34 - Transitional Provisions.
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Section 5-24-34
Transitional provisions.
On March 1, 1998:
(1) An act done before March 1, 1998, and any accrued right is not impaired by this chapter. If a right is acquired, extinguished, or barred on the expiration of a prescribed period of time that has commenced to run by the provisions of any statute before March 1, 1998, the provisions shall remain in force with respect to that right.
(2) Any rule of construction or presumption provided in this chapter applies to accounts established before March 1, 1998, unless there is a clear indication of a contrary intent.
(Acts 1997, No. 97-644, p. 1177, §1.)
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https://law.justia.com/codes/alabama/title-5/chapter-25/section-5-25-1/
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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 25 - Mortgage Brokers Licensing Act.›Section 5-25-1 - Short Title.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 25 - Mortgage Brokers Licensing Act. › Section 5-25-1 - Short Title.
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Section 5-25-1
Short title.
This chapter shall be known and cited as the Mortgage Brokers Licensing Act.
(Act 2001-692, p. 1439, §1.)
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https://law.justia.com/codes/alabama/title-5/chapter-25/section-5-25-2/
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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 25 - Mortgage Brokers Licensing Act.›Section 5-25-2 - Definitions.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 25 - Mortgage Brokers Licensing Act. › Section 5-25-2 - Definitions.
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Section 5-25-2
Definitions.
For purposes of this chapter, the following terms shall have the following meanings:
(1) BORROWER. A natural person who submits an application for a loan secured by a first or subordinate mortgage or deed of trust on a single-family to four-family home to be occupied by the borrower as the borrower's primary residence.
(2) COMMITMENT. A written statement by a lender that sets forth the terms and conditions upon which the lender is willing to make a particular mortgage loan to a particular borrower. A good faith estimate provided under the Federal Real Estate Settlement Procedures Act is not a commitment for the purposes of Act 2009-624.
(3) CONTROL. The direct or indirect possession of the power to direct or cause the direction of the management and policies of a person, whether through the ownership of voting securities, by contract, or otherwise, and shall include the terms controlling, controlled by, and under common control with.
(4) DEPARTMENT. The State Banking Department of Alabama.
(5) EXECUTIVE OFFICER. The chief executive officer, the president, the principal financial officer, the principal operating officer, each vice president with responsibility involving policy-making functions for a significant aspect of a person's business, the secretary, the treasurer, or any other person performing similar managerial or supervisory functions with respect to any organization whether incorporated or unincorporated.
(6) FINANCIAL STATEMENT. A financial statement prepared in accordance with standard accounting practices and procedures under the supervision of a certified public accountant.
(7) LICENSE. A license issued by the department under this chapter to act as a mortgage broker.
(8) LICENSEE. A person who is licensed as a mortgage broker under this chapter.
(9) MORTGAGE BROKER. Any person who directly or indirectly solicits, processes, places, or negotiates mortgage loans for a borrower, or offers to solicit, process, place, or negotiate mortgage loans for a borrower.
(10) MORTGAGE LOAN. A loan or agreement to loan money made to a natural person, which loan is secured by a deed to secure debt, security deed, mortgage, security instrument, or other document representing a security interest or lien upon any interest in single-family to four-family residential real estate located in Alabama, regardless of where made, including the renewal or refinancing of any loan. Without limitation, a "mortgage loan" does not include any document which creates a lien or security interest in a fixture which is attached to residential real estate.
(11) NATIONWIDE MORTGAGE LICENSING SYSTEM AND REGISTRY. A mortgage licensing system developed and maintained by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators for the licensing and registration of mortgage loan originators.
(12) PERSON. Any individual, sole proprietorship, corporation, limited liability company, partnership, estate, trust, or any other group of individuals, however organized.
(13) PRINCIPAL. A natural person who, directly or indirectly, owns or controls an ownership interest of 10 percent or more in a corporation or any other form of business organization, regardless of whether the natural person owns or controls the ownership interest through one or more natural persons or one or more proxies, powers of attorney, nominees, or other entities or devices, or any combination thereof.
(14) RESIDENTIAL REAL ESTATE. Any real property located in Alabama upon which is constructed or intended to be constructed a dwelling.
(15) SERVICE A MORTGAGE LOAN. The collection or remittance for another, or the right to collect or remit for another, of payments of principal, interest, trust items such as insurance and taxes, and any other payments pursuant to a mortgage loan.
(16) SUPERVISOR. The Supervisor of the Bureau of Loans of the department.
(Act 2001-692, p. 1439, §2; Act 2009-624, p. 1891, §1.)
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https://law.justia.com/codes/alabama/title-5/chapter-25/section-5-25-3/
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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 25 - Mortgage Brokers Licensing Act.›Section 5-25-3 - Persons Excluded.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 25 - Mortgage Brokers Licensing Act. › Section 5-25-3 - Persons Excluded.
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Section 5-25-3
Persons excluded.
The following persons are not subject to the provisions of this chapter:
(1) Any depository institution as defined in Section 3 of the Federal Deposit Insurance Act, any subsidiary institution that is owned and controlled by a depository institution, and employees of any of the foregoing. Bank holding companies and subsidiaries of bank holding companies, thrift holding companies and subsidiaries of thrift holding companies, trust companies, savings or building and loan associations, savings banks and other thrift institutions, credit unions, and all other affiliates of each of the above persons if more than 50 percent of the affiliate's shares or other ownership interests are owned or controlled by such person, and federally or state constituted agencies and employees of any of the foregoing.
(2) Any person licensed under Section 5-19-22.
(3) An attorney licensed to practice law in Alabama who is not principally engaged in negotiating mortgage loans when the attorney renders services in the course of his or her practice as an attorney.
(4) Any person performing any act relating to mortgage loans under order of any court.
(5) A natural person:
a. Who is employed by a licensed mortgage broker or any person exempted from the licensing requirements of this chapter when acting within the scope of employment with the licensee or exempted person; however, mortgage loan originators must be licensed or registered in accordance with the Alabama Secure and Fair Enforcement for Mortgage Licensing Act; or
b. Who solicits mortgage loans exclusively on behalf of a licensed mortgage broker or any person exempted from the licensing requirements of this chapter when the natural person is acting within the scope of the agency of the licensee or exempted person; however, independent contractors that originate, process, or underwrite mortgage loans shall not originate, process, or underwrite mortgage loans unless they are licensed or registered in accordance with the Alabama Secure and Fair Enforcement for Mortgage Licensing Act.
(6) Any licensed real estate salesperson or broker who provides mortgage loan assistance in the course of doing business unless the real estate salesperson or broker is compensated for providing mortgage loan assistance.
(Act 2001-692, p. 1439, §3; Act 2009-624, p. 1891, §1.)
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https://law.justia.com/codes/alabama/title-5/chapter-25/section-5-25-4/
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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 25 - Mortgage Brokers Licensing Act.›Section 5-25-4 - License to Transact Business as a Mortgage Broker.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 25 - Mortgage Brokers Licensing Act. › Section 5-25-4 - License to Transact Business as a Mortgage Broker.
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Section 5-25-4
License to transact business as a mortgage broker.
(a) On and after January 1, 2002, no person shall transact business in this state directly or indirectly as a mortgage broker unless he or she is licensed as a mortgage broker by the department, or is a person exempted from the licensing requirements pursuant to Section 5-25-3.
(b) A licensee shall obtain a license for each location where the business of the mortgage broker is transacted.
(c) On or after January 1, 2002, every person who directly or indirectly controls a person who violates subsection (a), including a general partner, executive officer, joint venturer, or director of the person, violates subsection (a) with and to the same extent as the person, unless the person whose violation arises under this subsection sustains the burden of proof that he or she did not know and, in the exercise of reasonable care, could not have known of the existence of the facts by reason of which the original violation is alleged to exist.
(d) A violation of subsection (a), (b), or (c) does not affect the obligation of the borrower under the terms of the mortgage loan, or the enforceability of the mortgage loan documents. No private cause of action exists against a mortgage broker, licensee, or any person who controls a mortgage broker for any violation of subsection (a), (b), or (c). The department shall provide for the distribution or availability of information regarding approved or revoked licenses.
(Act 2001-692, p. 1439, §4.)
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https://law.justia.com/codes/alabama/title-5/chapter-25/section-5-25-5/
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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 25 - Mortgage Brokers Licensing Act.›Section 5-25-5 - Application for License.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 25 - Mortgage Brokers Licensing Act. › Section 5-25-5 - Application for License.
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Section 5-25-5
Application for license.
(a) An application for a license under this chapter shall be made in writing, under oath, and in the form as the department may prescribe.
(b) The application shall include all of the following:
(1) The legal name, business address, and telephone number of the applicant and, if the applicant is a partnership, association, corporation, or other group of individuals, however organized, the legal name, residence, and business address of every principal, together with the resume of the applicant and of every principal of the applicant.
(2) The name under which the applicant will conduct business in the state.
(3) The complete address of the applicant's initial registered office and any other locations at which the applicant will engage in any business activity covered by this chapter.
(4) Any other data, financial statements, and pertinent information as the department may require with respect to the applicant, its directors, principals, trustees, officers, members, or agents.
(5) Evidence that at least one principal or executive officer has at least two years of experience in the mortgage industry. This experience shall have been within the previous four years from the date of application. Evidence should include the principal's resume and contact numbers for the company for which the individual worked or is currently working. Each principal or executive officer that originates mortgage loans shall also obtain a mortgage loan originator's license under the Alabama Secure and Fair Enforcement for Mortgage Licensing Act.
(c) The applications shall be filed together with the following:
(1) A nonrefundable fee of six hundred dollars ($600).
(2) A financial statement of the applicant, prepared within 90 days of the filing of the application and covering the most recent fiscal year preceding the date of application, which demonstrates that the applicant has a bona fide and verifiable tangible net worth capital of twenty-five thousand dollars ($25,000). A consolidated Securities and Exchange Commission Annual Report Form 10-K shall meet the requirements of this chapter for the licensee if it shows a net worth or stockholder's equity of the licensee in an amount of at least twenty-five thousand dollars ($25,000). The department may require the applicant or licensee to obtain a surety bond in lieu of the net worth 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.
(3) A set of fingerprints from any local law enforcement agency for the following:
a. All persons acting as a sole proprietorship.
b. All partners in a partnership.
c. All principals of a corporation.
(d) The 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 that include any of the following:
a. Criminal history through fingerprint or other database.
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.
(Act 2001-692, p. 1439, §5; Act 2002-526, p. 1374, §1; Act 2009-624, p. 1891, §1.)
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https://law.justia.com/codes/alabama/title-5/chapter-25/section-5-25-6/
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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 25 - Mortgage Brokers Licensing Act.›Section 5-25-6 - Issuance of License.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 25 - Mortgage Brokers Licensing Act. › Section 5-25-6 - Issuance of License.
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Section 5-25-6
Issuance of license.
(a) Upon receipt of a completed application for a license together with all items set forth in subsection (c) of Section 5-25-5, the department shall conduct such an investigation as it deems necessary to determine that the applicant and its officers, directors, and principals are of good character and ethical reputation and will operate honestly and fairly within the purposes of this chapter; and that the applicant demonstrates reasonable financial responsibility.
(b) The department may not license any applicant unless it is satisfied that the applicant may be expected to operate its mortgage brokerage activities in compliance with the laws of this state.
(c) The department may not issue a license if it finds that the applicant, or any person who is a director, executive officer, partner, or principal of the applicant, has been convicted of a felony or offense which involves breach of trust, fraud, or dishonesty in any jurisdiction. For the purposes of this chapter, a person shall be deemed to have been convicted if the person has pled guilty to a crime before a domestic, foreign, or military court or federal magistrate, or has been found guilty of a crime by the decision or judgment of a domestic, foreign, or military court or federal magistrate or by the verdict of a jury, irrespective of the pronouncement of sentence or the suspension of a sentence.
(d) The department may deny a license or otherwise restrict a license if it finds that the applicant, or any person who is a director, executive officer, partner, or principal of the applicant, has had a license or registration to conduct mortgage related activity denied, revoked, or suspended in any jurisdiction.
(e) Within 90 days after receipt of a completed application together with all items set forth in subsection (c) of Section 5-25-5, the department shall either grant or deny the request for license.
(Act 2001-692, p. 1439, §6; Act 2009-624, p. 1891, §1.)
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https://law.justia.com/codes/alabama/title-5/chapter-25/section-5-25-7/
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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 25 - Mortgage Brokers Licensing Act.›Section 5-25-7 - Expiration and Renewal.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 25 - Mortgage Brokers Licensing Act. › Section 5-25-7 - Expiration and Renewal.
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Section 5-25-7
Expiration and renewal.
(a) All licenses issued pursuant to this chapter shall expire on December 31 of each year. Application for renewal shall be made annually on or before December 1 of each year to be effective for the following year.
(b) Any licensee making proper application, including all supporting documents and all applicable fees required by this chapter and any regulations promulgated by the department, for a license renewal to operate during the following calendar year, and filing the application December 1, shall be permitted to continue to operate pending final approval or disapproval of the application for the license renewal for the following year if final approval or disapproval is not granted prior to February 1.
(c) Each renewal application shall be accompanied by a five hundred dollar ($500) annual license application fee, which fee will not be refunded or prorated.
(d) Any person holding a license pursuant to this chapter who fails to file a proper application for a license renewal for the following year, including the proper fee accompanying the application, on or before February 1, and who files an application after February 1, may be required to pay, in addition to the license fee, a penalty of 10 percent for each month or part thereof that the licensee is delinquent in the payment of such license fee.
(e) The department may require a licensee to renew a license through the Nationwide Mortgage Licensing System and Registry.
(Act 2001-692, p. 1439, §7; Act 2009-624, p. 1891, §1.)
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https://law.justia.com/codes/alabama/title-5/chapter-25/section-5-25-8/
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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 25 - Mortgage Brokers Licensing Act.›Section 5-25-8 - License Requirements.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 25 - Mortgage Brokers Licensing Act. › Section 5-25-8 - License Requirements.
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Section 5-25-8
License requirements.
(a) Each license issued under this chapter shall state the address of the licensee's principal place of business and the name of the licensee.
(b) A licensee shall post the license in a conspicuous place in each place of business of the licensee.
(c) A license may not be transferred or assigned.
(d) No licensee shall transact business under any name other than that designated in the license.
(e) Each licensee shall notify the department in writing of any change in the address of its principal place of business or of any change in the address of any licensed location 15 days prior to such change, and any change of officers, directors, or principal of the licensee, not later than 30 business days after the change is effective.
(f) Within 15 days of the occurrence of any one of the following events, a licensee shall file a written report with the supervisor describing the event and its expected impact on the activities of the licensee in this state:
(1) The filing for bankruptcy or reorganization by the licensee.
(2) The institution of revocation or suspension proceedings against the licensee by any state or governmental authority.
(3) Any felony indictment of the licensee or any of its directors, executive officers, or principals.
(4) Any felony conviction of the licensee or any of its directors, executive officers, or principals.
(Act 2001-692, p. 1439, §8; Act 2009-624, p. 1891, §1.)
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https://law.justia.com/codes/alabama/title-5/chapter-25/section-5-25-9/
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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 25 - Mortgage Brokers Licensing Act.›Section 5-25-9 - Maintenance and Examination of Records, Etc.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 25 - Mortgage Brokers Licensing Act. › Section 5-25-9 - Maintenance and Examination of Records, Etc.
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Section 5-25-9
Maintenance and examination of records, etc.
(a) Any person required to be licensed under this chapter shall maintain in its offices or such other location as the department shall permit the books, accounts, and records as the department may reasonably require in order to determine whether the person is complying with this chapter and rules and regulations adopted pursuant to this chapter. These books, accounts, and records shall be maintained apart and separate from any other business in which the person is involved.
(b) The department may, by its designated officers and employees, as often as it deems necessary, but at least once every 24 months, investigate and examine the affairs, business, premises, and records of any person required to be licensed under this chapter insofar as they pertain to any business for which a license is required by this chapter.
(c) The department, at its discretion, may:
(1) Cause an examination to be made at the licensee's place of business of the records and transactions of such licensee.
(2) Require the licensee to make his or her records and transactions available to the supervisor at the office of the supervisor.
(d) As the cost of examination, the licensee shall pay the supervisor 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 three years after making the last entry on any transaction, and the supervisor shall have free access thereto at the licensee's place of business at all reasonable times. If the supervisor has probable cause to believe that a person has engaged in an activity which violates this chapter, the supervisor may compel the production of such books and records of the licensee as he or she has probable cause to believe are relevant to the alleged violation.
(e) If the licensee's records are located outside this state, the licensee may either make them available to the supervisor at a convenient location within this state, or pay the reasonable and necessary expenses for the supervisor or a representative of the supervisor to examine them at the place where they are maintained. The supervisor may designate representatives, including comparable officials of the state in which the records are located, to inspect them on his or her behalf.
(f) 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 department to any persons other than those within the department, the licensee, other governmental agencies, and their respective counsel. This subsection does not apply to disclosures in proceedings brought by the supervisor pursuant to this chapter.
(g) 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.
(h) Nothing contained herein shall prohibit discovery of these materials by and through a lawfully issued subpoena from a court of competent jurisdiction.
(Act 2001-692, p. 1439, §9; Act 2009-624, p. 1891, §1.)
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https://law.justia.com/codes/alabama/title-5/chapter-25/section-5-25-10/
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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 25 - Mortgage Brokers Licensing Act.›Section 5-25-10 - Annual Report.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 25 - Mortgage Brokers Licensing Act. › Section 5-25-10 - Annual Report.
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Section 5-25-10
Annual report.
(a) Each licensee shall annually, on or before May 1, file a written report with the department containing that information the department may require concerning the licensee's business and operations during the preceding calendar year, including financial statements.
(b) Reports shall be made under oath and shall be in the form prescribed by the department. Any licensee who fails to prepare and file with the department by May 1 the report required by this section shall pay the department a late penalty of one hundred dollars ($100) for each day after May 1. The department may, in its discretion, relieve any licensee from the payment of any penalty, in whole or in part, if good cause is shown. If a licensee fails to pay a penalty from which it has not been relieved, the department may, through the Attorney General, maintain an action at law to recover the penalty.
(Act 2001-692, p. 1439, §10.)
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https://law.justia.com/codes/alabama/title-5/chapter-25/section-5-25-11/
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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 25 - Mortgage Brokers Licensing Act.›Section 5-25-11 - Principal Place of Business; Branch Office.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 25 - Mortgage Brokers Licensing Act. › Section 5-25-11 - Principal Place of Business; Branch Office.
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Section 5-25-11
Principal place of business; branch office.
A licensee may transact business from both a principal place of business and one or more branch offices provided each is licensed under this chapter. A principal place of business or branch office shall consist of at least one enclosed room or building of stationary construction in which negotiations of mortgage loan transactions may be conducted and carried on in privacy and in which all of the books, records, and files pertaining to mortgage loan transactions are maintained. Each principal place of business and branch office shall also be in compliance with local zoning ordinances and have posted any occupational licenses required by local government agencies. It is the responsibility of the licensee to meet local zoning ordinances and obtain the required occupational licenses; however, zoning for the principal place of business or the branch office shall not be residential.
(Act 2001-692, p. 1439, §11; Act 2009-624, p. 1891, §1.)
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https://law.justia.com/codes/alabama/title-5/chapter-25/section-5-25-12/
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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 25 - Mortgage Brokers Licensing Act.›Section 5-25-12 - Disclosure by Licensee; Prohibited Activities.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 25 - Mortgage Brokers Licensing Act. › Section 5-25-12 - Disclosure by Licensee; Prohibited Activities.
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Section 5-25-12
Disclosure by licensee; prohibited activities.
(a) Licensees shall:
(1) Prior to the collection of a mortgage broker fee from a borrower, disclose to the borrower in writing the nature of the mortgage broker's relationship to the borrower and the method by which the mortgage broker will be compensated for services.
(2) Comply with applicable federal and state laws, rules, and regulations.
(b) Licensees shall not:
(1) Intentionally misrepresent or conceal a material fact, term, or condition of the transaction to which he or she is a party, pertinent to an application for a mortgage loan or a borrower.
(2) Fail to use due diligence and make reasonable efforts to procure a mortgage loan on behalf of the borrower.
(3) Fail to disburse funds in accordance with a written commitment to make a mortgage loan.
(4) Delay closing of a mortgage loan for the purpose of increasing interest rate, costs, fees, or other charges payable by the borrower.
(5) Collect any mortgage broker fees before a conditional commitment is obtained from the lender by the mortgage broker.
(Act 2001-692, p. 1439, §12; Act 2009-624, p. 1891, §1.)
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https://law.justia.com/codes/alabama/title-5/chapter-25/section-5-25-13/
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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 25 - Mortgage Brokers Licensing Act.›Section 5-25-13 - Rules and Regulations.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 25 - Mortgage Brokers Licensing Act. › Section 5-25-13 - Rules and Regulations.
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Section 5-25-13
Rules and regulations.
(a) The department may promulgate those rules and regulations, not inconsistent with law, necessary for the enforcement of this chapter.
(b) (1) Prior to the adoption, amendment, or repeal of any regulation, the supervisor shall give at least 35 days' notice of its intended action by filing notice of intended action with the Legislative Reference Service for publication in the Alabama Administrative Monthly. The date of publication in the Alabama Administrative Monthly shall constitute the date of notice. The notice shall include a statement of either the terms or substance of the intended action or a description of the subject and issues involved, shall specify a notice period ending not less than 35 days 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 supervisor shall consider all written and oral submissions respecting the proposed regulation. Upon adoption of a regulation, the supervisor, if conflicting views are submitted on the proposed regulation and if requested in writing to do so by an interested person prior to adoption, shall issue a concise statement of the principal reasons for and against its adoption, incorporating therein its reasons for overruling any considerations urged against its adoption.
(3) Notwithstanding any other provision of this chapter to the contrary, if the supervisor 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 supervisor complies with the procedures set forth in subdivision (1) and subdivision (2). The adoption of the same or a substantially similar regulation following the procedures set forth in subdivision (1) and subdivision (2) at any time is not limited by the adoption of a regulation following the emergency regulation procedure set forth in this subdivision.
(4) Any regulation proposed by the department prior to May 31, 2004, that, in the majority judgment of the Speaker of the House, the Governor, and the Lieutenant Governor, unreasonably limits the ability of new licenses, shall not be effective until May 31, 2004.
(5) A person who has exhausted all administrative remedies available within the department, other than rehearing, and who is aggrieved by a final decision of the supervisor 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 supervisor to cover the reasonable costs of preparing the transcript of the proceeding under review, unless waived by the supervisor or the court on a showing of substantial hardship. The notice of appeal and cost bond must be filed within 42 days after the date the supervisor 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 supervisor stays the effective date of the regulation.
(c) Interpretations, opinions, and approvals shall protect, to the extent provided in subsection (c), as applicable, both the licensee at whose request they were issued and any other licensee in a materially like circumstance.
(Act 2001-692, p. 1439, §13.)
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https://law.justia.com/codes/alabama/title-5/chapter-25/section-5-25-14/
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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 25 - Mortgage Brokers Licensing Act.›Section 5-25-14 - Denial, Suspension, or Revocation of License.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 25 - Mortgage Brokers Licensing Act. › Section 5-25-14 - Denial, Suspension, or Revocation of License.
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Section 5-25-14
Denial, suspension, or revocation of license.
(a) The department may suspend or revoke a license on any ground on which it might refuse to issue an original license, or for a violation of any provision of this chapter or any rule or regulation issued under this chapter or for failure of the licensee to pay, within 30 days after it becomes final and nonappealable, a judgment recovered in any court within this state by a claimant or creditor in an action arising out of the licensee's business in this state as a mortgage broker. In these actions, the hearing and appeal procedures provided for in those sections shall be the only procedures required under this chapter.
(b) Notice of the department's intention to enter an order denying an application for a license under this chapter or of an order suspending or revoking a license under this chapter shall be given to the applicant or licensee in writing, sent by registered or certified mail addressed to the principal place of business of the applicant or licensee. Within 20 days of the date of the notice of intention to enter an order of denial, suspension, or revocation under this chapter, the applicant or licensee may request in writing a hearing to contest the order. If a hearing is not requested in writing within 20 days of the date of the notice of intention, the department shall enter a final order regarding the denial or suspension. Any final order of the department denying, suspending, or revoking a license shall state the grounds upon which it is based and shall be effective on the date of issuance. A copy of the final order shall be forwarded promptly by registered or certified mail addressed to the principal place of business of the applicant or licensee.
(c) A decision of the department denying, suspending, or revoking a license shall be conclusive, except that a licensee aggrieved by an order of the department under this section may obtain judicial review of the order and the department 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 5-25-15.
(d) A revocation, suspension, or surrender of a license shall not impair or affect the obligation of a preexisting contract between the licensee and another person entered into prior to the effective date of the license revocation, suspension, or surrender.
(Act 2001-692, p. 1439, §14.)
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https://law.justia.com/codes/alabama/title-5/chapter-25/section-5-25-15/
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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 25 - Mortgage Brokers Licensing Act.›Section 5-25-15 - Appeal.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 25 - Mortgage Brokers Licensing Act. › Section 5-25-15 - Appeal.
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Section 5-25-15
Appeal.
(a) Any interested party or intervener may appeal an order of the department 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 department and with the register or clerk of the circuit court within 30 days from the date of said final order. The department's findings shall be prima facie correct, but the circuit court may hear such appeal according to its own rules and procedures, 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 department 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 department 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 of Alabama within 42 days from the date of entry of the order of the circuit court.
(Act 2001-692, p. 1439, §15.)
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https://law.justia.com/codes/alabama/title-5/chapter-25/section-5-25-16/
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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 25 - Mortgage Brokers Licensing Act.›Section 5-25-16 - Enforcement and Penalties.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 25 - Mortgage Brokers Licensing Act. › Section 5-25-16 - Enforcement and Penalties.
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Section 5-25-16
Enforcement and penalties.
(a) Whenever it appears to the supervisor that any person required to be licensed or registered under this chapter has violated any law of this state or any order or regulation of the department, the supervisor after notice and hearing may order such person or an affiliate acting on behalf of such person to cease and desist from the unauthorized practices.
(b) Any person required to be licensed under this chapter or an affiliate of such person who is found by the supervisor after notice and hearing to have violated this chapter or the terms of any order issued pursuant to this section may be ordered by the supervisor to pay a civil penalty of not more than three thousand dollars ($3,000) in the aggregate for all violations of a similar nature or, where violations are knowing violations, not more than fifteen thousand dollars ($15,000), in addition to any other penalties provided by law, including, but not limited to, revocation of any licenses issued under this chapter.
(c) 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 person or affiliate of a person shall be entitled to be represented by counsel. A person or affiliate of a person aggrieved by an order of the supervisor under this section may obtain judicial review of the order and the supervisor 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.
(Act 2001-692, p. 1439, §16.)
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https://law.justia.com/codes/alabama/title-5/chapter-25/section-5-25-17/
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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 25 - Mortgage Brokers Licensing Act.›Section 5-25-17 - Violations of Chapter.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 25 - Mortgage Brokers Licensing Act. › Section 5-25-17 - Violations of Chapter.
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Section 5-25-17
Violations of chapter.
Any person who willfully violates any of the provisions of this chapter shall be guilty of a misdemeanor and shall be punished by imprisonment for not more than one year or by a fine of not more than one thousand dollars ($1,000), or by both fine and imprisonment.
(Act 2001-692, p. 1439, §17.)
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https://law.justia.com/codes/alabama/title-5/chapter-25/section-5-25-18/
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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 25 - Mortgage Brokers Licensing Act.›Section 5-25-18 - Disposition of Funds.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 25 - Mortgage Brokers Licensing Act. › Section 5-25-18 - Disposition of Funds.
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Section 5-25-18
Disposition of funds.
All fees and administrative penalties collected shall be paid into the special fund provided by Section 5-2A-20 and used in the supervision and examination of licensees.
(Act 2001-692, p. 1439, §18.)
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https://law.justia.com/codes/alabama/title-5/chapter-26/section-5-26-1/
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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 26 - Alabama Secure and Fair Enforcement for Mortgage Licensing Act of 2009.›Section 5-26-1 - Short Title.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 26 - Alabama Secure and Fair Enforcement for Mortgage Licensing Act of 2009. › Section 5-26-1 - Short Title.
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Section 5-26-1
Short title.
This chapter may be cited as the Alabama Secure and Fair Enforcement for Mortgage Licensing Act of 2009 or Alabama S.A.F.E. Mortgage Licensing Act of 2009.
(Act 2009-627, p. 1907, §1.)
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https://law.justia.com/codes/alabama/title-5/chapter-26/section-5-26-2/
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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 26 - Alabama Secure and Fair Enforcement for Mortgage Licensing Act of 2009.›Section 5-26-2 - Legislative Findings.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 26 - Alabama Secure and Fair Enforcement for Mortgage Licensing Act of 2009. › Section 5-26-2 - Legislative Findings.
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Section 5-26-2
Legislative findings.
The activities of mortgage loan originators and the origination or offering of financing for residential real property have a direct, valuable, and immediate impact upon Alabama's consumers, Alabama's economy, the neighborhoods and communities of Alabama, and the housing and real estate industry. The Legislature finds that accessibility to mortgage credit is vital to the state's citizens. The Legislature also finds that it is essential for the protection of the citizens of Alabama and the stability of Alabama's economy that reasonable standards for licensing and regulation of the business practices of mortgage loan originators be imposed. Therefore the Legislature establishes within this chapter:
(a) SYSTEM OF SUPERVISION AND ENFORCEMENT. An effective system of supervision and enforcement of the mortgage lending industry, including:
(i) The authority to issue licenses to conduct business under this chapter, including the authority to write rules or regulations or adopt procedures necessary to the licensing of persons covered under this chapter.
(ii) The authority to deny, suspend, condition, or revoke licenses issued under this chapter.
(iii) The authority to examine, investigate, and conduct enforcement actions as necessary to carry out the intended purposes of this chapter, including the authority to subpoena witnesses and documents, enter orders, including cease and desist orders, order restitution and monetary penalties, and order the removal and ban of individuals from office or employment.
(b) BROAD ADMINISTRATIVE AUTHORITY. That the supervisor shall have the broad administrative authority to administer, interpret, and enforce this chapter, and promulgate rules or regulations implementing this chapter, in order to carry out the intentions of the Legislature.
(Act 2009-627, p. 1907, §2.)
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https://law.justia.com/codes/alabama/title-5/chapter-26/section-5-26-3/
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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 26 - Alabama Secure and Fair Enforcement for Mortgage Licensing Act of 2009.›Section 5-26-3 - Definitions.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 26 - Alabama Secure and Fair Enforcement for Mortgage Licensing Act of 2009. › Section 5-26-3 - Definitions.
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Section 5-26-3
Definitions.
For purposes of this chapter, the following definitions shall apply:
(1) DEPOSITORY INSTITUTION. The term "depository institution" has the same meaning as in Section 3 of the Federal Deposit Insurance Act, and includes any credit union.
(2) FEDERAL BANKING AGENCIES. The term "federal banking agencies" means the Board of Governors of the Federal Reserve System, the Comptroller of the Currency, the Director of the Office of Thrift Supervision, the National Credit Union Administration, and the Federal Deposit Insurance Corporation.
(3) IMMEDIATE FAMILY MEMBER. The term "immediate family member" means a spouse, child, sibling, parent, grandparent, or grandchild. This includes stepparents, stepchildren, stepsiblings, and adoptive relationships.
(4) INDIVIDUAL. The term "individual" means a natural person.
(5) LOAN PROCESSOR OR UNDERWRITER.
(a) In General. The term "loan processor or underwriter" means an individual who performs clerical or support duties as an employee at the direction of and subject to the supervision and instruction of a person licensed, or exempt from licensing, under the Alabama Consumer Credit Act or Mortgage Brokers Licensing Act.
(b) Clerical or Support Duties. For purposes of subsection (a), the term "clerical or support duties" may include subsequent to the receipt of an application:
(i) The receipt, collection, distribution, and analysis of information common for the processing or underwriting of a residential mortgage loan; and
(ii) Communicating with a consumer to obtain the information necessary for the processing or underwriting of a loan, to the extent that such communication does not include offering or negotiating loan rates or terms, or counseling consumers about residential mortgage loan rates or terms.
(c) Representations to the Public. An individual engaging solely in loan processor or underwriter activities, shall not represent to the public, through advertising or other means of communicating or providing information including the use of business cards, stationery, brochures, signs, rate lists, or other promotional items, that such individual can or will perform any of the activities of a mortgage loan originator.
(6) LOSS MITIGATION SPECIALIST. The term "loss mitigation specialist" means an individual employed by a lender or servicer who negotiates or renegotiates the terms of an existing loan, or assists in refinancing an existing loan when a borrower is in default, or in reasonably foreseeable likelihood of default.
(7) MORTGAGE LOAN ORIGINATOR.
(a) In General. The term "mortgage loan originator":
(i) Means an individual who for compensation or gain or in the expectation of compensation or gain:
(A) Takes a residential mortgage loan application; or
(B) Offers or negotiates terms of a residential mortgage loan;
(ii) Does not include an individual engaged solely as a loan processor or underwriter except as otherwise provided in Section 5-26-4(3);
(iii) Does not include a person or entity that only performs real estate brokerage activities and is licensed or registered in accordance with Alabama law, unless the person or entity is compensated by a lender, a mortgage broker, or other mortgage loan originator or by any agent of such lender, mortgage broker, or other mortgage loan originator; and
(iv) Does not include a person or entity solely involved in extensions of credit relating to timeshare plans, as that term is defined in Section 101(53D) of Title 11, United States Code.
(b) Real Estate Brokerage Activity Defined. For purposes of this chapter the term "real estate brokerage activity" means any activity that involves offering or providing real estate brokerage services to the public, including:
(i) Acting as a real estate agent or real estate broker for a buyer, seller, lessor, or lessee of real property;
(ii) Bringing together parties interested in the sale, purchase, lease, rental, or exchange of real property;
(iii) Negotiating, on behalf of any party, any portion of a contract relating to the sale, purchase, lease, rental, or exchange of real property (other than in connection with providing financing with respect to any such transaction);
(iv) Engaging in any activity for which a person engaged in the activity is required to be registered or licensed as a real estate agent or real estate broker under any applicable law; and
(v) Offering to engage in any activity, or act in any capacity, described in subsections (i), (ii), (iii), or (iv) of this section.
(8) NATIONWIDE MORTGAGE LICENSING SYSTEM AND REGISTRY. The term "Nationwide Mortgage Licensing System and Registry" means a mortgage licensing system developed and maintained by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators for the licensing and registration of licensed mortgage loan originators.
(9) NONTRADITIONAL MORTGAGE PRODUCT. The term "nontraditional mortgage product" means any mortgage product other than a 30-year fixed rate mortgage.
(10) PERSON. The term "person" means a natural person, corporation, company, limited liability company, partnership, or association.
(11) REGISTERED MORTGAGE LOAN ORIGINATOR. The term "registered mortgage loan originator" means any individual who:
(a) Meets the definition of mortgage loan originator and is an employee of:
(i) A depository institution;
(ii) A subsidiary that is:
(A) Owned and controlled by a depository institution; and
(B) Regulated by a Federal banking agency; or
(iii) An institution regulated by the Farm Credit Administration; and
(b) Is registered with, and maintains a unique identifier through, the Nationwide Mortgage Licensing System and Registry, or if prior to the Federal Banking Agencies establishing a registration system, would be subject to registration under the registration system when established by the Federal Banking Agencies and then would maintain a unique identifier.
(12) RESIDENTIAL MORTGAGE LOAN. The term "residential mortgage loan" means any loan primarily for personal, family, or household use that is secured by a mortgage, deed of trust, or other equivalent consensual security interest on a dwelling (as defined in Section 103(v) of the Truth in Lending Act) or residential real estate upon which is constructed or intended to be constructed a dwelling.
(13) RESIDENTIAL REAL ESTATE. The term "residential real estate" means any real property located in Alabama, upon which is constructed or intended to be constructed a dwelling.
(14) SUPERVISOR. The Supervisor of the Bureau of Loans of the State Banking Department.
(15) UNIQUE IDENTIFIER. The term "unique identifier" means a number or other identifier assigned by protocols established by the Nationwide Mortgage Licensing System and Registry.
(Act 2009-627, p. 1907, §3.)
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https://law.justia.com/codes/alabama/title-5/chapter-26/section-5-26-4/
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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 26 - Alabama Secure and Fair Enforcement for Mortgage Licensing Act of 2009.›Section 5-26-4 - License and Registration Required.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 26 - Alabama Secure and Fair Enforcement for Mortgage Licensing Act of 2009. › Section 5-26-4 - License and Registration Required.
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Section 5-26-4
License and registration required.
(1) In general. An individual, unless specifically exempted from this chapter under subsection (2), shall not engage in the business of a mortgage loan originator with respect to any dwelling located in this state without first obtaining and maintaining annually a license under this chapter. Each licensed mortgage loan originator must register with and maintain a valid unique identifier issued by the Nationwide Mortgage Licensing System and Registry.
(2) Exemption from this chapter. The following are exempt from and are not subject to this chapter:
(a) Registered mortgage loan originators, loan processors, loss mitigation specialists, and other employees when acting for an entity described in Section 5-26-3(11)(a)(i),(ii), or (iii) are exempt from this chapter.
(b) Any individual who offers or negotiates terms of a residential mortgage loan with or on behalf of an immediate family member of the individual.
(c) Any individual who offers or negotiates terms of a residential mortgage loan secured by a dwelling that served as the individual's residence.
(d) A licensed attorney who negotiates the terms of a residential mortgage loan on behalf of a client as an ancillary matter to the attorney's representation of the client, unless the attorney is compensated by a lender, a mortgage broker, or other mortgage loan originator or by any agent of such lender, mortgage broker, or other mortgage loan originator.
(e) The provisions of the Federal Secure and Fair Enforcement for Mortgage Licensing Act of 2008 shall apply to the activities of retail sellers of manufactured or modular homes to the extent determined by the United States Department of Housing and Urban Development through written guidelines, rules, regulations, or interpretive letters.
(f) Notwithstanding the licensing requirements of this section, an individual acting exclusively as a loss mitigation specialist engaging in loss mitigation efforts with respect to existing mortgage transactions is not required to meet the education, testing, background, and licensing standards of this chapter until July 1, 2011, unless denied by the United States Department of Housing and Urban Development.
(3) Independent contractor loan processors or underwriters. A loan processor or underwriter who is an independent contractor may not engage in the activities of a loan processor or underwriter unless such independent contractor loan processor or underwriter obtains and maintains a license under subsection (1). Each independent contractor loan processor or underwriter licensed as a mortgage loan originator must have and maintain a valid unique identifier issued by the Nationwide Mortgage Licensing System and Registry.
(4) Authority to establish licensing rules, regulations or interim procedures and accept early applications. For the purposes of implementing an orderly and efficient licensing process the supervisor may establish licensing rules or regulations and interim procedures for licensing and acceptance of applications.
(Act 2009-627, p. 1907, §4.)
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https://law.justia.com/codes/alabama/title-5/chapter-26/section-5-26-5/
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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 26 - Alabama Secure and Fair Enforcement for Mortgage Licensing Act of 2009.›Section 5-26-5 - State License and Registration Application and Issuance.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 26 - Alabama Secure and Fair Enforcement for Mortgage Licensing Act of 2009. › Section 5-26-5 - State License and Registration Application and Issuance.
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Section 5-26-5
State license and registration application and issuance.
(1) Application form. Applicants for a license shall apply in a form as prescribed by the supervisor. Each such form shall contain content as set forth by rule, regulation, instruction, or procedure of the supervisor and may be changed or updated as necessary by the supervisor in order to carry out the purposes of this chapter.
(2) License fee. Each application shall be filed with an initial license fee of seventy-five dollars ($75). This license fee shall be in addition to the fees required to apply through the Nationwide Mortgage Licensing System and Registry.
(3) Supervisor may establish relationships or contracts. In order to fulfill the purposes of this chapter, the supervisor is authorized to establish relationships or contracts with the Nationwide Mortgage Licensing System and Registry or other entities designated by the Nationwide Mortgage Licensing System and Registry to collect and maintain records and process transaction fees or other fees related to licensees or other persons subject to this chapter.
(4) Waive or modify requirements. For the purpose of participating in the Nationwide Mortgage Licensing System and Registry, the supervisor is authorized to waive or modify, in whole or in part, by rule, regulation, or order, any or all of the requirements of this chapter and to establish new requirements as reasonably necessary to participate in the Nationwide Mortgage Licensing System and Registry.
(5) Background checks. Notwithstanding any existing state law to the contrary, in connection with an application for licensing as a mortgage loan originator, the applicant, at a minimum, shall furnish to the Nationwide Mortgage Licensing System and Registry information concerning the applicant's identity, including:
(a) Fingerprints for submission to the Federal Bureau of Investigation, and any governmental agency or entity authorized to receive such information for a state, national, and international criminal history background check; and
(b) Personal history and experience in a form prescribed by the Nationwide Mortgage Licensing System and Registry, including the submission of authorization for the Nationwide Mortgage Licensing System and Registry and the supervisor to obtain:
(i) An independent credit report obtained from a consumer reporting agency described in Section 603(p) of the Fair Credit Reporting Act; and
(ii) Information related to any administrative, civil, or criminal findings by any governmental jurisdiction.
(6) Agent for purposes of requesting and distributing criminal information. For the purposes of this section and in order to reduce the points of contact which the Federal Bureau of Investigation may have to maintain for purposes of subsection (5)(a) and (b)(ii) the supervisor may use the Nationwide Mortgage Licensing System and Registry as a channeling agent for requesting information from and distributing information to the Department of Justice or any governmental agency.
(7) Agent for purposes of requesting and distributing non-criminal information. For the purposes of this section and in order to reduce the points of contact which the supervisor may have to maintain for purposes of subsection (5)(b)(i) and (ii) the supervisor may use the Nationwide Mortgage Licensing System and Registry as a channeling agent for requesting and distributing information to and from any source so directed by the supervisor.
(Act 2009-627, p. 1907, §5.)
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https://law.justia.com/codes/alabama/title-5/chapter-26/section-5-26-6/
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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 26 - Alabama Secure and Fair Enforcement for Mortgage Licensing Act of 2009.›Section 5-26-6 - Issuance of License.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 26 - Alabama Secure and Fair Enforcement for Mortgage Licensing Act of 2009. › Section 5-26-6 - Issuance of License.
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Section 5-26-6
Issuance of license.
The supervisor shall not issue a mortgage loan originator license unless the Supervisor makes at a minimum the following findings:
(1) NO LICENSE REVOCATION. The applicant has never had a mortgage loan originator license revoked in any governmental jurisdiction, except that a subsequent formal vacation of such revocation shall not be deemed a revocation.
(2) NO FELONY CONVICTION. The applicant has not been convicted of, or pled guilty or nolo contendere to, a felony in a domestic, foreign, or military court:
(a) During the seven-year period preceding the date of the application for licensing and registration; or
(b) At any time preceding such date of application, if such felony involved an act of fraud, dishonesty, or a breach of trust, or money laundering;
(c) Provided that any pardon of a conviction shall not be a conviction for purposes of this subsection.
(3) CHARACTER AND FITNESS. The applicant has demonstrated financial responsibility, character, and general fitness such as to command the confidence of the community and to warrant a determination that the mortgage loan originator will operate honestly, fairly, and efficiently within the purposes of this chapter. The supervisor shall not base a license denial, in whole or in part, on an applicant's credit score, nor shall the supervisor use a credit report as the sole basis for license denial.
(a) For purposes of this subsection a person has shown that he or she is not financially responsible when he or she has shown a disregard in the management of his or her own financial condition. A determination that an individual has not shown financial responsibility may include, but not be limited to:
(i) Current outstanding judgments, except judgments solely as a result of medical expenses;
(ii) Current outstanding tax liens or other government liens and filings;
(iii) Foreclosures within the past three years;
(iv) A pattern of seriously delinquent accounts within the past three years.
(4) PRE-LICENSING EDUCATION. The applicant has completed the pre-licensing education requirement described in Section 5-26-7.
(5) WRITTEN TEST. The applicant has passed a written test that meets the test requirement described in Section 5-26-8.
(6) NET WORTH, SURETY BOND, OR STATE FUND REQUIREMENT. The applicant has met the surety bond requirement as required pursuant to Section 5-26-14.
(Act 2009-627, p. 1907, §6.)
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https://law.justia.com/codes/alabama/title-5/chapter-26/section-5-26-7/
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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 26 - Alabama Secure and Fair Enforcement for Mortgage Licensing Act of 2009.›Section 5-26-7 - Pre-Licensing Education of Loan Originators.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 26 - Alabama Secure and Fair Enforcement for Mortgage Licensing Act of 2009. › Section 5-26-7 - Pre-Licensing Education of Loan Originators.
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Section 5-26-7
Pre-licensing education of loan originators.
(1) Minimum educational requirements. In order to meet the pre-licensing education requirement referred to in Section 5-26-6(4) a person shall complete at least 20 hours of education approved in accordance with subsection (2), which shall include at least:
(a) Three hours of federal law and regulations;
(b) Three hours of ethics, which shall include instruction on fraud, consumer protection, and fair lending issues; and
(c) Two hours of training related to lending standards for the nontraditional mortgage product marketplace.
(2) Approved educational courses. For purposes of subsection (1), pre-licensing education courses shall be reviewed and approved by the Nationwide Mortgage Licensing System and Registry based upon reasonable standards. Review and approval of a pre-licensing education course shall include review and approval of the course provider.
(3) Approval of employer and affiliate educational courses. Nothing in this section shall preclude any pre-licensing education course, as approved by the Nationwide Mortgage Licensing System and Registry, that is provided by the employer of the applicant or an entity which is affiliated with the applicant by an agency contract, or any subsidiary or affiliate of such employer or entity.
(4) Venue of education. Pre-licensing education may be offered either in a classroom, online, or by any other means approved by the Nationwide Mortgage Licensing System and Registry.
(5) Reciprocity of education. The pre-licensing education requirements approved by the Nationwide Mortgage Licensing System and Registry in subsections (1)(a), (b), and (c) for any state shall be accepted as credit towards completion of pre-licensing education requirements in Alabama.
(Act 2009-627, p. 1907, §7.)
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https://law.justia.com/codes/alabama/title-5/chapter-26/section-5-26-8/
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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 26 - Alabama Secure and Fair Enforcement for Mortgage Licensing Act of 2009.›Section 5-26-8 - Testing of Loan Originators.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 26 - Alabama Secure and Fair Enforcement for Mortgage Licensing Act of 2009. › Section 5-26-8 - Testing of Loan Originators.
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Section 5-26-8
Testing of loan originators.
(1) In general. In order to meet the written test requirement referred to in Section 5-26-6(5), an individual shall pass, in accordance with the standards established under this subsection, a qualified written test developed by the Nationwide Mortgage Licensing System and Registry and administered by a test provider approved by the Nationwide Mortgage Licensing System and Registry based upon reasonable standards.
(2) Qualified test. A written test shall not be treated as a qualified written test for purposes of subsection (1) unless the test adequately measures the applicant's knowledge and comprehension in appropriate subject areas, including:
(a) Ethics;
(b) Federal law and regulation pertaining to mortgage origination;
(c) State law and regulation pertaining to mortgage origination;
(d) Federal and state law and regulation, including instruction on fraud, consumer protection, the nontraditional mortgage marketplace, and fair lending issues.
(3) Testing location. Nothing in this section shall prohibit a test provider approved by the Nationwide Mortgage Licensing System and Registry from providing a test at the location of the employer of the applicant or the location of any subsidiary or affiliate of the employer of the applicant, or the location of any entity with which the applicant holds an exclusive arrangement to conduct the business of a mortgage loan originator.
(4) Minimum competence:
(a) PASSING SCORE. An individual shall not be considered to have passed a qualified written test unless the individual achieves a test score of not less than 75 percent correct answers to questions.
(b) INITIAL RETESTS. An individual may retake a test three consecutive times with each consecutive taking occurring at least 30 days after the preceding test.
(c) SUBSEQUENT RETESTS. After failing three consecutive tests, an individual shall wait at least six months before taking the test again.
(d) RETEST AFTER LAPSE OF LICENSE. A licensed mortgage loan originator who fails to maintain a valid license for a period of five years or longer shall retake the test, not taking into account any time during which such individual is a registered mortgage loan originator.
(Act 2009-627, p. 1907, §8.)
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https://law.justia.com/codes/alabama/title-5/chapter-26/section-5-26-9/
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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 26 - Alabama Secure and Fair Enforcement for Mortgage Licensing Act of 2009.›Section 5-26-9 - Standards for License Renewal.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 26 - Alabama Secure and Fair Enforcement for Mortgage Licensing Act of 2009. › Section 5-26-9 - Standards for License Renewal.
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Section 5-26-9
Standards for license renewal.
(1) In general. The minimum standards for license renewal for mortgage loan originators shall include the following:
(a) The mortgage loan originator continues to meet the minimum standards for license issuance under Section 5-26-6(1) to (6), inclusive.
(b) The mortgage loan originator has satisfied the annual continuing education requirements described in Section 5-26-10.
(c) The mortgage loan originator has paid all required fees for renewal of the license. The fee related to the renewal of the license shall be seventy-five dollars ($75). This license renewal fee shall be in addition to the fees required to renew through the Nationwide Mortgage Licensing System and Registry.
(2) Failure to satisfy minimum standards of license renewal. The license of a mortgage loan originator failing to satisfy the minimum standards for license renewal shall expire. The supervisor may adopt procedures for the reinstatement of expired licenses consistent with the standards established by the Nationwide Mortgage Licensing System and Registry.
(Act 2009-627, p. 1907, §9.)
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https://law.justia.com/codes/alabama/title-5/chapter-26/section-5-26-10/
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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 26 - Alabama Secure and Fair Enforcement for Mortgage Licensing Act of 2009.›Section 5-26-10 - Continuing Education for Mortgage Loan Originators.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 26 - Alabama Secure and Fair Enforcement for Mortgage Licensing Act of 2009. › Section 5-26-10 - Continuing Education for Mortgage Loan Originators.
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Section 5-26-10
Continuing education for mortgage loan originators.
(1) In general. In order to meet the annual continuing education requirements referred to in Section 5-26-9(1)(b), a licensed mortgage loan originator shall complete at least eight hours of education approved in accordance with subsection (2), which shall include at least:
(a) Three hours of federal law and regulations;
(b) Two hours of ethics, which shall include instruction on fraud, consumer protection, and fair lending issues; and
(c) Two hours of training related to lending standards for the nontraditional mortgage product marketplace.
(2) Approved educational courses. For purposes of subsection (1), continuing education courses shall be reviewed and approved by the Nationwide Mortgage Licensing System and Registry based upon reasonable standards. Review and approval of a continuing education course shall include review and approval of the course provider.
(3) Approval of employer and affiliate educational courses. Nothing in this section shall preclude any education course, as approved by the Nationwide Mortgage Licensing System and Registry, that is provided by the employer of the mortgage loan originator or an entity which is affiliated with the mortgage loan originator by an agency contract, or any subsidiary or affiliate of such employer or entity.
(4) Venue of education. Continuing education may be offered either in a classroom, online, or by any other means approved by the Nationwide Mortgage Licensing System and Registry.
(5) Calculation of continuing education credits. A licensed mortgage loan originator:
(a) Except for Section 5-26-9(2) and subsection (9), may only receive credit for a continuing education course in the year in which the course is taken; and
(b) May not take the same approved course in the same or successive years to meet the annual requirements for continuing education.
(6) Instructor credit. A licensed mortgage loan originator who is an approved instructor of an approved continuing education course may receive credit for the licensed mortgage loan originator's own annual continuing education requirement at the rate of two hours' credit for every one hour taught.
(7) Reciprocity of education. A person having successfully completed the education requirements approved by the Nationwide Mortgage Licensing System and Registry in subsections (1)(a), (b), and (c) for any state shall be accepted as credit towards completion of continuing education requirements in Alabama.
(8) Lapse in license. A licensed mortgage loan originator who subsequently becomes unlicensed must complete the continuing education requirements for the last year in which the license was held prior to issuance of a new or renewed license.
(9) Make up of continuing education. A person meeting the requirements of Section 5-26-9(1)(a) and (c) may make up any deficiency in continuing education as established by rule or regulation of the supervisor.
(Act 2009-627, p. 1907, §10.)
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https://law.justia.com/codes/alabama/title-5/chapter-26/section-5-26-11/
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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 26 - Alabama Secure and Fair Enforcement for Mortgage Licensing Act of 2009.›Section 5-26-11 - Authority to Require License.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 26 - Alabama Secure and Fair Enforcement for Mortgage Licensing Act of 2009. › Section 5-26-11 - Authority to Require License.
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Section 5-26-11
Authority to require license.
In addition to any other duties imposed upon the supervisor by law, the supervisor shall require mortgage loan originators to be licensed and registered through the Nationwide Mortgage Licensing System and Registry. In order to carry out this requirement the supervisor is authorized to participate in the Nationwide Mortgage Licensing System and Registry. For this purpose, the supervisor may establish by rule/regulation or order requirements as necessary, including but not limited to:
(1) BACKGROUND CHECKS. Background checks for:
(a) Criminal history through fingerprint or other databases;
(b) Civil or administrative records;
(c) Credit history; or
(d) Any other information as deemed necessary by the Nationwide Mortgage Licensing System and Registry.
(2) FEES. The payment of fees to apply for or renew licenses through the Nationwide Mortgage Licensing System and Registry;
(3) SETTING DATES. The setting or resetting as necessary of renewal or reporting dates; and
(4) OTHER. Requirements for amending or surrendering a license or any other such activities as the supervisor deems necessary for participation in the Nationwide Mortgage Licensing System and Registry.
(Act 2009-627, p. 1907, §11.)
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https://law.justia.com/codes/alabama/title-5/chapter-26/section-5-26-12/
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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 26 - Alabama Secure and Fair Enforcement for Mortgage Licensing Act of 2009.›Section 5-26-12 - Nationwide Mortgage Licensing System and Registry Information Challenge Process.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 26 - Alabama Secure and Fair Enforcement for Mortgage Licensing Act of 2009. › Section 5-26-12 - Nationwide Mortgage Licensing System and Registry Information Challenge Process.
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Section 5-26-12
Nationwide Mortgage Licensing System and Registry information challenge process.
The supervisor shall establish a process whereby mortgage loan originators may challenge information entered into the Nationwide Mortgage Licensing System and Registry.
(Act 2009-627, p. 1907, §12.)
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https://law.justia.com/codes/alabama/title-5/chapter-26/section-5-26-13/
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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 26 - Alabama Secure and Fair Enforcement for Mortgage Licensing Act of 2009.›Section 5-26-13 - Enforcement Authorities, Violations, and Penalties.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 26 - Alabama Secure and Fair Enforcement for Mortgage Licensing Act of 2009. › Section 5-26-13 - Enforcement Authorities, Violations, and Penalties.
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Section 5-26-13
Enforcement authorities, violations, and penalties.
(1) In order to ensure the effective supervision and enforcement of this chapter the supervisor may:
(a) Deny, suspend, revoke, condition, or decline to renew a license for a violation of this chapter, rules or regulations issued under this chapter or order or directive entered under this chapter, or for failure to comply with any other state or federal law, including the rules and regulations thereunder, applicable to any business authorized or conducted under this act.
(b) Deny, suspend, revoke, condition, or decline to renew a license if an applicant or licensee fails at any time to meet the requirements of Section 5-26-6 or Section 5-26-9, or withholds information or makes a material misstatement in an application for a license or renewal of a license.
(c) Order restitution against persons subject to this chapter for violations of this chapter.
(d) Impose fines on persons subject to this chapter pursuant to subsections (2), (3), and (4).
(e) Issue orders or directives under this chapter as follows:
(i) Order or direct persons subject to this chapter to cease and desist from conducting business, including immediate temporary orders to cease and desist.
(ii) Order or direct persons subject to this chapter to cease any harmful activities or violations of this chapter, including immediate temporary orders to cease and desist.
(iii) Enter immediate temporary orders to cease business under a license or interim license issued pursuant to the authority granted under Section 5-26-4(5) if the supervisor determines that such license was erroneously granted or the licensee is currently in violation of this chapter;
(iv) Order or direct such other affirmative action as the supervisor deems necessary.
(2) The supervisor may impose a civil penalty on a mortgage loan originator or person subject to this chapter, if the supervisor finds, on the record after notice and opportunity for hearing, that such mortgage loan originator or person subject to this chapter has violated or failed to comply with any requirement of this chapter or any regulation prescribed by the supervisor under this chapter or order issued under authority of this chapter.
(3) The maximum amount of penalty for each act or omission described in subsection (2) shall be twenty-five thousand dollars ($25,000).
(4) Each violation or failure to comply with any directive or order of the supervisor is a separate and distinct violation or failure.
(5) A violation of this chapter or any order, rule, regulation, or procedure does not affect the obligation of a borrower or other person under the terms of a mortgage loan or the enforceability of mortgage loan documents. No private cause of action is created by or exists under this chapter.
(Act 2009-627, p. 1907, §13.)
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https://law.justia.com/codes/alabama/title-5/chapter-26/section-5-26-14/
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AL
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 26 - Alabama Secure and Fair Enforcement for Mortgage Licensing Act of 2009.›Section 5-26-14 - Surety Bond Required.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 26 - Alabama Secure and Fair Enforcement for Mortgage Licensing Act of 2009. › Section 5-26-14 - Surety Bond Required.
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Section 5-26-14
Surety bond required.
(1) Coverage, form and regulations. Each mortgage loan originator shall be covered by a surety bond in accordance with this section. In the event that the mortgage loan originator is an employee or exclusive agent of a person subject to the Alabama Consumer Credit Act or Mortgage Brokers Licensing Act, the surety bond of such person subject to the Alabama Consumer Credit Act or Mortgage Brokers Licensing Act can be used in lieu of the mortgage loan originator's surety bond requirement.
(a) The surety bond shall provide coverage for each mortgage loan originator in an amount as prescribed in subsection (2).
(b) The surety bond shall be in a form as prescribed by the supervisor.
(c) The supervisor may promulgate rules or regulations with respect to the requirements for such surety bonds as are necessary to accomplish the purposes of this chapter.
(2) Penal sum of surety bond. The penal sum of the surety bond shall be maintained in an amount that reflects the dollar amount of loans originated as determined by the supervisor.
(3) Action on bond. When an action is commenced on a licensee's bond the supervisor may require the filing of a new bond.
(4) New bond. Immediately upon recovery upon any action on the bond the licensee shall file a new bond.
(Act 2009-627, p. 1907, §14.)
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https://law.justia.com/codes/alabama/title-5/chapter-26/section-5-26-15/
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AL
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 5 - Banks and Financial Institutions.›Chapter 26 - Alabama Secure and Fair Enforcement for Mortgage Licensing Act of 2009.›Section 5-26-15 - Confidentiality.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 26 - Alabama Secure and Fair Enforcement for Mortgage Licensing Act of 2009. › Section 5-26-15 - Confidentiality.
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Section 5-26-15
Confidentiality.
In order to promote more effective regulation and reduce regulatory burden through supervisory information sharing:
(1) PROTECTIONS. Except as otherwise provided in Public Law 110-289, Section 1512, the requirements under any federal law regarding the privacy or confidentiality of any information or material provided to the Nationwide Mortgage Licensing System and Registry, and any privilege arising under federal or state law, including the rules of any federal or state court, with respect to such information or material, shall continue to apply to such information or material after the information or material has been disclosed to the Nationwide Mortgage Licensing System and Registry. Such information and material may be shared with all state and federal regulatory officials with mortgage industry oversight authority without the loss of privilege or the loss of confidentiality protections provided by federal or state law.
(2) AGREEMENTS AND SHARING ARRANGEMENTS. For these purposes, the supervisor is authorized to enter agreements or sharing arrangements with other governmental agencies, the Conference of State Bank Supervisors, the American Association of Residential Mortgage Regulators, or other associations representing governmental agencies as established by rule, regulation, or order of the supervisor.
(3) NONAPPLICABILITY OF CERTAIN REQUIREMENTS. Information or material that is subject to a privilege or confidentiality under subsection (1) shall not be subject to:
(a) Disclosure under any federal or state law governing the disclosure to the public of information held by an officer or an agency of the federal government or the respective state; or
(b) Subpoena or discovery, or admission into evidence, in any private civil action or administrative process, unless with respect to any privilege held by the Nationwide Mortgage Licensing System and Registry with respect to such information or material, the person to whom such information or material pertains waives, in whole or in part, in the discretion of such person, that privilege.
(4) COORDINATION WITH STATE LAW. Existing Alabama law relating to the disclosure of confidential supervisory information or any information or material described in subsection (1) that is inconsistent with subsection (1) shall be superseded by the requirements of this section.
(5) PUBLIC ACCESS TO INFORMATION. This section shall not apply with respect to the information or material relating to the employment history of, and publicly adjudicated disciplinary and enforcement actions against, mortgage loan originators that is included in the Nationwide Mortgage Licensing System and Registry for access by the public.
(Act 2009-627, p. 1907, §15.)
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https://law.justia.com/codes/alabama/title-5/chapter-26/section-5-26-16/
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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 26 - Alabama Secure and Fair Enforcement for Mortgage Licensing Act of 2009.›Section 5-26-16 - Investigation and Examination Authority.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 26 - Alabama Secure and Fair Enforcement for Mortgage Licensing Act of 2009. › Section 5-26-16 - Investigation and Examination Authority.
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Section 5-26-16
Investigation and examination authority.
In addition to any authority allowed under this chapter the supervisor shall have the authority to conduct investigations and examinations as follows:
(1) AUTHORITY TO ACCESS INFORMATION. For purposes of initial licensing, license renewal, license suspension, license conditioning, license revocation or termination, or general or specific inquiry or investigation to determine compliance with this chapter, the supervisor shall have the authority to access, receive, and use any books, accounts, records, files, documents, information, or evidence including but not limited to:
(a) Criminal, civil, and administrative history information, including nonconviction data; and
(b) Personal history and experience information including independent credit reports obtained from a consumer reporting agency described in Section 603(p) of the Fair Credit Reporting Act; and
(c) Any other documents, information, or evidence the supervisor deems relevant to the inquiry or investigation regardless of the location, possession, control, or custody of such documents, information, or evidence.
(2) INVESTIGATION, EXAMINATION, AND SUBPOENA AUTHORITY. For the purposes of investigating violations or complaints arising under this chapter, or for the purposes of examination, the supervisor may review, investigate, or examine any licensee, individual, or person subject to this chapter, as often as necessary in order to carry out the purposes of this chapter. The supervisor may direct, subpoena, or order the attendance of and examine under oath all persons whose testimony may be required about the loans or the business or subject matter of any such examination or investigation, and may direct, subpoena, or order such person to produce books, accounts, records, files, and any other documents the supervisor deems relevant to the inquiry.
(3) AVAILABILITY OF BOOKS AND RECORDS. Each licensee, individual, or person subject to this chapter shall make available to the supervisor, upon request, the books and records relating to the operations of such licensee, individual, or person subject to this chapter. The supervisor shall have access to such books and records and interview the officers, principals, mortgage loan originators, employees, independent contractors, agents, and customers of the licensee, individual, or person subject to this chapter concerning their business.
(4) REPORTS AND OTHER INFORMATION AS DIRECTED. Each licensee, individual, or person subject to this chapter shall make or compile reports or prepare other information as directed by the supervisor in order to carry out the purposes of this section including, but not limited to:
(a) Accounting compilations;
(b) Information lists and data concerning loan transactions in a format prescribed by the supervisor; or
(c) Such other information deemed necessary to carry out the purposes of this section.
(5) CONTROL ACCESS TO RECORDS. In making any examination or investigation authorized by this chapter, the supervisor may control access to any documents and records of the licensee or person under examination or investigation. The supervisor may take possession of the documents and records or place a person in exclusive charge of the documents and records in the place where they are usually kept. During the period of control, no individual or person shall remove or attempt to remove any of the documents and records except pursuant to a court order or with the consent of the supervisor. Unless the supervisor has reasonable grounds to believe the documents or records of the licensee have been, or are at risk of being altered or destroyed for purposes of concealing a violation of this chapter, the licensee or owner of the documents and records shall have access to the documents or records as necessary to conduct its ordinary business affairs.
(6) ADDITIONAL AUTHORITY. In order to carry out the purposes of this section, the supervisor may:
(a) Retain attorneys, accountants, or other professionals and specialists as examiners, auditors, or investigators to conduct or assist in the conduct of examinations or investigations;
(b) Enter into agreements or relationships with other government officials or regulatory associations in order to improve efficiencies and reduce regulatory burden by sharing resources, standardized or uniform methods or procedures, and documents, records, information, or evidence obtained under this section;
(c) Use, hire, contract, or employ public or privately available analytical systems, methods, or software to examine or investigate the licensee, individual, or person subject to this chapter;
(d) Accept and rely on examination or investigation reports made by other government officials, within or without this state; or
(e) Accept audit reports made by an independent certified public accountant for the licensee, individual, or person subject to this chapter in the course of that part of the examination covering the same general subject matter as the audit and may incorporate the audit report in the report of the examination, report of investigation, or other writing of the supervisor.
(7) EFFECT OF AUTHORITY. The authority of this section shall remain in effect, whether such a licensee, individual, or person subject to this chapter acts or claims to act under any licensing or registration law of this state, or claims to act without such authority.
(8) WITHHOLD RECORDS. No licensee, individual, or person subject to investigation or examination under this section may knowingly withhold, abstract, remove, mutilate, destroy, or secrete any books, records, computer records, or other information.
(Act 2009-627, p. 1907, §16.)
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https://law.justia.com/codes/alabama/title-5/chapter-26/section-5-26-17/
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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 26 - Alabama Secure and Fair Enforcement for Mortgage Licensing Act of 2009.›Section 5-26-17 - Prohibited Acts and Practices.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 26 - Alabama Secure and Fair Enforcement for Mortgage Licensing Act of 2009. › Section 5-26-17 - Prohibited Acts and Practices.
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Section 5-26-17
Prohibited acts and practices.
It is a violation of this chapter for a person or individual subject to this chapter to:
(1) Obtain property by intentional fraud or intentional misrepresentation;
(2) Solicit or enter into a contract with a borrower that provides in substance that the person or individual subject to this chapter may earn a fee or commission through "best efforts" to obtain a loan even though no loan is actually obtained for the borrower;
(3) Conduct any business covered by this chapter without holding a valid license if required under this chapter;
(4) Fail to make disclosures as required by this chapter;
(5) Fail to comply with this chapter or rules or regulations promulgated under this chapter;
(6) Collect, charge, or attempt to collect or charge any fee prohibited by this chapter; or
(7) Fail to account for monies belonging to a party to a residential mortgage loan transaction, as required by law or regulation.
(Act 2009-627, p. 1907, §17.)
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https://law.justia.com/codes/alabama/title-5/chapter-26/section-5-26-18/
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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 26 - Alabama Secure and Fair Enforcement for Mortgage Licensing Act of 2009.›Section 5-26-18 - Mortgage Call Reports.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 26 - Alabama Secure and Fair Enforcement for Mortgage Licensing Act of 2009. › Section 5-26-18 - Mortgage Call Reports.
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Section 5-26-18
Mortgage call reports.
Each person employing a mortgage loan originator licensed under this chapter shall submit to the Nationwide Mortgage Licensing System and Registry reports of condition, which shall be in such form and shall contain such information as the Nationwide Mortgage Licensing System and Registry may require.
(Act 2009-627, p. 1907, §18.)
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https://law.justia.com/codes/alabama/title-5/chapter-26/section-5-26-19/
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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 26 - Alabama Secure and Fair Enforcement for Mortgage Licensing Act of 2009.›Section 5-26-19 - Report to Nationwide Mortgage Licensing System and Registry.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 26 - Alabama Secure and Fair Enforcement for Mortgage Licensing Act of 2009. › Section 5-26-19 - Report to Nationwide Mortgage Licensing System and Registry.
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Section 5-26-19
Report to Nationwide Mortgage Licensing System and Registry.
Notwithstanding state privacy law, the supervisor is required to report regularly violations of this chapter as well as enforcement actions and other relevant information to the Nationwide Mortgage Licensing System and Registry, subject to the provisions contained in Section 5-26-15.
(Act 2009-627, p. 1907, §19.)
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https://law.justia.com/codes/alabama/title-5/chapter-26/section-5-26-20/
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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 26 - Alabama Secure and Fair Enforcement for Mortgage Licensing Act of 2009.›Section 5-26-20 - Unique Identifier Shown.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 26 - Alabama Secure and Fair Enforcement for Mortgage Licensing Act of 2009. › Section 5-26-20 - Unique Identifier Shown.
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Section 5-26-20
Unique identifier shown.
The unique identifier of any person originating a residential mortgage loan shall be clearly shown on all residential mortgage loan application forms, solicitations, or advertisements, including business cards or websites, and any other documents as established by rule, regulation, or order of the supervisor.
(Act 2009-627, p. 1907, §20.)
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https://law.justia.com/codes/alabama/title-5/chapter-27/section-5-27-1/
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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 27 - Savings Promotion Contest›Section 5-27-1 - (Effective January 1, 2018) Legislative Findings.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 27 - Savings Promotion Contest › Section 5-27-1 - (Effective January 1, 2018) Legislative Findings.
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Section 5-27-1
(Effective January 1, 2018) Legislative findings.
The Legislature finds and declares the following:
(1) Federal law allows both depository financial institutions and credit unions to hold savings promotion contests, subject to certain conditions and authorization under state law.
(2) Savings promotion contests in other states and countries have led to an increase in the number and amount of funds in personal savings accounts.
(3) Savings promotion contests encourage people to save money by adding a feature to personal savings accounts that includes a chance to win prizes.
(4) Savings promotion contests are not lotteries because they do not require individuals to pay consideration for a chance to win a prize, and the individual maintains ownership of the money that is deposited into a savings account or other qualifying account.
(5) The prizes are funded through the interest that accrues across the pool of savings accounts participating in the promotion contest.
(6) It is in the best interest of the citizens of Alabama to encourage increases in personal savings accounts.
(Act 2017-406, §1.)
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https://law.justia.com/codes/alabama/title-5/chapter-27/section-5-27-2/
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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 27 - Savings Promotion Contest›Section 5-27-2 - (Effective January 1, 2018) Definitions.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 27 - Savings Promotion Contest › Section 5-27-2 - (Effective January 1, 2018) Definitions.
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Section 5-27-2
(Effective January 1, 2018) Definitions.
When used in this chapter, the following words and phrases shall have the following meanings:
(1) APPROPRIATE STATE OR FEDERAL REGULATORY AGENCY. The state or federal agency that is statutorily responsible for the supervision of all or part of the operations of a participating financial institution.
(2) DEPOSITOR. An individual member or customer of a financial institution who meets all of the following requirements:
a. Maintains a qualifying account at a financial institution participating in a savings promotion contest.
b. Is in good standing at a financial institution authorized to do business in Alabama.
c. Is 18 years of age or older.
(3) ENTRY. A chance or chances obtained by a depositor to win a designated prize or prizes in a savings promotion contest by complying with the terms and conditions of a savings promotion contest.
(4) FINANCIAL INSTITUTION. A bank, savings institution, or credit union authorized to do business in Alabama under federal or state law.
(5) PARTICIPATING FINANCIAL INSTITUTION. A financial institution, as defined above, that is sponsoring a savings promotion contest.
(6) QUALIFYING ACCOUNT. A savings account or other savings product that is offered by a participating financial institution and that meets all of the following requirements:
a. Allows deposits to be made by a depositor.
b. Is evidenced by periodic statements that are delivered to the depositor or are available to the depositor through electronic access.
c. Has an interest rate that is similar to, and not less than, the interest rates of other comparable nonqualifying accounts.
(7) SAVINGS PROMOTION ACCOUNT. A contest or promotion sponsored by a financial institution or a group of financial institutions in which a chance of winning designated prizes is obtained by a depositor when the depositor either:
a. Deposits a specified amount of money or makes a specified number of deposits into the depositor's qualifying account.
b. Participates in one or more savings products or programs.
(Act 2017-406, §2.)
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https://law.justia.com/codes/alabama/title-5/chapter-27/section-5-27-3/
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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 27 - Savings Promotion Contest›Section 5-27-3 - (Effective January 1, 2018) Savings Promotion Contest Authorized; Conditions.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 27 - Savings Promotion Contest › Section 5-27-3 - (Effective January 1, 2018) Savings Promotion Contest Authorized; Conditions.
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Section 5-27-3
(Effective January 1, 2018) Savings promotion contest authorized; conditions.
(a) Subject to supervision by the appropriate federal or state regulatory agency, a financial institution may conduct a savings promotion contest in accordance with this chapter for the purposes of encouraging depositors to maintain savings accounts and increase personal savings. The financial institution may join with other financial institutions to participate in a savings promotion or contest.
(b) A savings promotion contest shall be subject to all of the following conditions:
(1) Subject to any limits the financial institution may place on the number of entries that may be placed by the depositor, it is structured such that a depositor may place an entry to win a prize or prizes by doing either of the following:
a. Depositing a minimum specified amount of money or making a specified number of deposits into a qualifying account in accordance with the terms and conditions of the specific savings promotion contest.
b. Participating in one or more savings products or programs according to the terms and conditions of the savings promotion contest.
(2) The participating financial institution complies with all applicable consumer protection laws.
(3) No consideration is required as payment for a chance at winning the prize or prizes. For purposes of this subdivision, a depositor does not pay consideration if, as a requirement of participating in the savings promotion contest, the financial institution requires the depositor to deposit a specified amount of money or make a specified number of deposits into his or her account or participate in one or more savings programs or products involving his or her accounts.
(4) Each entry has an equal chance of being chosen as the winning entry.
(5) Participating depositors are not required to be present at a drawing in order to win a prize.
(6) The participating financial institution maintains books and records necessary to facilitate an audit of the savings promotion contest and, upon written request, provides those records to the appropriate federal or state regulatory authority.
(7) The savings promotion contest is conducted in a manner that protects the safety and soundness of the financial institution and does not mislead depositors.
(8) The financial institution posts online the terms and conditions of the savings promotion contest and lists each location where entries may be submitted.
(9) No fees or charges may be applied to a qualifying account that would not be applied to a substantially similar nonqualifying account.
(Act 2017-406, §3.)
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https://law.justia.com/codes/alabama/title-5/chapter-27/section-5-27-4/
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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 27 - Savings Promotion Contest›Section 5-27-4 - (Effective January 1, 2018) Oversight.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 27 - Savings Promotion Contest › Section 5-27-4 - (Effective January 1, 2018) Oversight.
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Section 5-27-4
(Effective January 1, 2018) Oversight.
Each savings promotion contest is subject to oversight by the federal or state agency responsible for regulating the financial institution, and the regulatory agency may issue cease and desist orders relating to a savings promotion contest offered by a financial institution which it regulates if the regulatory agency concludes, based on substantial evidence, that the financial institution is engaging in unsafe or unsound practices or that the financial institution has violated any law or rule, condition, or agreement of the regulatory agency.
(Act 2017-406, §4.)
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https://law.justia.com/codes/alabama/title-5/chapter-27/section-5-27-5/
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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 27 - Savings Promotion Contest›Section 5-27-5 - (Effective January 1, 2018) Construction; Limitation on Prizes or Awards.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 27 - Savings Promotion Contest › Section 5-27-5 - (Effective January 1, 2018) Construction; Limitation on Prizes or Awards.
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Section 5-27-5
(Effective January 1, 2018) Construction; limitation on prizes or awards.
A savings promotion contest offered pursuant to this chapter does not constitute gambling or the promotion of gambling or a lottery or raffle pursuant to Section 65 of the Constitution of Alabama of 1901. No prize or award shall exceed twelve thousand five hundred dollars ($12,500).
(Act 2017-406, §5.)
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https://law.justia.com/codes/alabama/title-5/chapter-28/section-5-28-1/
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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 28 - Libor Discontinuance and Replacement Act of 2021›Section 5-28-1 - Short Title.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 28 - Libor Discontinuance and Replacement Act of 2021 › Section 5-28-1 - Short Title.
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Section 5-28-1
Short title.
This chapter shall be known and may be cited as the LIBOR Discontinuance and Replacement Act of 2021.
(Act 2021-323, §1.)
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https://law.justia.com/codes/alabama/title-5/chapter-28/section-5-28-2/
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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 28 - Libor Discontinuance and Replacement Act of 2021›Section 5-28-2 - Definitions.
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 28 - Libor Discontinuance and Replacement Act of 2021 › Section 5-28-2 - Definitions.
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Section 5-28-2
Definitions.
As used in this chapter, the following terms shall have the following meanings:
(1) BENCHMARK. An index of interest rates or dividend rates that is used, in whole or in part, as the basis of, or as a reference for, calculating or determining any valuation, payment, or other measurement under or in respect of a contract, security, or instrument.
(2) BENCHMARK REPLACEMENT. A benchmark, or an interest rate or dividend rate, which may or may not be based in whole or in part on a prior setting of LIBOR, to replace LIBOR or any interest rate or dividend rate based on LIBOR, whether on a temporary, permanent, or indefinite basis, under or in respect of a contract, security, or instrument.
(3) BENCHMARK REPLACEMENT CONFORMING CHANGES. With respect to any type of contract, security, or instrument, any technical, administrative, or operational changes, alterations, or modifications that are associated with and reasonably necessary to the use, adoption, calculation, or implementation of a recommended benchmark replacement and that both:
a. Have been selected or recommended by a relevant recommending body; and
b. If, in the reasonable judgment of the calculating person, the benchmark replacement conforming changes selected or recommended pursuant to paragraph a. do not apply to the contract, security, or instrument or are insufficient to permit administration and calculation of the recommended benchmark replacement, then benchmark replacement conforming changes shall include other changes, alterations, or modifications that, in the reasonable judgment of the calculating person, are necessary to permit administration and calculation of the recommended benchmark replacement under or in respect of the contract, security, or instrument in a manner consistent with market practice for substantially similar contracts, securities, or instruments and, to the extent practicable, the manner in which the contract, security, or instrument was administered immediately prior to the LIBOR replacement date; and would not result in a disposition of the contract, security, or instrument for U.S. federal income tax purposes.
(4) CALCULATING PERSON. With respect to any contract, security, or instrument, any person responsible for calculating or determining any valuation, payment, or other measurement based on a benchmark. This person may be the determining person.
(5) CONTRACT, SECURITY, OR INSTRUMENT. Includes, without limitation, any contract, agreement, mortgage, deed of trust, lease, instrument, other obligation, or security, whether representing debt or equity, and including any interest in a corporation, a partnership, or a limited liability company.
(6) DETERMINING PERSON. With respect to any contract, security, or instrument, in the following order of priority:
a. Any person so specified.
b. Any person with the authority, right, or obligation to do any of the following:
1. Determine the benchmark replacement that will take effect on the LIBOR replacement date.
2. Calculate or determine a valuation, payment, or other measurement based on a benchmark.
3. Notify other persons of the occurrence of a LIBOR discontinuance event, a LIBOR replacement date, or a benchmark replacement.
(7) FALLBACK PROVISIONS. Terms in a contract, security, or instrument that set forth a methodology or procedure for determining a benchmark replacement, including any terms relating to the date on which the benchmark replacement becomes effective, without regard to whether a benchmark replacement can be determined in accordance with the methodology or procedure.
(8) LIBOR. For purposes of the application of this chapter to any particular contract, security, or instrument, U.S. dollar LIBOR, formerly known as the London Interbank Offered Rate, as administered by ICE Benchmark Administration Limited, or any predecessor or successor thereof, or any tenor thereof, as applicable, that is used in making any calculation or determination thereunder.
(9) LIBOR DISCONTINUANCE EVENT. The earliest to occur of any of the following:
a. A public statement or publication of information by, or on behalf of, the administrator of LIBOR announcing that the administrator has ceased or will cease to provide LIBOR, permanently or indefinitely, provided that, at the time of the statement or publication, there is no successor administrator that will continue to provide LIBOR.
b. A public statement or publication of information by the regulatory supervisor for the administrator of LIBOR, the United States Federal Reserve System, an insolvency official with jurisdiction over the administrator for LIBOR, a resolution authority with jurisdiction over the administrator for LIBOR, or a court or an entity with similar insolvency or resolution authority over the administrator for LIBOR, which states that the administrator of LIBOR has ceased, or will cease, to provide LIBOR permanently or indefinitely, provided that, at the time of the statement or publication, there is no successor administrator that will continue to provide LIBOR.
c. A public statement or publication of information by the regulatory supervisor for the administrator of LIBOR announcing that LIBOR is no longer representative. For purposes of this definition, a public statement or publication of information that affects one or more tenors of LIBOR shall not constitute a LIBOR discontinuance event with respect to any contract, security, or instrument that does either of the following:
1. Provides for only one tenor of LIBOR, if the contract, security, or instrument requires interpolation and the tenor can be interpolated from LIBOR tenors that are not so affected.
2. Permits a party to choose from more than one tenor of LIBOR and any of the tenors is not so affected or if the contract, security, or instrument requires interpolation, can be interpolated from LIBOR tenors that are not so affected.
(10)a. LIBOR REPLACEMENT DATE. In the case of a LIBOR discontinuance event described in paragraph (9)a. or (9)b., the later of:
1. The date of the public statement or publication of information referenced therein.
2. The date on which the administrator of LIBOR permanently or indefinitely ceases to provide LIBOR.
b. In the case of a LIBOR discontinuance event described in paragraph (9)c., the date of the public statement or publication of information referenced therein. For purposes of this chapter, a date that affects one or more tenors of LIBOR shall not constitute a LIBOR replacement date with respect to any contract, security, or instrument that does either of the following:
1. Provides for only one tenor of LIBOR, if the contract, security, or instrument requires interpolation and the tenor can be interpolated from LIBOR tenors that are not so affected.
2. Permits a party to choose from more than one tenor of LIBOR and any of the tenors is not so affected, or if the contract, security, or instrument requires interpolation, can be interpolated from LIBOR tenors that are not so affected.
(11) RECOMMENDED BENCHMARK REPLACEMENT. With respect to any particular type of contract, security, or instrument, a benchmark replacement based on SOFR, which shall include any recommended spread adjustment and any benchmark replacement conforming changes, that shall have been selected or recommended by a relevant recommending body with respect to the type of contract, security, or instrument.
(12) RECOMMENDED SPREAD ADJUSTMENT. A spread adjustment, or method for calculating or determining the spread adjustment, that shall have been selected or recommended by a relevant recommending body for a recommended benchmark replacement for a particular type of contract, security, or instrument and for a particular term to account for the effects of the transition or change from LIBOR to a recommended benchmark replacement. This term may be a positive or negative value or zero.
(13) RELEVANT RECOMMENDING BODY. The Federal Reserve Board, the Federal Reserve Bank of New York, or the Alternative Reference Rates Committee, or any successor to any of them.
(14) SOFR. With respect to any day, the secured overnight financing rate published for the day by the Federal Reserve Bank of New York, as the administrator of the benchmark, or a successor administrator, on the Federal Reserve Bank of New York's website.
(Act 2021-323, §1.)
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https://law.justia.com/codes/alabama/title-5/chapter-28/section-5-28-3/
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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 28 - Libor Discontinuance and Replacement Act of 2021›Section 5-28-3 - Recommended Benchmark Replacement for Certain Contracts, Securities, or Instruments...
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 28 - Libor Discontinuance and Replacement Act of 2021 › Section 5-28-3 - Recommended Benchmark Replacement for Certain Contracts, Securities, or Instruments; Fallback Provisions.
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Section 5-28-3
Recommended benchmark replacement for certain contracts, securities, or instruments; fallback provisions.
(a) On the LIBOR replacement date, the recommended benchmark replacement, by operation of law, shall be the benchmark replacement for any contract, security, or instrument that uses LIBOR as a benchmark and meets one of the following requirements:
(1) Contains no fallback provisions.
(2) Contains fallback provisions that result in a benchmark replacement, other than a recommended benchmark replacement, that is based in any way on any LIBOR value.
(b) Following the occurrence of a LIBOR discontinuance event, any fallback provisions in a contract, security, or instrument that provide for a benchmark replacement based on or otherwise involving a poll, survey or inquiries for quotes or information concerning interbank lending rates or any interest rate or dividend rate based on LIBOR shall be disregarded as if not included in the contract, security, or instrument and shall be deemed void and without any force or effect.
(c)(1) This subsection shall apply to any contract, security, or instrument that uses LIBOR as a benchmark and contains fallback provisions that permit or require the selection of a benchmark replacement that is either of the following:
a. Based in any way on any LIBOR value.
b. The substantive equivalent of subdivision (a)(1), (a)(2), or (a)(3) of Section 5-28-4.
(2) A determining person shall have the authority under this chapter, but shall not be required, to select on or after the occurrence of a LIBOR discontinuance event the recommended benchmark replacement as the benchmark replacement. The selection of the recommended benchmark replacement shall be all of the following:
a. Irrevocable.
b. Made by the earlier of either the LIBOR replacement date, or the latest date for selecting a benchmark replacement according to the contract, security, or instrument.
c. Used in any determinations of the benchmark under or with respect to the contract, security, or instrument occurring on and after the LIBOR replacement date.
(d) If a recommended benchmark replacement becomes the benchmark replacement for any contract, security, or instrument pursuant to this section, then all benchmark replacement conforming changes that are applicable to the recommended benchmark replacement shall become an integral part of the contract, security, or instrument by operation of law.
(e) This chapter shall not alter or impair any of the following:
(1) Any written agreement by all requisite parties that, retrospectively or prospectively, a contract, security, or instrument shall not be subject to this chapter without necessarily referring specifically to this chapter. For purposes of this subsection, "requisite parties" means all parties required to amend the terms and provisions of a contract, security, or instrument that would otherwise be altered or affected by this chapter.
(2) Any contract, security, or instrument that contains fallback provisions that would result in a benchmark replacement that is not based on LIBOR, including, but not limited to, the prime rate or the federal funds rate, except that the contract, security, or instrument shall be subject to subsection (b).
(3) Any contract, security, or instrument subject to subsection (c) as to which a determining person does not elect to use a recommended benchmark replacement or as to which a determining person elects to use a recommended benchmark replacement prior to the occurrence of a LIBOR discontinuance event, except that the contract, security, or instrument shall be subject to subsection (b).
(4) The application to a recommended benchmark replacement of any cap, floor, modifier, or spread adjustment to which LIBOR had been subject pursuant to the terms of a contract, security, or instrument.
(f) Notwithstanding the uniform commercial code or any other law of this state, this chapter shall apply to all contracts, securities, and instruments, including contracts, with respect to commercial transactions, and shall not be deemed to be displaced by any other law of this state.
(Act 2021-323, §1.)
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https://law.justia.com/codes/alabama/title-5/chapter-28/section-5-28-4/
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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 28 - Libor Discontinuance and Replacement Act of 2021›Section 5-28-4 - Construction and Effect of Selection or Use of a Recommended Benchmark Replacement;...
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 28 - Libor Discontinuance and Replacement Act of 2021 › Section 5-28-4 - Construction and Effect of Selection or Use of a Recommended Benchmark Replacement; Liability.
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Section 5-28-4
Construction and effect of selection or use of a recommended benchmark replacement; liability.
(a) The selection or use of a recommended benchmark replacement as a benchmark replacement under or in respect of a contract, security, or instrument by operation of Section 5-28-3 shall constitute all of the following:
(1) A commercially reasonable replacement for and a commercially substantial equivalent to LIBOR.
(2) A reasonable, comparable, or analogous term for LIBOR under or in respect of the contract, security, or instrument.
(3) A replacement that is based on a methodology or information that is similar or comparable to LIBOR.
(4) Substantial performance by any person of any right or obligation relating to or based on LIBOR under or in respect of a contract, security, or instrument.
(b) None of: a LIBOR discontinuance event, a LIBOR replacement date, the selection or use of a recommended benchmark replacement as a benchmark replacement, or the determination, implementation, or performance of benchmark replacement conforming changes, in each case, by operation of Section 5-28-3, shall do any of the following:
(1) Be deemed to impair or affect the right of any person to receive a payment, or affect the amount or timing of the payment, under any contract, security, or instrument.
(2) Have the effect of discharging or excusing performance under any contract, security, or instrument for any reason, claim, or defense, including, but not limited to, any force majeure or other provision in any contract, security or instrument.
(3) Have the effect of giving any person the right to unilaterally terminate or suspend performance under any contract, security, or instrument.
(4) Have the effect of constituting a breach of a contract, security, or instrument.
(5) Have the effect of voiding or nullifying any contract, security, or instrument.
(c) No person shall have any liability for damages to any person or be subject to any claim or request for equitable relief arising out of or related to the selection or use of a recommended benchmark replacement or the determination, implementation, or performance of benchmark replacement conforming changes, in each case, by operation of Section 5-28-3, and the selection or use of the recommended benchmark replacement or the determination, implementation, or performance of benchmark replacement conforming changes shall not give rise to any claim or cause of action by any person in law or in equity.
(d) The selection or use of a recommended benchmark replacement or the determination, implementation, or performance of benchmark replacement conforming changes, by operation of Section 5-28-3, shall be deemed to do both of the following:
(1) Not be an amendment or modification of any contract, security, or instrument.
(2) Not prejudice, impair, or affect any person's rights, interests, or obligations under or in respect of any contract, security, or instrument.
(e) Except as provided in either subsection (a) or subsection (c) of Section 5-28-3, this chapter shall not be interpreted as creating any negative inference or negative presumption regarding the validity or enforceability of any of the following:
(1) Any benchmark replacement that is not a recommended replacement benchmark.
(2) Any spread adjustment, or method for calculating or determining a spread adjustment, that is not a recommended spread adjustment.
(3) Any changes, alterations, or modifications to or in respect of a contract, security, or instrument that are not benchmark replacement conforming changes.
(Act 2021-323, §1.)
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https://law.justia.com/codes/alabama/title-5/chapter-28/section-5-28-5/
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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 28 - Libor Discontinuance and Replacement Act of 2021›Section 5-28-5 - This Section Was Assigned by the Code Commissioner in the 2021 Regular Session, Eff...
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2023 Code of Alabama › Title 5 - Banks and Financial Institutions. › Chapter 28 - Libor Discontinuance and Replacement Act of 2021 › Section 5-28-5 - This Section Was Assigned by the Code Commissioner in the 2021 Regular Session, Effective April 29, 2021. This Is Not in the Current Code Supplement.
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Section 5-28-5
Severability.
If any provision of this chapter or application thereof to any person or circumstance is held invalid, the invalidity shall not affect other provisions or applications of this chapter that can be given effect without the invalid provision or application, and to this end the provisions of this chapter shall be severable.
(Act 2021-323, §1.)
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https://law.justia.com/codes/alabama/title-6/chapter-1/section-6-1-1/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 6 - Civil Practice.›Chapter 1 - General Provisions.›Section 6-1-1 - Practice and Procedure in Certain Courts Not Affected by Repeal, etc., of Prior Stat...
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2023 Code of Alabama › Title 6 - Civil Practice. › Chapter 1 - General Provisions. › Section 6-1-1 - Practice and Procedure in Certain Courts Not Affected by Repeal, etc., of Prior Statutes; Rules of Supreme Court Not Affected by Adoption of Code.
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Section 6-1-1
Practice and procedure in certain courts not affected by repeal, etc., of prior statutes; rules of Supreme Court not affected by adoption of Code.
(a) Statutes in effect immediately prior to the adoption of this Code relating to practice and procedure in any court of this state in which the practice and procedure is not governed by the Alabama Rules of Civil Procedure shall not be repealed, altered, amended, modified, or otherwise affected by the adoption of this Code; provided, that this section shall not be construed to prevent the repeal, amendment, or modification of any such statutes by act of the Legislature or by rules promulgated by the Supreme Court of Alabama.
(b) The adoption of the 1975 Code of Alabama shall not repeal, alter, amend, or modify any rule governing civil procedure heretofore promulgated by the Supreme Court of Alabama.
(Acts 1977, No. 20, §2.)
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https://law.justia.com/codes/alabama/title-6/chapter-1/section-6-1-2/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 6 - Civil Practice.›Chapter 1 - General Provisions.›Section 6-1-2 - Effect of Rules of Supreme Court of Alabama.
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2023 Code of Alabama › Title 6 - Civil Practice. › Chapter 1 - General Provisions. › Section 6-1-2 - Effect of Rules of Supreme Court of Alabama.
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Section 6-1-2
Effect of rules of Supreme Court of Alabama.
Any provisions of this title regulating procedure shall apply only if the procedure is not governed by the Alabama Rules of Civil Procedure, the Alabama Rules of Appellate Procedure, or any other rule of practice and procedure as may be adopted by the Supreme Court of Alabama.
(Acts 1977, No. 20, §2.)
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https://law.justia.com/codes/alabama/title-6/chapter-1/section-6-1-3/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 6 - Civil Practice.›Chapter 1 - General Provisions.›Section 6-1-3 - Rules for Expedited Civil Actions Under Certain Circumstances.
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2023 Code of Alabama › Title 6 - Civil Practice. › Chapter 1 - General Provisions. › Section 6-1-3 - Rules for Expedited Civil Actions Under Certain Circumstances.
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Section 6-1-3
Rules for expedited civil actions under certain circumstances.
(a) The Supreme Court shall adopt guidelines to promote the prompt, efficient, and cost-effective resolution of civil actions. The guidelines shall: (1) apply to civil actions in circuit courts in which the amount in controversy, inclusive of all claims for damages of any kind, whether actual or exemplary, a penalty, attorney's fees, expenses, costs, interest, or any other type of damage of any kind, does not exceed fifty thousand dollars ($50,000); and (2) address the need for lowering discovery costs in these actions and the procedure for ensuring that these actions will be expedited in the civil justice system.
(b) The Supreme Court may not adopt guidelines under this section that conflict with any of the following state laws or procedures:
(1) Domestic relations and family law.
(2) Property law.
(3) Tax law.
(Act 2012-492, p. 1437, §§1, 2.)
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https://law.justia.com/codes/alabama/title-6/chapter-2/article-1/section-6-2-1/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 6 - Civil Practice.›Chapter 2 - Limitation of Actions.›Article 1 - General Provisions.›Section 6-2-1 - Applicability of Chapter - Generally.
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2023 Code of Alabama › Title 6 - Civil Practice. › Chapter 2 - Limitation of Actions. › Article 1 - General Provisions. › Section 6-2-1 - Applicability of Chapter - Generally.
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Section 6-2-1
Applicability of chapter - Generally.
This chapter shall apply to and govern claims in all courts, and shall apply whether the claim upon which an action is commenced is based upon a debt or obligation of either legal or equitable nature.
(Acts 1915, No. 487, p. 547; Code 1923, §8955; Code 1940, T. 7, §31.)
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https://law.justia.com/codes/alabama/title-6/chapter-2/article-1/section-6-2-2/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 6 - Civil Practice.›Chapter 2 - Limitation of Actions.›Article 1 - General Provisions.›Section 6-2-2 - Applicability of Chapter - Exceptions.
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2023 Code of Alabama › Title 6 - Civil Practice. › Chapter 2 - Limitation of Actions. › Article 1 - General Provisions. › Section 6-2-2 - Applicability of Chapter - Exceptions.
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Section 6-2-2
Applicability of chapter - Exceptions.
(a) This chapter shall not affect Section 43-2-113 insofar as it relates to claims against the heir, legatee, or devisee.
(b) The limitations provided in this chapter do not apply to such actions as concern the trade of merchandise between merchants and merchants, or their agents and factors, while the accounts between them are current.
(c) The provisions of this chapter do not apply to actions to enforce the payment of bills, notes, or other evidences of debt issued or put in circulation as money.
(d) This chapter shall not apply to any liens to secure the payment of taxes or liens arising out of the signing of any bond by any public official.
(e) This chapter shall not apply to negotiable instruments which are governed by Sections 7-3-118 and 7-4-111.
(Code 1852, §§2488, 2901; Code 1867, §§2912, 2925; Code 1876, §§3238, 3251; Code 1886, §§2626, 2639; Code 1896, §§2809, 2824; Code 1907, §§4848, 4863; Acts 1915, No. 487, p. 547; Code 1923, §§8954, 8956, 8962, 8977; Code 1940, T. 7, §§32, 38, 49, 52; Acts 1995, No. 95-668, p. 1381, §4.)
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https://law.justia.com/codes/alabama/title-6/chapter-2/article-1/section-6-2-3/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 6 - Civil Practice.›Chapter 2 - Limitation of Actions.›Article 1 - General Provisions.›Section 6-2-3 - Accrual of Claim - Fraud.
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2023 Code of Alabama › Title 6 - Civil Practice. › Chapter 2 - Limitation of Actions. › Article 1 - General Provisions. › Section 6-2-3 - Accrual of Claim - Fraud.
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Section 6-2-3
Accrual of claim - Fraud.
In actions seeking relief on the ground of fraud where the statute has created a bar, the claim must not be considered as having accrued until the discovery by the aggrieved party of the fact constituting the fraud, after which he must have two years within which to prosecute his action.
(Code 1852, §2492; Code 1867, §2916; Code 1876, §3242; Code 1886, §2630; Code 1896, §2813; Code 1907, §4852; Code 1923, §8966; Code 1940, T. 7, §42; Acts 1984, 2nd Ex. Sess., No. 85-39, p. 40, §2.)
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https://law.justia.com/codes/alabama/title-6/chapter-2/article-1/section-6-2-4/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 6 - Civil Practice.›Chapter 2 - Limitation of Actions.›Article 1 - General Provisions.›Section 6-2-4 - Accrual of Claim - Right of Entry.
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2023 Code of Alabama › Title 6 - Civil Practice. › Chapter 2 - Limitation of Actions. › Article 1 - General Provisions. › Section 6-2-4 - Accrual of Claim - Right of Entry.
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Section 6-2-4
Accrual of claim - Right of entry.
When a right of entry on lands accrues, the entry must be considered as having been made and the claim as having then accrued.
(Code 1852, §2482; Code 1867, §2906; Code 1876, §3232; Code 1886, §2620; Code 1896, §2803; Code 1907, §4842; Code 1923, §8952; Code 1940, T. 7, §50.)
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https://law.justia.com/codes/alabama/title-6/chapter-2/article-1/section-6-2-5/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 6 - Civil Practice.›Chapter 2 - Limitation of Actions.›Article 1 - General Provisions.›Section 6-2-5 - Right of Entry Not Tolled.
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2023 Code of Alabama › Title 6 - Civil Practice. › Chapter 2 - Limitation of Actions. › Article 1 - General Provisions. › Section 6-2-5 - Right of Entry Not Tolled.
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Section 6-2-5
Right of entry not tolled.
The right of entry is not tolled by a descent cast.
(Code 1852, §2483; Code 1867, §2907; Code 1876, §3233; Code 1886, §2621; Code 1896, §2804; Code 1907, §4843; Code 1923, §8957; Code 1940, T. 7, §33.)
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 6 - Civil Practice.›Chapter 2 - Limitation of Actions.›Article 1 - General Provisions.›Section 6-2-6 - Commencement of Limitation - Principal Against Deputy or Agent.
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2023 Code of Alabama › Title 6 - Civil Practice. › Chapter 2 - Limitation of Actions. › Article 1 - General Provisions. › Section 6-2-6 - Commencement of Limitation - Principal Against Deputy or Agent.
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Section 6-2-6
Commencement of limitation - Principal against deputy or agent.
When an injury arises from the act or omission of a deputy or agent, the time for the limitation of an action by the principal against such deputy or agent does not commence to run until the liability of the principal for the act or omission of such deputy or agent is ascertained by an action of the party aggrieved against the principal.
(Code 1852, §2496; Code 1867, §2920; Code 1876, §3246; Code 1886, §2634; Code 1896, §2819; Code 1907, §4858; Code 1923, §8972; Code 1940, T. 7, §44.)
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https://law.justia.com/codes/alabama/title-6/chapter-2/article-1/section-6-2-7/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 6 - Civil Practice.›Chapter 2 - Limitation of Actions.›Article 1 - General Provisions.›Section 6-2-7 - Commencement of Limitation - Where Demand Necessary for Action.
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2023 Code of Alabama › Title 6 - Civil Practice. › Chapter 2 - Limitation of Actions. › Article 1 - General Provisions. › Section 6-2-7 - Commencement of Limitation - Where Demand Necessary for Action.
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Section 6-2-7
Commencement of limitation - Where demand necessary for action.
When a right exists but a demand is necessary to entitle the party to an action against any officer, agent, or attorney, the limitation commences from the commission or omission of the act giving the right of action and not from the date of the demand.
(Code 1852, §2491; Code 1867, §2915; Code 1876, §3241; Code 1886, §2629; Code 1896, §2812; Code 1907, §4851; Code 1923, §8965; Code 1940, T. 7, §41.)
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https://law.justia.com/codes/alabama/title-6/chapter-2/article-1/section-6-2-8/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 6 - Civil Practice.›Chapter 2 - Limitation of Actions.›Article 1 - General Provisions.›Section 6-2-8 - Suspension of Limitation - Disabilities.
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2023 Code of Alabama › Title 6 - Civil Practice. › Chapter 2 - Limitation of Actions. › Article 1 - General Provisions. › Section 6-2-8 - Suspension of Limitation - Disabilities.
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Section 6-2-8
Suspension of limitation - Disabilities.
(a) If anyone entitled to commence any of the actions enumerated in this chapter, to make an entry on land or enter a defense founded on the title to real property is, at the time the right accrues, below the age of 19 years, or insane, he or she shall have three years, or the period allowed by law for the commencement of an action if it be less than three years, after the termination of the disability to commence an action, make entry, or defend. No disability shall extend the period of limitations so as to allow an action to be commenced, entry made, or defense made after the lapse of 20 years from the time the claim or right accrued. Nothing in this section shall be interpreted as denying any imprisoned person the right to commence an action enumerated in this chapter and to make any proper appearances on his or her behalf in such actions.
(b) If anyone entitled to commence any of the actions enumerated in this chapter is, at the time the right accrues, below the age of 19 years, or insane, and the injury upon which the action is based arises from a sex offense as described in Section 15-20A-5, he or she shall have six years after the termination of the disability to commence the action.
(c) When both disabilities coexist at the time the claim accrued, the limitation does not attach until both are removed.
(d) A disability which did not exist when a claim accrued does not suspend the operation of the limitation unless the contrary is expressly provided.
(Code 1852, §§2498, 2499; Code 1867, §§2922, 2923; Code 1876, §§3236, 3248, 3249; Code 1886, §§2624, 2636, 2637; Code 1896, §§2807, 2821, 2822; Code 1907, §§4846, 4860, 4861; Code 1923, §§8960, 8974, 8975; Code 1940, T. 7, §§36, 46, 47; Acts 1996, No. 96-641, p. 1022, §1; Act 2019-480, §1.)
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https://law.justia.com/codes/alabama/title-6/chapter-2/article-1/section-6-2-9/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 6 - Civil Practice.›Chapter 2 - Limitation of Actions.›Article 1 - General Provisions.›Section 6-2-9 - Suspension of Limitation - Claims Against Estates.
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2023 Code of Alabama › Title 6 - Civil Practice. › Chapter 2 - Limitation of Actions. › Article 1 - General Provisions. › Section 6-2-9 - Suspension of Limitation - Claims Against Estates.
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Section 6-2-9
Suspension of limitation - Claims against estates.
Where a claim against the estate of a decedent has been duly presented, the limitation for the commencement of an action thereon is suspended until the personal representative, heir, or devisee of such decedent shall, by notice in writing, dispute the validity of such claim in whole or in part.
(Code 1896, §2817; Code 1907, §4856; Code 1923, §8970; Acts 1939, No. 517, p. 806; Code 1940, T. 7, §30.)
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https://law.justia.com/codes/alabama/title-6/chapter-2/article-1/section-6-2-10/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 6 - Civil Practice.›Chapter 2 - Limitation of Actions.›Article 1 - General Provisions.›Section 6-2-10 - Computation of Time - Absence of Person From State.
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2023 Code of Alabama › Title 6 - Civil Practice. › Chapter 2 - Limitation of Actions. › Article 1 - General Provisions. › Section 6-2-10 - Computation of Time - Absence of Person From State.
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Section 6-2-10
Computation of time - Absence of person from state.
When any person is absent from the state during the period within which an action might have been commenced against him, the time of such absence must not be computed as a portion of the time necessary to create a bar under this chapter.
(Code 1852, §2484; Code 1867, §2908; Code 1876, §3234; Code 1886, §2622; Code 1896, §2805; Code 1907, §4844; Code 1923, §8958; Code 1940, T. 7, §34.)
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https://law.justia.com/codes/alabama/title-6/chapter-2/article-1/section-6-2-11/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 6 - Civil Practice.›Chapter 2 - Limitation of Actions.›Article 1 - General Provisions.›Section 6-2-11 - Computation of Time - Nonmerchant Mutual Accounts.
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2023 Code of Alabama › Title 6 - Civil Practice. › Chapter 2 - Limitation of Actions. › Article 1 - General Provisions. › Section 6-2-11 - Computation of Time - Nonmerchant Mutual Accounts.
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Section 6-2-11
Computation of time - Nonmerchant mutual accounts.
When there are mutual accounts between persons who are not merchants, time must be computed from the date of the last item unless the account is liquidated and a balance struck.
(Code 1852, §2489; Code 1867, §2913; Code 1876, §3239; Code 1886, §2627; Code 1896, §2810; Code 1907, §4849; Code 1923, §8963; Code 1940, T. 7, §39.)
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https://law.justia.com/codes/alabama/title-6/chapter-2/article-1/section-6-2-12/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 6 - Civil Practice.›Chapter 2 - Limitation of Actions.›Article 1 - General Provisions.›Section 6-2-12 - Computation of Time - Stays by Injunction or Statutory Prohibition.
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2023 Code of Alabama › Title 6 - Civil Practice. › Chapter 2 - Limitation of Actions. › Article 1 - General Provisions. › Section 6-2-12 - Computation of Time - Stays by Injunction or Statutory Prohibition.
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Section 6-2-12
Computation of time - Stays by injunction or statutory prohibition.
When the commencement of an action is stayed by injunction or statutory prohibition, the time of the continuance of the injunction or prohibition is not computed as a part of the limitation time.
(Code 1852, §2497; Code 1867, §2921; Code 1876, §3247; Code 1886, §2635; Code 1896, §2820; Code 1907, §4859; Code 1923, §8973; Code 1940, T. 7, §45.)
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https://law.justia.com/codes/alabama/title-6/chapter-2/article-1/section-6-2-13/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 6 - Civil Practice.›Chapter 2 - Limitation of Actions.›Article 1 - General Provisions.›Section 6-2-13 - Computation of Time - Contracts During War.
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2023 Code of Alabama › Title 6 - Civil Practice. › Chapter 2 - Limitation of Actions. › Article 1 - General Provisions. › Section 6-2-13 - Computation of Time - Contracts During War.
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Section 6-2-13
Computation of time - Contracts during war.
When the United States is at war with a foreign country and either party to a contract is a subject or citizen thereof, the time of the continuance of the war is not computed as part of the time limited for the commencement of an action.
(Code 1852, §2500; Code 1867, §2924; Code 1876, §3250; Code 1886, §2638; Code 1896, §2823; Code 1907, §4862; Code 1923, §8976; Code 1940, T. 7, §48.)
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https://law.justia.com/codes/alabama/title-6/chapter-2/article-1/section-6-2-14/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 6 - Civil Practice.›Chapter 2 - Limitation of Actions.›Article 1 - General Provisions.›Section 6-2-14 - Computation of Time - Granting of Letters Testamentary or Administration.
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2023 Code of Alabama › Title 6 - Civil Practice. › Chapter 2 - Limitation of Actions. › Article 1 - General Provisions. › Section 6-2-14 - Computation of Time - Granting of Letters Testamentary or Administration.
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Section 6-2-14
Computation of time - Granting of letters testamentary or administration.
The time between the death of a person and the grant of letters testamentary or of administration, not exceeding six months, is not to be taken as any part of the time limited for the commencement of actions by or against his executors or administrators.
(Code 1852, §2494; Code 1867, §2918; Code 1876, §3244; Code 1886, §2632; Code 1896, §2815; Code 1907, §4854; Code 1923, §8968; Code 1940, T. 7, §53.)
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https://law.justia.com/codes/alabama/title-6/chapter-2/article-1/section-6-2-15/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 6 - Civil Practice.›Chapter 2 - Limitation of Actions.›Article 1 - General Provisions.›Section 6-2-15 - Agreement or Stipulation to Limit Time Prescribed Void; Exception.
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2023 Code of Alabama › Title 6 - Civil Practice. › Chapter 2 - Limitation of Actions. › Article 1 - General Provisions. › Section 6-2-15 - Agreement or Stipulation to Limit Time Prescribed Void; Exception.
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Section 6-2-15
Agreement or stipulation to limit time prescribed void; exception.
Except as may be otherwise provided by the Uniform Commercial Code, any agreement or stipulation, verbal or written, whereby the time for the commencement of any action is limited to a time less than that prescribed by law for the commencement of such action is void.
(Code 1896, §2802; Code 1907, §4841; Code 1923, §8951; Code 1940, T. 7, §28; Acts 1965, No. 549, p. 811.)
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https://law.justia.com/codes/alabama/title-6/chapter-2/article-1/section-6-2-16/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 6 - Civil Practice.›Chapter 2 - Limitation of Actions.›Article 1 - General Provisions.›Section 6-2-16 - Sufficiency of Partial Payment or Written Promise to Remove Bar.
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2023 Code of Alabama › Title 6 - Civil Practice. › Chapter 2 - Limitation of Actions. › Article 1 - General Provisions. › Section 6-2-16 - Sufficiency of Partial Payment or Written Promise to Remove Bar.
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Section 6-2-16
Sufficiency of partial payment or written promise to remove bar.
No act, promise, or acknowledgment is sufficient to remove the bar to an action created by the provisions of this chapter, nor is such evidence of a new and continuing contract, except a partial payment, made upon the contract by the party sought to be charged before the bar is complete or an unconditional promise in writing signed by the party to be charged thereby.
(Code 1852, §2490; Code 1867, §2194; Code 1876, §3240; Code 1886, §2628; Code 1896, §2811; Code 1907, §4850; Code 1923, §8964; Code 1940, T. 7, §40.)
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 6 - Civil Practice.›Chapter 2 - Limitation of Actions.›Article 1 - General Provisions.›Section 6-2-17 - Effect of Foreign Statutes Upon Actions on Contracts.
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2023 Code of Alabama › Title 6 - Civil Practice. › Chapter 2 - Limitation of Actions. › Article 1 - General Provisions. › Section 6-2-17 - Effect of Foreign Statutes Upon Actions on Contracts.
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Section 6-2-17
Effect of foreign statutes upon actions on contracts.
When the statute of limitations of another state or foreign country has created a bar to an action upon a contract made or act done in such state or country while the party sought to be charged thereby was a resident of such state or country, the bar thus created is effectual in this state against any action commenced thereon in the same manner it would have been in the state or country where the act was done or contract made.
(Code 1852, §2487; Code 1867, §2911; Code 1876, §3237; Code 1886, §2625; Code 1896, §2808; Code 1907, §4847; Code 1923, §8961; Code 1940, T. 7, §37.)
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https://law.justia.com/codes/alabama/title-6/chapter-2/article-2/section-6-2-30/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 6 - Civil Practice.›Chapter 2 - Limitation of Actions.›Article 2 - Time Provisions.›Section 6-2-30 - Commencement of Actions - Generally; Actions for Injuries Resulting From Exposure t...
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2023 Code of Alabama › Title 6 - Civil Practice. › Chapter 2 - Limitation of Actions. › Article 2 - Time Provisions. › Section 6-2-30 - Commencement of Actions - Generally; Actions for Injuries Resulting From Exposure to Asbestos.
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Section 6-2-30
Commencement of actions - Generally; actions for injuries resulting from exposure to asbestos.
(a) All civil actions must be commenced after the cause of action has accrued within the period prescribed in this article and not afterwards, unless otherwise specifically provided for in this code.
(b) A civil action for any injury to the person or rights of another resulting from exposure to asbestos, including asbestos-containing products, shall be deemed to accrue on the first date the injured party, through reasonable diligence, should have reason to discover the injury giving rise to such civil action. This subsection shall not apply to or affect in any way, actions referred to in Section 6-5-482.
(Code 1852, §2474; Code 1867, §2898; Code 1876, §3223; Code 1886, §2612; Code 1896, §2793; Code 1907, §4832; Code 1923, §8941; Code 1940, T. 7, §18; Acts 1980, No. 80-566, p. 876, §2.)
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https://law.justia.com/codes/alabama/title-6/chapter-2/article-2/section-6-2-31/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 6 - Civil Practice.›Chapter 2 - Limitation of Actions.›Article 2 - Time Provisions.›Section 6-2-31 - Commencement of Actions - No Limitation.
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2023 Code of Alabama › Title 6 - Civil Practice. › Chapter 2 - Limitation of Actions. › Article 2 - Time Provisions. › Section 6-2-31 - Commencement of Actions - No Limitation.
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Section 6-2-31
Commencement of actions - No limitation.
(a) There is no limitation of the time within which the state may commence actions for the recovery of any of the land mentioned in Section 6-6-281.
(b) There is no limitation of the time within which a county or municipal corporation may commence an action for the recovery of its lands.
(Code 1907, §§4830, 4831; Code 1923, §§4939, 4940; Code 1940, T. 7, §§16, 17.)
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https://law.justia.com/codes/alabama/title-6/chapter-2/article-2/section-6-2-32/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 6 - Civil Practice.›Chapter 2 - Limitation of Actions.›Article 2 - Time Provisions.›Section 6-2-32 - Commencement of Actions - Twenty Years.
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2023 Code of Alabama › Title 6 - Civil Practice. › Chapter 2 - Limitation of Actions. › Article 2 - Time Provisions. › Section 6-2-32 - Commencement of Actions - Twenty Years.
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Section 6-2-32
Commencement of actions - Twenty years.
Within 20 years, actions upon a judgment or decree of any court of this state, of the United States, or of any state or territory of the United States must be commenced.
(Code 1852, §2475; Code 1867, §2899; Code 1876, §3224; Code 1886, §2613; Code 1896, §2794; Code 1907, §4833; Code 1923, §8942; Code 1940, T. 7, §19.)
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https://law.justia.com/codes/alabama/title-6/chapter-2/article-2/section-6-2-33/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 6 - Civil Practice.›Chapter 2 - Limitation of Actions.›Article 2 - Time Provisions.›Section 6-2-33 - Commencement of Actions - Ten Years.
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2023 Code of Alabama › Title 6 - Civil Practice. › Chapter 2 - Limitation of Actions. › Article 2 - Time Provisions. › Section 6-2-33 - Commencement of Actions - Ten Years.
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Section 6-2-33
Commencement of actions - Ten years.
The following actions must be commenced within 10 years:
(1) Actions founded upon any contract or writing under seal.
(2) Actions for the recovery of lands, tenements or hereditaments, or the possession thereof, except as otherwise provided in this article.
(3) Motions and other actions brought by or on behalf of the State of Alabama, a county, a municipality, or another political subdivision of the state against sheriffs, coroners, constables, and other public officers for nonfeasance, misfeasance, or malfeasance in office.
(Code 1852, §2476; Code 1867, §2900; Code 1876, §3225; Code 1886, §2614; Code 1896, §2795; Code 1907, §4834; Code 1923, §8943; Code 1940, T. 7, §20; Acts 1996, No. 96-513, p. 657, §1.)
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https://law.justia.com/codes/alabama/title-6/chapter-2/article-2/section-6-2-34/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 6 - Civil Practice.›Chapter 2 - Limitation of Actions.›Article 2 - Time Provisions.›Section 6-2-34 - Commencement of Actions - Six Years.
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2023 Code of Alabama › Title 6 - Civil Practice. › Chapter 2 - Limitation of Actions. › Article 2 - Time Provisions. › Section 6-2-34 - Commencement of Actions - Six Years.
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Section 6-2-34
Commencement of actions - Six years.
The following must be commenced within six years:
(1) Actions for any trespass to person or liberty, such as false imprisonment or assault and battery;
(2) Actions for any trespass to real or personal property;
(3) Actions for the detention or conversion of personal property;
(4) Actions founded on promises in writing not under seal;
(5) Actions for the recovery of money upon a loan, upon a stated or liquidated account or for arrears of rent due upon a parol demise;
(6) Actions for the use and occupation of land;
(7) Motions and other actions against the sureties of any sheriff, coroner, constable, or any public officer and actions against the sureties of executors, administrators, or guardians for any nonfeasance, misfeasance, or malfeasance, whatsoever, of their principal, the time to be computed from the act done or omitted by their principal which fixes the liability of the surety;
(8) Motions and other actions against attorneys-at-law for failure to pay over money of their clients or for neglect or omission of duty; and
(9) Actions upon any simple contract or speciality not specifically enumerated in this section.
(Code 1852, §2477; Code 1867, §2901; Code 1876, §3226; Code 1886, §2615; Code 1896, §2796; Code 1907, §4835; Code 1923, §8944; Code 1940, T. 7, §21.)
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https://law.justia.com/codes/alabama/title-6/chapter-2/article-2/section-6-2-35/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 6 - Civil Practice.›Chapter 2 - Limitation of Actions.›Article 2 - Time Provisions.›Section 6-2-35 - Commencement of Actions - Five Years.
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2023 Code of Alabama › Title 6 - Civil Practice. › Chapter 2 - Limitation of Actions. › Article 2 - Time Provisions. › Section 6-2-35 - Commencement of Actions - Five Years.
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Section 6-2-35
Commencement of actions - Five years.
The following must be commenced within five years:
(1) Where lands have been sold under a judgment of a court of competent jurisdiction, all actions founded on an equity of redemption existing in any person not a party to the proceedings who claims under the mortgagor or grantor in the deed of trust; and
(2) Except as otherwise specifically provided for, all actions by the state or any subdivision thereof for the recovery of amounts claimed for licenses, other than business licenses defined in Section 11-51-90.1, municipal or county franchise taxes, or other taxes.
(Code 1852, §2478; Code 1867, §2902; Code 1876, §3227; Code 1886, §2616; Code 1896, §2797; Code 1907, §4836; Code 1923, §8945; Code 1940, T. 7, §22; Act 2006-586, p. 1548, §2.)
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https://law.justia.com/codes/alabama/title-6/chapter-2/article-2/section-6-2-36/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 6 - Civil Practice.›Chapter 2 - Limitation of Actions.›Article 2 - Time Provisions.›Section 6-2-36 - Commencement of Actions - Four Years.
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2023 Code of Alabama › Title 6 - Civil Practice. › Chapter 2 - Limitation of Actions. › Article 2 - Time Provisions. › Section 6-2-36 - Commencement of Actions - Four Years.
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Section 6-2-36
Commencement of actions - Four years.
Within four years, all actions or motions against any surety to any writ of error, appeal, replevy, or forthcoming bond executed in any case in any of the courts of the United States or of any other state or country except this state must be commenced.
(Code 1852, §2479; Code 1867, §2903; Code 1876, §3228; Code 1886, §2617; Code 1896, §2798; Code 1907, §4837; Code 1923, §8946; Code 1940, T. 7, §23.)
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https://law.justia.com/codes/alabama/title-6/chapter-2/article-2/section-6-2-37/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 6 - Civil Practice.›Chapter 2 - Limitation of Actions.›Article 2 - Time Provisions.›Section 6-2-37 - Commencement of Actions - Three Years.
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2023 Code of Alabama › Title 6 - Civil Practice. › Chapter 2 - Limitation of Actions. › Article 2 - Time Provisions. › Section 6-2-37 - Commencement of Actions - Three Years.
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Section 6-2-37
Commencement of actions - Three years.
The following must be commenced within three years:
(1) Actions to recover money due by open or unliquidated account, the time to be computed from the date of the last item of the account or from the time when, by contract or usage, the account is due; and
(2) Proceedings in any court of this state to disbar any attorney authorized to practice law in this state.
(Code 1852, §2480; Code 1867, §2904; Code 1876, §3229; Code 1886, §2618; Code 1896, §2799; Code 1907, §4838; Acts 1915, No. 814, p. 928; Code 1923, §8947; Code 1940, T. 7, §24.)
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https://law.justia.com/codes/alabama/title-6/chapter-2/article-2/section-6-2-38/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 6 - Civil Practice.›Chapter 2 - Limitation of Actions.›Article 2 - Time Provisions.›Section 6-2-38 - Commencement of Actions - Two Years.
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2023 Code of Alabama › Title 6 - Civil Practice. › Chapter 2 - Limitation of Actions. › Article 2 - Time Provisions. › Section 6-2-38 - Commencement of Actions - Two Years.
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Section 6-2-38
Commencement of actions - Two years.
(a) An action by a representative to recover damages for wrongful act, omission, or negligence causing the death of the decedent under Sections 6-5-391 and 6-5-410 must be commenced within two years from the death.
(b) All actions by common carriers of property subject to Chapter 3 of Title 37 for recovery of their charges, or any part thereof, shall be begun within two years from the time the cause of action accrues and not after.
(c) For recovery of charges, action shall be begun against common carriers of property by motor vehicles subject to this article within two years from the time the cause of action accrues and not after, except as provided in subsection (d) of this section; provided, that if claim for the overcharge has been presented in writing to the carrier within the two-year period of limitation, said period shall be extended to include six months from the time notice in writing is given by the carrier to the claimant of disallowance of the claim, or any part or parts thereof, specified in the notice.
(d) If on or before the expiration of the two-year period of limitation in subsection (c) of this section, a common carrier by motor vehicle subject to Chapter 3 of Title 37 begins action under subsection (c) of this section for recovery of charges in respect of the same transportation service or, without beginning action, collects charges in respect of that service, said period of limitation shall be extended to include 90 days from the time such action is begun or such charges are collected by the carrier.
(e) The cause of action in respect of a shipment of property shall, for the purpose of subsections (b) through (f) of this section, be deemed to accrue upon delivery or tender of delivery thereof by the carrier and not after.
(f) The term "overcharges" as used in subsections (b) through (e) of this section shall mean charges for transportation services in excess of those applicable thereto under the tariffs lawfully on file with the Public Service Commission.
(g) Any action brought under Section 25-5-11(b) must be brought within two years of such injury or death.
(h) All actions for malicious prosecution must be brought within two years.
(i) All actions for seduction must be brought within two years.
(j) All actions qui tam or for a penalty given by statute to the party aggrieved, unless the statute imposing it prescribes a different limitation, must be brought within two years.
(k) All actions of libel or slander must be brought within two years.
(l) All actions for any injury to the person or rights of another not arising from contract and not specifically enumerated in this section must be brought within two years.
(m) All actions for the recovery of wages, overtime, damages, fees, or penalties accruing under laws respecting the payment of wages, overtime, damages, fees, and penalties must be brought within two years.
(n) All actions commenced to recover damages for injury to the person or property of another wherein a principal or master is sought to be held liable for the act or conduct of his agent, servant, or employee under the doctrine of respondeat superior must be brought within two years.
(o) All actions commenced under Section 6-5-411 to recover damages for injury or damage to property of a decedent must be brought within two years.
(p) If any action is commenced before the time limited has expired, judgment is entered for the plaintiff and such judgment is arrested or reversed on appeal, the plaintiff or his legal representative may commence an action again within one year from the reversal or arrest of such judgment though the period limited may in the meantime have expired; and in like manner, if more than one judgment is arrested or reversed, an action may be recommenced within one year.
(Code 1896, §2800; Code 1907, §4839; Code 1923, §8948; Code 1940, T. 7, §25; Acts 1953, No. 760, p. 1022, §§1-4; Acts 1984, 2nd Ex. Sess., No. 85-39, p. 40, §1.)
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 6 - Civil Practice.›Chapter 2 - Limitation of Actions.›Article 2 - Time Provisions.›Section 6-2-40 - Commencement of Actions - Six Months.
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2023 Code of Alabama › Title 6 - Civil Practice. › Chapter 2 - Limitation of Actions. › Article 2 - Time Provisions. › Section 6-2-40 - Commencement of Actions - Six Months.
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Section 6-2-40
Commencement of actions - Six months.
No action shall be commenced to test the validity of any election held by any municipality of this state for the purpose of issuing bonds or levying taxes, nor to attack the issuance of bonds pursuant to such election, unless commenced within six months from the date of declaring the result of said election.
(Acts 1919, No. 54, p. 57; Code 1923, §8950; Code 1940, T. 7, §27.)
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https://law.justia.com/codes/alabama/title-6/chapter-2/article-2/section-6-2-41/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 6 - Civil Practice.›Chapter 2 - Limitation of Actions.›Article 2 - Time Provisions.›Section 6-2-41 - Limitations on Claims to Charge Real Estate With Debts and Obligations of Decedent.
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2023 Code of Alabama › Title 6 - Civil Practice. › Chapter 2 - Limitation of Actions. › Article 2 - Time Provisions. › Section 6-2-41 - Limitations on Claims to Charge Real Estate With Debts and Obligations of Decedent.
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Section 6-2-41
Limitations on claims to charge real estate with debts and obligations of decedent.
(a) The real estate of persons dying testate or intestate shall, as against the rights of mortgagees or purchasers for value from the heirs or devisees, be forever discharged from the payment of all legal and equitable debts and obligations unless the persons, including minors and insane persons, owning such debts or benefited by said obligations shall within the time allowed by law, but in no event more than two years from the death of the deceased, file in the probate court of the county where said property is located a verified claim showing the nature and amount of said debts and obligations.
(b) Wherever there has been no executor or administrator appointed, then the person owning said debt or benefited by said obligation must, within three months after filing said claim, cause letters testamentary or of administration to be issued and proceed to subject said land to said debts or obligations.
(c) This section shall not apply to any lien which is expressly created or reserved in any conveyance which may be duly recorded in the probate court or probate office in the county in which the land is situated so as to give notice of said conveyance, nor to any judgments recorded as authorized.
(Acts 1915, No. 487, p. 547; Code 1923, §§8953, 8954; Code 1940, T. 7, §§51, 52.)
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https://law.justia.com/codes/alabama/title-6/chapter-3/article-1/section-6-3-1/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 6 - Civil Practice.›Chapter 3 - Venue.›Article 1 - General Provisions.›Section 6-3-1 - Agreements Contrary to Article Void.
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2023 Code of Alabama › Title 6 - Civil Practice. › Chapter 3 - Venue. › Article 1 - General Provisions. › Section 6-3-1 - Agreements Contrary to Article Void.
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Section 6-3-1
Agreements contrary to article void.
Any agreement or stipulation, verbal or written, whereby the venue prescribed in this article is proposed to be altered or changed so that actions may be commenced contrary to the provisions of this article, is void.
(Code 1852, §2164; Code 1867, §2562; Code 1876, §2928; Code 1886, §2640; Code 1896, §4205; Code 1907, §6110; Acts 1923, No. 74, p. 53; Code 1923, §10467; Code 1940, T. 7, §54.)
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https://law.justia.com/codes/alabama/title-6/chapter-3/article-1/section-6-3-2/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 6 - Civil Practice.›Chapter 3 - Venue.›Article 1 - General Provisions.›Section 6-3-2 - Venue of Actions - Against Individuals.
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2023 Code of Alabama › Title 6 - Civil Practice. › Chapter 3 - Venue. › Article 1 - General Provisions. › Section 6-3-2 - Venue of Actions - Against Individuals.
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Section 6-3-2
Venue of actions - Against individuals.
(a) In proceedings of a legal nature against individuals:
(1) All actions for the recovery of land, of the possession thereof, or for a trespass thereto must be commenced in the county where the land or a material part thereof lies.
(2) All actions on contracts, except as may be otherwise provided, must be commenced in the county in which the defendant or one of the defendants resides if such defendant has within the state a permanent residence.
(3) All other personal actions, if the defendant or one of the defendants has within the state a permanent residence, may be commenced in the county of such residence or in the county in which the act or omission complained of may have been done or may have occurred.
(b) In proceedings of an equitable nature against individuals:
(1) All actions where real estate is the subject matter of the action, whether it is the exclusive subject matter of the action or not, must be commenced in the county where the same or a material portion thereof is situated.
(2) If the action is to enjoin proceedings on judgments in other courts, it may be commenced in the county in which such proceedings are pending or judgment entered.
(3) Except as may be otherwise provided, actions must be commenced in the county in which the defendant or a material defendant resides.
(4) In the case of nonresidents, actions must be commenced in the county where the subject of the action or any portion of the same was when the claim arose or the act on which the action is founded was to be performed.
(Code 1852, §§2164, 2875; Code 1867, §§2562, 3760; Code 1876, §§2928, 3760; Code 1886, §§2640, 3421; Code 1896, §§676, 4205; Code 1907, §§3093, 6110; Acts 1923, No. 74, p. 53; Code 1923, §§6524, 10467; Code 1940, T. 7, §§54, 294.)
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https://law.justia.com/codes/alabama/title-6/chapter-3/article-1/section-6-3-3/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 6 - Civil Practice.›Chapter 3 - Venue.›Article 1 - General Provisions.›Section 6-3-3 - Venue of Actions - Work or Labor Done or Breaches of Easement or Right-of-Way Contra...
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2023 Code of Alabama › Title 6 - Civil Practice. › Chapter 3 - Venue. › Article 1 - General Provisions. › Section 6-3-3 - Venue of Actions - Work or Labor Done or Breaches of Easement or Right-of-Way Contracts.
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Section 6-3-3
Venue of actions - Work or labor done or breaches of easement or right-of-way contracts.
In all actions for work and labor done or breaches of contracts or covenants as to easements or rights-of-way, the action may be commenced in the county in which the work was done or in which the land is situated as to which the easement or right-of-way was granted.
(Code 1923, §10468; Code 1940, T. 7, §55.)
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 6 - Civil Practice.›Chapter 3 - Venue.›Article 1 - General Provisions.›Section 6-3-4 - Venue of Actions - Against Unincorporated Groups Issuing Insurance Policies.
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2023 Code of Alabama › Title 6 - Civil Practice. › Chapter 3 - Venue. › Article 1 - General Provisions. › Section 6-3-4 - Venue of Actions - Against Unincorporated Groups Issuing Insurance Policies.
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Section 6-3-4
Venue of actions - Against unincorporated groups issuing insurance policies.
All unincorporated organizations or associations of every kind that issue policies or certificates of insurance of any kind to their members shall be subject to a civil action in any county where they do business or issue such policies or certificates, and the summons may be executed upon them by serving a copy of the summons and complaint upon any officer of such organization or association.
(Acts 1909, No. 142, p. 279; Code 1923, §10469; Code 1940, T. 7, §56.)
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 6 - Civil Practice.›Chapter 3 - Venue.›Article 1 - General Provisions.›Section 6-3-5 - Venue of Actions - Insurance Policies.
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2023 Code of Alabama › Title 6 - Civil Practice. › Chapter 3 - Venue. › Article 1 - General Provisions. › Section 6-3-5 - Venue of Actions - Insurance Policies.
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Section 6-3-5
Venue of actions - Insurance policies.
Repealed by Act 99-249, §2, effective July 24, 1999.
(Acts 1955, No. 366, p. 886.)
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https://law.justia.com/codes/alabama/title-6/chapter-3/article-1/section-6-3-6/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 6 - Civil Practice.›Chapter 3 - Venue.›Article 1 - General Provisions.›Section 6-3-6 - Venue of Actions - Against Unincorporated Organization or Association.
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2023 Code of Alabama › Title 6 - Civil Practice. › Chapter 3 - Venue. › Article 1 - General Provisions. › Section 6-3-6 - Venue of Actions - Against Unincorporated Organization or Association.
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Section 6-3-6
Venue of actions - Against unincorporated organization or association.
Action against an unincorporated organization or association may be commenced in any county where such organization or association does business or has in existence a branch or local organization.
(Acts 1921, Ex. Sess., No. 13, p. 14; Code 1923, §5726; Code 1940, T. 7, §57.)
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https://law.justia.com/codes/alabama/title-6/chapter-3/article-1/section-6-3-7/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 6 - Civil Practice.›Chapter 3 - Venue.›Article 1 - General Provisions.›Section 6-3-7 - Venue of Actions - Against Foreign and Domestic Corporations.
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2023 Code of Alabama › Title 6 - Civil Practice. › Chapter 3 - Venue. › Article 1 - General Provisions. › Section 6-3-7 - Venue of Actions - Against Foreign and Domestic Corporations.
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Section 6-3-7
Venue of actions - Against foreign and domestic corporations.
(a) All civil actions against corporations may be brought in any of the following counties:
(1) In the county in which a substantial part of the events or omissions giving rise to the claim occurred, or a substantial part of real property that is the subject of the action is situated; or
(2) In the county of the corporation's principal office in this state; or
(3) In the county in which the plaintiff resided, or if the plaintiff is an entity other than an individual, where the plaintiff had its principal office in this state, at the time of the accrual of the cause of action, if such corporation does business by agent in the county of the plaintiff's residence; or
(4) If subdivisions (1), (2), or (3) do not apply, in any county in which the corporation was doing business by agent at the time of the accrual of the cause of action.
(b) The residence of only any properly joined named class representative or representatives may be considered in determining proper venue in a class action. The residency of any putative or actual member of a class other than a named representative shall not be considered in determining proper venue for a class action.
(c) Anything to the contrary in Rule 82(c) of the Alabama Rules of Civil Procedure notwithstanding, in any action against a corporation, venue must be proper as to each and every named plaintiff joined in the action, unless the plaintiffs shall establish that they assert any right to relief jointly, severally, or arising out of the same transaction or occurrence and that the existence of a substantial number of questions of law or material fact common to all those persons not only will arise in the action, but also: (1) that such questions will predominate over individualized questions pertaining to each plaintiff; (2) the action can be maintained more efficiently and economically for all parties than if prosecuted separately; and (3) that the interest of justice supports the joinder of the parties as plaintiffs in one action. If venue is improper for any plaintiff joined in the action, then the claim of any such plaintiff shall be severed and transferred to a court where venue is proper. In the event severance and transfer is mandated and venue is appropriate in more than one court, a defendant sued alone or multiple defendants, by unanimous agreement, shall have the right to select such other court to which the action shall be transferred and, where there are multiple defendants who are unable to agree upon a transferee court, the court in which the action was originally filed may transfer the action to any such other court. Transfer of the action and notice thereof shall be in accord with Section 6-3-22.
(d) Notwithstanding Section 6-3-10, or any local laws relating to venue, in any county having two courthouses, the divisions shall be treated as two separate judicial districts for purposes of venue and for purposes of any change or transfer of venue, unless the jury venire is drawn from throughout the entire county.
(Code 1886, §2642; Code 1896, §4207; Code 1907, §6112; Acts 1919, No. 254, p. 240; Code 1923, §10471; Code 1940, T. 7, §60; Act 99-249, p. 362, §1.)
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https://law.justia.com/codes/alabama/title-6/chapter-3/article-1/section-6-3-8/
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AL
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 6 - Civil Practice.›Chapter 3 - Venue.›Article 1 - General Provisions.›Section 6-3-8 - Venue of Actions - Breach of Official Bond.
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2023 Code of Alabama › Title 6 - Civil Practice. › Chapter 3 - Venue. › Article 1 - General Provisions. › Section 6-3-8 - Venue of Actions - Breach of Official Bond.
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Section 6-3-8
Venue of actions - Breach of official bond.
(a) At the election of the Attorney General, all actions of summary proceedings by or for the use of the state founded on breach of the official bond of a state officer or a former state officer, of a tax collector or former tax collector, of a judge of probate or former judge of probate, of a tax assessor or former tax assessor, or clerk of the circuit court or former clerk of the circuit court may be commenced in the circuit court of Montgomery County or in a court of the county in which any one of the obligors in such bond may reside.
(b) An action on the official bond executed by a sheriff or any deputy sheriff may be commenced only in the county of residence of the principal or in the county in which he resided at the time of the execution of the same; provided, that if the act complained of was committed in some county other than the county in which he resided, then such action may be commenced in the county where such act was committed.
(Code 1876, §2830; Code 1886, §2643; Code 1896, §4208; Code 1907, §6113; Code 1923, §10472; Code 1940, T. 7, §§61, 61(1); Acts 1969, Ex. Sess., No. 203, p. 272.)
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