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https://law.justia.com/codes/alabama/title-8/chapter-6/article-6/section-8-6-143/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 8 - Commercial Law and Consumer Protection.›Chapter 6 - Securities.›Article 6 - Uniform Transfer on Death Security Registration Act.›Section 8-6-143 - Registration - Designation of a Beneficiary.
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2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 6 - Securities. › Article 6 - Uniform Transfer on Death Security Registration Act. › Section 8-6-143 - Registration - Designation of a Beneficiary.
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Section 8-6-143
Registration - Designation of a beneficiary.
A security, whether evidenced by certificate or account, is registered in beneficiary form when the registration includes a designation of a beneficiary to take the ownership at the death of the owner or the deaths of all multiple owners.
(Acts 1997, No. 97-703, p. 1451, §4.)
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https://law.justia.com/codes/alabama/title-8/chapter-6/article-6/section-8-6-144/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 8 - Commercial Law and Consumer Protection.›Chapter 6 - Securities.›Article 6 - Uniform Transfer on Death Security Registration Act.›Section 8-6-144 - Registration - Applicable Language.
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2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 6 - Securities. › Article 6 - Uniform Transfer on Death Security Registration Act. › Section 8-6-144 - Registration - Applicable Language.
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Section 8-6-144
Registration - Applicable language.
Registration in beneficiary form may be shown by the words "transfer on death" or the abbreviation "TOD," or by the words "pay on death" or the abbreviation "POD," after the name of the registered owner and before the name of a beneficiary.
(Acts 1997, No. 97-703, p. 1451, §5.)
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https://law.justia.com/codes/alabama/title-8/chapter-6/article-6/section-8-6-145/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 8 - Commercial Law and Consumer Protection.›Chapter 6 - Securities.›Article 6 - Uniform Transfer on Death Security Registration Act.›Section 8-6-145 - Designation of Tod; Registration Cancelled or Changed.
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2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 6 - Securities. › Article 6 - Uniform Transfer on Death Security Registration Act. › Section 8-6-145 - Designation of Tod; Registration Cancelled or Changed.
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Section 8-6-145
Designation of TOD; registration cancelled or changed.
The designation of a TOD beneficiary on a registration in beneficiary form has no effect on ownership until the owner's death. A registration of a security in beneficiary form may be cancelled or changed at any time by the sole owner or all then surviving owners, without the consent of the beneficiary.
(Acts 1997, No. 97-703, p. 1451, §6.)
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https://law.justia.com/codes/alabama/title-8/chapter-6/article-6/section-8-6-146/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 8 - Commercial Law and Consumer Protection.›Chapter 6 - Securities.›Article 6 - Uniform Transfer on Death Security Registration Act.›Section 8-6-146 - Death of Owner.
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2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 6 - Securities. › Article 6 - Uniform Transfer on Death Security Registration Act. › Section 8-6-146 - Death of Owner.
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Section 8-6-146
Death of owner.
On death of a sole owner or the last to die of all multiple owners, ownership of securities registered in beneficiary form passes to the beneficiary or beneficiaries who survive all owners. On proof of death of all owners and compliance with any applicable requirements of the registering entity, a security registered in beneficiary form may be reregistered in the name of the beneficiary or beneficiaries who survived the death of all owners. Until division of the security after the death of all owners, multiple beneficiaries surviving the death of all owners hold their interests as tenants in common. If no beneficiary survives the death of all owners, the security belongs to the estate of the deceased sole owner or the estate of the last to die of all multiple owners.
(Acts 1997, No. 97-703, p. 1451, §7; Act 98-279, p. 1451, §1.)
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https://law.justia.com/codes/alabama/title-8/chapter-6/article-6/section-8-6-147/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 8 - Commercial Law and Consumer Protection.›Chapter 6 - Securities.›Article 6 - Uniform Transfer on Death Security Registration Act.›Section 8-6-147 - Assent of Owner; Discharge From Claims.
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2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 6 - Securities. › Article 6 - Uniform Transfer on Death Security Registration Act. › Section 8-6-147 - Assent of Owner; Discharge From Claims.
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Section 8-6-147
Assent of owner; discharge from claims.
(a) A registering entity is not required to offer or to accept a request for security registration in beneficiary form. If a registration in beneficiary form is offered by a registering entity, the owner requesting registration in beneficiary form assents to the protections given to the registering entity by this article.
(b) By accepting a request for registration of a security in beneficiary form, the registering entity agrees that the registration will be implemented on death of the deceased owner as provided in this article.
(c) A registering entity is discharged from all claims to a security by the estate, creditors, heirs, or devisees of a deceased owner if it registers a transfer of a security in accordance with Section 8-6-146 and does so in good faith reliance (1) on the registration, (2) on this article, and (3) on information provided to it by affidavit of the personal representative of the deceased owner, or by the surviving beneficiary or by the surviving beneficiary's representatives, or other information available to the registering entity. The protections of this article do not extend to a reregistration or payment made after a registering entity has received written notice from any claimant to any interest in the security objecting to implementation of a registration in beneficiary form. No other notice or other information available to the registering entity affects its right to protection under this article.
(d) The protection provided by this article to the registering entity of a security does not affect the rights of beneficiaries in disputes between themselves and other claimants to ownership of the security transferred or its value or proceeds.
(Acts 1997, No. 97-703, p. 1451, §8.)
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https://law.justia.com/codes/alabama/title-8/chapter-6/article-6/section-8-6-148/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 8 - Commercial Law and Consumer Protection.›Chapter 6 - Securities.›Article 6 - Uniform Transfer on Death Security Registration Act.›Section 8-6-148 - Transfer on Death.
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2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 6 - Securities. › Article 6 - Uniform Transfer on Death Security Registration Act. › Section 8-6-148 - Transfer on Death.
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Section 8-6-148
Transfer on death.
(a) A transfer on death resulting from a registration in beneficiary form is effective by reason of the contract regarding the registration between the owner and the registering entity and this article and is not testamentary.
(b) This article does not limit the rights of creditors of security owners against beneficiaries and other transferees under other laws of this state.
(Acts 1997, No. 97-703, p. 1451, §9.)
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https://law.justia.com/codes/alabama/title-8/chapter-6/article-6/section-8-6-149/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 8 - Commercial Law and Consumer Protection.›Chapter 6 - Securities.›Article 6 - Uniform Transfer on Death Security Registration Act.›Section 8-6-149 - Terms and Conditions of Registration.
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2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 6 - Securities. › Article 6 - Uniform Transfer on Death Security Registration Act. › Section 8-6-149 - Terms and Conditions of Registration.
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Section 8-6-149
Terms and conditions of registration.
(a) A registering entity offering to accept registrations in beneficiary form may establish the terms and conditions under which it will receive requests (1) for registrations in beneficiary form, and (2) for implementation of registrations in beneficiary form, including requests for cancellation or previously registered TOD beneficiary designations and requests for reregistrations to effect a change of beneficiary. The terms and conditions so established may provide for proving death, avoiding or resolving any problems concerning fractional shares, designating primary and contingent beneficiaries, and substituting a named beneficiary's descendants to take in the place of the named beneficiary in the event of the beneficiary's death. Substitution may be indicated by appending to the name of the primary beneficiary the letters LDPS, standing for "lineal descendants per stirpes." This designation substitutes a deceased beneficiary's descendants who survive the owner for a beneficiary who fails to so survive, the descendants to be identified and to share in accordance with the law of the beneficiary's domicile at the owner's death governing inheritance by descendants of an intestate. Other forms of identifying beneficiaries who are to take on one or more contingencies, and rules for providing proofs and assurances needed to satisfy reasonable concerns by registering entities regarding conditions and identities relevant to accurate implementation of registrations in beneficiary form, may be contained in a registering entity's terms and conditions.
(b) The following are illustrations of registrations in beneficiary form which a registering entity may authorize:
(1) Sole owner sole beneficiary: John S Brown TOD (or POD) John S Brown Jr.
(2) Multiple owners-sole beneficiary: John S Brown Mary B Brown JT TEN TOD John S Brown Jr.
(3) Multiple owners-primary and secondary (substituted) beneficiaries: John S Brown Mary B Brown JT TEN TOD John S Brown Jr SUB BENE Peter Q Brown or John S Brown Mary B Brown JT TEN TOD John S Brown Jr LDPS.
(Acts 1997, No. 97-703, p. 1451, §10.)
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https://law.justia.com/codes/alabama/title-8/chapter-6/article-6/section-8-6-150/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 8 - Commercial Law and Consumer Protection.›Chapter 6 - Securities.›Article 6 - Uniform Transfer on Death Security Registration Act.›Section 8-6-150 - Short Title; Construction.
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2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 6 - Securities. › Article 6 - Uniform Transfer on Death Security Registration Act. › Section 8-6-150 - Short Title; Construction.
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Section 8-6-150
Short title; construction.
(a) This article shall be known as and may be cited as the Uniform TOD Security Registration Act.
(b) This article shall be liberally construed and applied to promote its underlying purposes and policy and to make uniform the laws with respect to the subject of this article among states enacting it.
(c) Unless displaced by the particular provisions of this article, the principles of law and equity supplement its provisions.
(Acts 1997, No. 97-703, p. 1451, §11.)
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https://law.justia.com/codes/alabama/title-8/chapter-6/article-6/section-8-6-151/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 8 - Commercial Law and Consumer Protection.›Chapter 6 - Securities.›Article 6 - Uniform Transfer on Death Security Registration Act.›Section 8-6-151 - Application.
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2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 6 - Securities. › Article 6 - Uniform Transfer on Death Security Registration Act. › Section 8-6-151 - Application.
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Section 8-6-151
Application.
This article applies to registrations of securities in beneficiary form made before or after August 1, 1997, by decedents dying on or after August 1, 1997.
(Acts 1997, No. 97-703, p. 1451, §12.)
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https://law.justia.com/codes/alabama/title-8/chapter-6/article-7/section-8-6-170/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 8 - Commercial Law and Consumer Protection.›Chapter 6 - Securities.›Article 7 - Protection of Vulnerable Adults From Financial Exploitation Act.›Section 8-6-170 - Short Title.
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2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 6 - Securities. › Article 7 - Protection of Vulnerable Adults From Financial Exploitation Act. › Section 8-6-170 - Short Title.
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Section 8-6-170
Short title.
This article shall be known and may be cited as the Protection of Vulnerable Adults from Financial Exploitation Act.
(Act 2016-141, §1.)
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https://law.justia.com/codes/alabama/title-8/chapter-6/article-7/section-8-6-171/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 8 - Commercial Law and Consumer Protection.›Chapter 6 - Securities.›Article 7 - Protection of Vulnerable Adults From Financial Exploitation Act.›Section 8-6-171 - Definitions.
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2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 6 - Securities. › Article 7 - Protection of Vulnerable Adults From Financial Exploitation Act. › Section 8-6-171 - Definitions.
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Section 8-6-171
Definitions.
In this article, unless the context otherwise requires, the following words and terms shall have the following meanings:
(1) AGENT. The same meaning as in subdivision (2) of Section 8-6-2.
(2) BROKER-DEALER. The same meaning as in subdivision (3) of Section 8-6-2.
(3) COMMISSION. The Alabama Securities Commission.
(4) DEPARTMENT. The Department of Human Resources.
(5) FINANCIAL EXPLOITATION. Any of the following:
a. The wrongful or unauthorized taking, withholding, appropriation, or use of money, assets, or property of a vulnerable adult.
b. Any act or omission taken by a person, including through the use of a power of attorney, guardianship, or conservatorship of a vulnerable adult, to either of the following:
1. Obtain control through deception, intimidation, or undue influence over the vulnerable adult's money, assets, or property to deprive the vulnerable adult of the ownership, use, benefit, or possession of his or her money, assets, or property.
2. Convert money, assets, or property of the vulnerable adult to deprive the vulnerable adult of the ownership, use, benefit, or possession of his or her money, assets, or property.
(6) INVESTMENT ADVISER. The same meaning as in subdivision (18) of Section 8-6-2.
(7) INVESTMENT ADVISER REPRESENTATIVE. The same meaning as in subdivision (19) of Section 8-6-2.
(8) QUALIFIED INDIVIDUAL. Any agent, investment adviser representative, or person who serves in a supervisory, compliance, legal, or associated member capacity of a broker-dealer or investment adviser.
(9) REASONABLY ASSOCIATED INDIVIDUAL or ASSOCIATED MEMBER. An individual known to the investment adviser representative, broker-dealer, or firm who is reasonably associated with the account.
(10) VULNERABLE ADULT. Any of the following:
a. A person 65 years of age or older.
b. A protected person included and defined in Chapter 9 of Title 38.
(Act 2016-141, §2.)
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https://law.justia.com/codes/alabama/title-8/chapter-6/article-7/section-8-6-172/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 8 - Commercial Law and Consumer Protection.›Chapter 6 - Securities.›Article 7 - Protection of Vulnerable Adults From Financial Exploitation Act.›Section 8-6-172 - Notification of Department and Commission - Disclosure of Information.
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2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 6 - Securities. › Article 7 - Protection of Vulnerable Adults From Financial Exploitation Act. › Section 8-6-172 - Notification of Department and Commission - Disclosure of Information.
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Section 8-6-172
Notification of department and commission - Disclosure of information.
If a qualified individual reasonably believes that financial exploitation of a vulnerable adult may have occurred, may have been attempted, or is being attempted, the qualified individual shall promptly notify the department and the commission.
(Act 2016-141, §3.)
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https://law.justia.com/codes/alabama/title-8/chapter-6/article-7/section-8-6-173/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 8 - Commercial Law and Consumer Protection.›Chapter 6 - Securities.›Article 7 - Protection of Vulnerable Adults From Financial Exploitation Act.›Section 8-6-173 - Notification of Department and Commission - Liability.
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2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 6 - Securities. › Article 7 - Protection of Vulnerable Adults From Financial Exploitation Act. › Section 8-6-173 - Notification of Department and Commission - Liability.
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Section 8-6-173
Notification of department and commission - Liability.
A qualified individual that in good faith and exercising reasonable care makes a disclosure of information pursuant to Section 8-6-172 shall be immune from administrative or civil liability that might otherwise arise from such disclosure or for any failure to notify.
(Act 2016-141, §4.)
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https://law.justia.com/codes/alabama/title-8/chapter-6/article-7/section-8-6-174/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 8 - Commercial Law and Consumer Protection.›Chapter 6 - Securities.›Article 7 - Protection of Vulnerable Adults From Financial Exploitation Act.›Section 8-6-174 - Notification of Certain Third Parties - Disclosure of Information.
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2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 6 - Securities. › Article 7 - Protection of Vulnerable Adults From Financial Exploitation Act. › Section 8-6-174 - Notification of Certain Third Parties - Disclosure of Information.
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Section 8-6-174
Notification of certain third parties - Disclosure of information.
If a qualified individual reasonably believes that financial exploitation of a vulnerable adult may have occurred, may have been attempted, or is being attempted, the qualified individual may notify a reasonably associated individual, legal guardian, any third party previously designated by the vulnerable adult, conservator, co-trustee, successor trustee, or agent under a power of attorney of the vulnerable adult of such belief. Disclosure may not be made to a designated third party that is suspected of financial exploitation or other abuse of the vulnerable adult.
(Act 2016-141, §5.)
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https://law.justia.com/codes/alabama/title-8/chapter-6/article-7/section-8-6-175/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 8 - Commercial Law and Consumer Protection.›Chapter 6 - Securities.›Article 7 - Protection of Vulnerable Adults From Financial Exploitation Act.›Section 8-6-175 - Notification of Certain Third Parties - Liability.
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2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 6 - Securities. › Article 7 - Protection of Vulnerable Adults From Financial Exploitation Act. › Section 8-6-175 - Notification of Certain Third Parties - Liability.
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Section 8-6-175
Notification of certain third parties - Liability.
A qualified individual that, in good faith and exercising reasonable care, complies with Section 8-6-174 shall be immune from any administrative or civil liability that might otherwise arise from such disclosure.
(Act 2016-141, §6.)
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https://law.justia.com/codes/alabama/title-8/chapter-6/article-7/section-8-6-176/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 8 - Commercial Law and Consumer Protection.›Chapter 6 - Securities.›Article 7 - Protection of Vulnerable Adults From Financial Exploitation Act.›Section 8-6-176 - Delay of Disbursement - Authorized.
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2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 6 - Securities. › Article 7 - Protection of Vulnerable Adults From Financial Exploitation Act. › Section 8-6-176 - Delay of Disbursement - Authorized.
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Section 8-6-176
Delay of disbursement - Authorized.
(a) A broker-dealer or investment adviser may delay a disbursement from an account of a vulnerable adult or an account on which a vulnerable adult is a beneficiary if:
(1) The broker-dealer, investment adviser, or qualified individual reasonably believes, after initiating an internal review of the requested disbursement and the suspected financial exploitation, that the requested disbursement may result in financial exploitation of a vulnerable adult; and
(2) The broker-dealer or investment adviser:
a. Immediately, but in no event more than two business days after the requested disbursement, provides written notification of the delay and the reason for the delay to all parties authorized to transact business on the account, unless any such party is reasonably believed to have engaged in suspected or attempted financial exploitation of the vulnerable adult;
b. Immediately, but in no event more than two business days after the requested disbursement, notifies the department and commission; and
c. Continues its internal review of the suspected or attempted financial exploitation of the vulnerable adult, as necessary, and reports any additional results of the investigation to the department and commission within seven business days after the requested disbursement.
(b) Any delay of a disbursement as authorized by this section expires upon the sooner of:
(1) A determination by the broker-dealer or investment adviser that the disbursement will not result in financial exploitation of the vulnerable adult.
(2) Fifteen business days after the date on which the broker-dealer or investment adviser first delayed disbursement of the funds, unless either the department or the commission requests that the broker-dealer or investment adviser extend the delay, in which case the delay shall expire no more than 25 business days after the date on which the broker-dealer or investment adviser first delayed disbursement of the funds unless sooner terminated by either the department or commission or an order of a court of competent jurisdiction.
(c) A court of competent jurisdiction may enter an order extending the delay of the disbursement of funds or may order other protective relief based on the petition of the commission, department, broker-dealer, or investment adviser that initiated the delay under this section, or other interested party.
(Act 2016-141, §7.)
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https://law.justia.com/codes/alabama/title-8/chapter-6/article-7/section-8-6-177/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 8 - Commercial Law and Consumer Protection.›Chapter 6 - Securities.›Article 7 - Protection of Vulnerable Adults From Financial Exploitation Act.›Section 8-6-177 - Delay of Disbursement - Liability.
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2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 6 - Securities. › Article 7 - Protection of Vulnerable Adults From Financial Exploitation Act. › Section 8-6-177 - Delay of Disbursement - Liability.
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Section 8-6-177
Delay of disbursement - Liability.
A broker-dealer or investment adviser that, in good faith and exercising reasonable care, complies with Section 8-6-176 shall be immune from any administrative or civil liability that might otherwise arise from such delay in a disbursement in accordance with this section.
(Act 2016-141, §8.)
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https://law.justia.com/codes/alabama/title-8/chapter-6/article-7/section-8-6-178/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 8 - Commercial Law and Consumer Protection.›Chapter 6 - Securities.›Article 7 - Protection of Vulnerable Adults From Financial Exploitation Act.›Section 8-6-178 - Access to and Availability of Records.
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2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 6 - Securities. › Article 7 - Protection of Vulnerable Adults From Financial Exploitation Act. › Section 8-6-178 - Access to and Availability of Records.
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Section 8-6-178
Access to and availability of records.
A broker-dealer or investment adviser shall provide access to or copies of records that are relevant to the suspected or attempted financial exploitation of a vulnerable adult to agencies charged with administering state adult protective services laws and to law enforcement, either as part of a referral to the agency or to law enforcement, or upon request of the agency or law enforcement pursuant to an investigation. The records may include historical records as well as records relating to the most recent transaction or transactions that may comprise financial exploitation of a vulnerable adult. All records made available to agencies under this section are not a public record as defined in any state public records law. Nothing in this section shall limit or otherwise impede the authority of the commission to access or examine the books and records of broker-dealers and investment advisers as otherwise provided by law.
(Act 2016-141, §9.)
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https://law.justia.com/codes/alabama/title-8/chapter-6/article-7/section-8-6-179/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 8 - Commercial Law and Consumer Protection.›Chapter 6 - Securities.›Article 7 - Protection of Vulnerable Adults From Financial Exploitation Act.›Section 8-6-179 - Rulemaking Authority.
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2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 6 - Securities. › Article 7 - Protection of Vulnerable Adults From Financial Exploitation Act. › Section 8-6-179 - Rulemaking Authority.
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Section 8-6-179
Rulemaking authority.
The commission, from time to time, may make, amend, and rescind such rules pursuant to the Alabama Administrative Procedure Act and prescribe such forms as are necessary and desirable to carry out the provisions of this article. No rules or forms may be made or prescribed unless the commission finds that the action is necessary or appropriate in the public interest or for the protection of vulnerable adults and those protected under the article and consistent with the purposes fairly intended by the policy and provisions of this article. In prescribing rules and forms, the commission may cooperate with the securities administrators and adult protective services agencies of the other states and the United States Securities and Exchange Commission and the Financial Industry Regulatory Authority with a view to effectuating the policy of this article to achieve general uniformity in the application of the article wherever practicable.
(Act 2016-141, §10.)
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https://law.justia.com/codes/alabama/title-8/chapter-6/article-8/section-8-6-190/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 8 - Commercial Law and Consumer Protection.›Chapter 6 - Securities.›Article 8 - Elderly and Vulnerable Adult Financial Protection Act of 2021›Section 8-6-190 - Short Title.
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2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 6 - Securities. › Article 8 - Elderly and Vulnerable Adult Financial Protection Act of 2021 › Section 8-6-190 - Short Title.
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Section 8-6-190
Short title.
This article shall be known and may be cited as the Elderly and Vulnerable Adult Financial Protection Act of 2021.
(Act 2021-78, §1.)
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https://law.justia.com/codes/alabama/title-8/chapter-6/article-8/section-8-6-191/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 8 - Commercial Law and Consumer Protection.›Chapter 6 - Securities.›Article 8 - Elderly and Vulnerable Adult Financial Protection Act of 2021›Section 8-6-191 - Legislative Findings.
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2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 6 - Securities. › Article 8 - Elderly and Vulnerable Adult Financial Protection Act of 2021 › Section 8-6-191 - Legislative Findings.
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Section 8-6-191
Legislative findings.
The Legislature finds that instances of financial exploitation are on the rise in Alabama and elsewhere, particularly among elderly and vulnerable adults. The Legislature recognizes that while financial institutions are uniquely positioned to potentially uncover instances of financial exploitation, they are also subject to duties imposed by contract and law to conduct financial transactions in accordance with their customers' instructions. While all instances of financial exploitation cannot be exposed, delayed, or thwarted, it is the intent of the Legislature that this article furnish financial institutions with additional tools to protect elderly and vulnerable adults from financial exploitation.
(Act 2021-78, §2.)
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https://law.justia.com/codes/alabama/title-8/chapter-6/article-8/section-8-6-192/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 8 - Commercial Law and Consumer Protection.›Chapter 6 - Securities.›Article 8 - Elderly and Vulnerable Adult Financial Protection Act of 2021›Section 8-6-192 - Definitions.
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2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 6 - Securities. › Article 8 - Elderly and Vulnerable Adult Financial Protection Act of 2021 › Section 8-6-192 - Definitions.
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Section 8-6-192
Definitions.
As used in this article, unless the context requires otherwise, the following terms have the following meanings:
(1) ACCOUNT. Funds or assets held by a financial service provider, including, but not limited to, a deposit account, checking account, money market account, savings account, share account, certificate of deposit, trust account, individual retirement account or other type of retirement account, guardianship or conservatorship account, investment or securities account, loan, credit card, or any extension of credit, including a home equity line of credit.
(2) ELDERLY ADULT. An individual 65 years of age or older.
(3) FINANCIAL EXPLOITATION. Any of the following:
a. The wrongful or unauthorized taking, withholding, appropriation, or use of money, assets, or property of an elderly or vulnerable adult, including incurring debt in the name of an elderly or vulnerable adult for the benefit of a third party.
b. Any act or omission taken by a person, including through the use of a power of attorney, guardianship, or conservatorship of an elderly or vulnerable adult, to do either of the following:
1. Obtain control through deception, intimidation, or undue influence over the elderly or vulnerable adult's money, assets, or property to deprive the elderly or vulnerable adult of the ownership, use, benefit, or possession of his or her money, assets, or property.
2. Convert money, assets, or property of the elderly or vulnerable adult to deprive the elderly or vulnerable adult of the ownership, use, benefit, or possession of his or her money, assets, or property.
(4) FINANCIAL SERVICE PROVIDER. Any entity, including its employees and officers, regulated by the Alabama Credit Union Administration or the State Banking Department, or similar federal regulatory agency, engaged in or transacting business in this state, including, but not limited to, a state or national bank or trust company; a state or federal savings and loan association; a state or federal credit union; an industrial loan and thrift company; a mortgage loan lender, broker, originator, or servicer; a title pledge lender; a deferred presentment services provider; a pawnbroker; or a small loan lender.
(5) FINANCIAL TRANSACTION. Any of the following:
a. A transfer or request to transfer or disburse funds or assets in an account.
b. A request to initiate a wire transfer, initiate an automated clearing house transfer, or issue a money order, cashier's check, or official check.
c. A request to negotiate a check or other negotiable instrument.
d. A request to change the ownership of an account.
e. A request for a loan, extension of credit, or draw on a line of credit.
f. A request to transfer the title to any real property or the title of any motor vehicle or mobile home, or to encumber such real property, motor vehicle, or mobile home.
(6) LAW ENFORCEMENT AGENCY. Any municipal, county, state, or federal agency the personnel of which have the power to arrest and to perform law enforcement functions, including prosecutorial entities.
(7) VULNERABLE ADULT. An individual 18 years of age or older who, because of mental or physical impairment, is unable to fully manage his or her own resources, carry out all or a portion of the activities of daily living, or is unable to fully protect against neglect, exploitation, or hazardous or abusive situations without assistance from others.
(Act 2021-78, §3.)
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https://law.justia.com/codes/alabama/title-8/chapter-6/article-8/section-8-6-193/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 8 - Commercial Law and Consumer Protection.›Chapter 6 - Securities.›Article 8 - Elderly and Vulnerable Adult Financial Protection Act of 2021›Section 8-6-193 - Authority to Refuse or Delay Execution of a Financial Transaction.
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2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 6 - Securities. › Article 8 - Elderly and Vulnerable Adult Financial Protection Act of 2021 › Section 8-6-193 - Authority to Refuse or Delay Execution of a Financial Transaction.
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Section 8-6-193
Authority to refuse or delay execution of a financial transaction.
(a)(1) If a financial service provider has reasonable cause to suspect that financial exploitation may have occurred, may have been attempted, or is being attempted, the financial service provider may, but is not required to, refuse or delay the execution of a financial transaction on an account of an elderly or vulnerable adult; on an account on which the elderly or vulnerable adult is a beneficiary, including a trust, guardianship, or conservatorship account; or on an account of a person suspected of perpetrating the financial exploitation.
(2) A financial service provider may also refuse or delay the execution of a financial transaction under this section if the Department of Human Resources or a law enforcement agency provides information to the financial service provider demonstrating that it is reasonable to believe that financial exploitation may have occurred, may have been attempted, or is being attempted.
(b) Except as ordered by a court, a financial service provider is not required to refuse or delay the execution of a financial transaction under this section and may use its discretion to determine whether to refuse or delay the execution of a financial transaction based on the information available to the financial service provider.
(c) A financial service provider that refuses to execute a financial transaction or places a hold on a financial transaction based on reasonable cause to suspect that financial exploitation may have occurred, may have been attempted, or is being attempted shall do both of the following:
(1) Except with regard to an account administered by a bank or trust company in a fiduciary capacity, make a reasonable effort to notify one or more parties authorized to transact business on the account orally or in writing.
(2) If the incident involves financial exploitation, report the incident to the Department of Human Resources and the appropriate law enforcement agency.
(d) Notwithstanding subsection (c), notice to any party authorized to conduct business on the account is not required if the party is the suspected perpetrator of financial exploitation.
(e) A refusal by a financial service provider to execute a financial transaction or place a hold on a financial transaction as authorized by this section, based on the financial service provider's reasonable cause to suspect that financial exploitation may have occurred, may have been attempted, or is being attempted, expires when the financial service provider reasonably believes that the financial transaction will not result in financial exploitation unless earlier terminated by an order of a court of competent jurisdiction.
(f) A financial service provider or an officer or employee of a financial service provider, acting in a reasonable manner, is immune from all criminal, civil, and administrative liability for the following:
(1) Refusing or not refusing to execute a financial transaction, or holding or not holding a financial transaction under this section.
(2) Actions taken in furtherance of the determination made under subdivision (1) if the determination was based upon a reasonable belief.
(Act 2021-78, §4.)
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https://law.justia.com/codes/alabama/title-8/chapter-6/article-8/section-8-6-194/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 8 - Commercial Law and Consumer Protection.›Chapter 6 - Securities.›Article 8 - Elderly and Vulnerable Adult Financial Protection Act of 2021›Section 8-6-194 - Financial Service Provider Authorized to Contact Certain Individuals or Entities U...
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2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 6 - Securities. › Article 8 - Elderly and Vulnerable Adult Financial Protection Act of 2021 › Section 8-6-194 - Financial Service Provider Authorized to Contact Certain Individuals or Entities Upon Suspicion of Financial Exploitation; Disclosure of Information.
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Section 8-6-194
Financial service provider authorized to contact certain individuals or entities upon suspicion of financial exploitation; disclosure of information.
(a) A financial service provider may offer to a customer who is an elderly or vulnerable adult the opportunity to submit and periodically update a list of individuals or entities that the elderly or vulnerable adult authorizes the financial service provider to contact when the financial service provider has reasonable cause to suspect that the elderly or vulnerable adult is a victim or a target of financial exploitation.
(b) A financial service provider that has reasonable cause to suspect that an elderly or vulnerable adult is the victim or target of financial exploitation may convey the suspicion to one or more of the following, provided that the person is not the suspected perpetrator:
(1) An individual or entity on the list described in subsection (a), if a list has been provided by the elderly or vulnerable adult to the financial service provider.
(2) A co-owner, additional authorized signatory, or beneficiary on the elderly or vulnerable adult's account at the financial institution.
(3) A third party reasonably associated with the elderly or vulnerable adult.
(c) When providing information under this section, a financial service provider may limit the information and disclose only that the financial service provider has reasonable cause to suspect that the elderly or vulnerable adult may be a victim or target of financial exploitation without disclosing any other details or confidential personal information regarding the financial affairs of the elderly or vulnerable adult.
(d) A financial service provider may choose not to contact one or more individuals or entities on the list provided pursuant to subsection (a) if the financial service provider suspects that the person or persons are engaged in financial exploitation.
(e) A financial service provider may rely on information provided by the customer in compiling a list of contact persons.
(f) A financial service provider or an officer or employee of a financial service provider, acting in a reasonable manner, is immune from all criminal, civil, and administrative liability for contacting a person or electing not to contact a person under this section and for actions taken in furtherance of that determination.
(g) Any contact or disclosure of information made pursuant to this section is exempt from any applicable state customer consent and customer notice statutes or rules.
(Act 2021-78, §5.)
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https://law.justia.com/codes/alabama/title-8/chapter-6/article-8/section-8-6-195/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 8 - Commercial Law and Consumer Protection.›Chapter 6 - Securities.›Article 8 - Elderly and Vulnerable Adult Financial Protection Act of 2021›Section 8-6-195 - Construction and Application of Article.
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2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 6 - Securities. › Article 8 - Elderly and Vulnerable Adult Financial Protection Act of 2021 › Section 8-6-195 - Construction and Application of Article.
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Section 8-6-195
Construction and application of article.
(a) All laws or parts of laws which conflict with this article are repealed. Notwithstanding the previous sentence, nothing in this article shall be construed as altering or amending Article 7, commencing with Section 8-6-170, of Chapter 6, the Protection of Vulnerable Adults from Financial Exploitation Act, which relates to broker-dealers and investment advisors protecting vulnerable adults from financial exploitation.
(b) Nothing in this article shall be construed as altering or amending a contract, including a deposit agreement, to which a financial service provider is a party.
(Act 2021-78, §6.)
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https://law.justia.com/codes/alabama/title-8/chapter-7/section-8-7-1/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 8 - Commercial Law and Consumer Protection.›Chapter 7 - Sale of Checks.›Section 8-7-1 - Short Title.
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2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 7 - Sale of Checks. › Section 8-7-1 - Short Title.
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Section 8-7-1
Short title.
Repealed by Act 2017-389, §1, effective August 1, 2017.
(Acts 1961, Ex. Sess., No. 177, p. 2142, §1.)
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https://law.justia.com/codes/alabama/title-8/chapter-7/section-8-7-2/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 8 - Commercial Law and Consumer Protection.›Chapter 7 - Sale of Checks.›Section 8-7-2 - Definitions.
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2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 7 - Sale of Checks. › Section 8-7-2 - Definitions.
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Section 8-7-2
Definitions.
Repealed by Act 2017-389, §1, effective August 1, 2017.
(Acts 1961, Ex. Sess., No. 177, p. 2142, §2.)
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https://law.justia.com/codes/alabama/title-8/chapter-7/section-8-7-3/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 8 - Commercial Law and Consumer Protection.›Chapter 7 - Sale of Checks.›Section 8-7-3 - License - Required.
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2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 7 - Sale of Checks. › Section 8-7-3 - License - Required.
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Section 8-7-3
License - Required.
Repealed by Act 2017-389, §1, effective August 1, 2017.
(Acts 1961, Ex. Sess., No. 177, p. 2142, §3.)
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https://law.justia.com/codes/alabama/title-8/chapter-7/section-8-7-4/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 8 - Commercial Law and Consumer Protection.›Chapter 7 - Sale of Checks.›Section 8-7-4 - License - Exemptions.
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2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 7 - Sale of Checks. › Section 8-7-4 - License - Exemptions.
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Section 8-7-4
License - Exemptions.
Repealed by Act 2017-389, §1, effective August 1, 2017.
(Acts 1961, Ex. Sess., No. 177, p. 2142, §4.)
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https://law.justia.com/codes/alabama/title-8/chapter-7/section-8-7-5/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 8 - Commercial Law and Consumer Protection.›Chapter 7 - Sale of Checks.›Section 8-7-5 - License - Application.
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2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 7 - Sale of Checks. › Section 8-7-5 - License - Application.
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Section 8-7-5
License - Application.
Repealed by Act 2017-389, §1, effective August 1, 2017.
(Acts 1961, Ex. Sess., No. 177, p. 2142, §5.)
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https://law.justia.com/codes/alabama/title-8/chapter-7/section-8-7-6/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 8 - Commercial Law and Consumer Protection.›Chapter 7 - Sale of Checks.›Section 8-7-6 - License - Investigation Fee; License Fee.
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2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 7 - Sale of Checks. › Section 8-7-6 - License - Investigation Fee; License Fee.
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Section 8-7-6
License - Investigation fee; license fee.
Repealed by Act 2017-389, §1, effective August 1, 2017.
(Acts 1961, Ex. Sess., No. 177, p. 2142, §6; Acts 1991, No. 91-320, p. 584, §2.)
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https://law.justia.com/codes/alabama/title-8/chapter-7/section-8-7-7/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 8 - Commercial Law and Consumer Protection.›Chapter 7 - Sale of Checks.›Section 8-7-7 - License - Certified Financial Statement; Surety Bond or Deposit of Securities; List...
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2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 7 - Sale of Checks. › Section 8-7-7 - License - Certified Financial Statement; Surety Bond or Deposit of Securities; List of Offices, Etc.
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Section 8-7-7
License - Certified financial statement; surety bond or deposit of securities; list of offices, etc.
Repealed by Act 2017-389, §1, effective August 1, 2017.
(Acts 1961, Ex. Sess., No. 177, p. 2142, §7.)
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https://law.justia.com/codes/alabama/title-8/chapter-7/section-8-7-8/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 8 - Commercial Law and Consumer Protection.›Chapter 7 - Sale of Checks.›Section 8-7-8 - License - Issuance.
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2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 7 - Sale of Checks. › Section 8-7-8 - License - Issuance.
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Section 8-7-8
License - Issuance.
Repealed by Act 2017-389, §1, effective August 1, 2017.
(Acts 1961, Ex. Sess., No. 177, p. 2142, §8.)
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https://law.justia.com/codes/alabama/title-8/chapter-7/section-8-7-9/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 8 - Commercial Law and Consumer Protection.›Chapter 7 - Sale of Checks.›Section 8-7-9 - License Fees.
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2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 7 - Sale of Checks. › Section 8-7-9 - License Fees.
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Section 8-7-9
License fees.
Repealed by Act 2017-389, §1, effective August 1, 2017.
(Acts 1961, Ex. Sess., No. 177, p. 2142, §9.)
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https://law.justia.com/codes/alabama/title-8/chapter-7/section-8-7-10/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 8 - Commercial Law and Consumer Protection.›Chapter 7 - Sale of Checks.›Section 8-7-10 - Employees, Agents or Representatives of Licensees.
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2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 7 - Sale of Checks. › Section 8-7-10 - Employees, Agents or Representatives of Licensees.
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Section 8-7-10
Employees, agents or representatives of licensees.
Repealed by Act 2017-389, §1, effective August 1, 2017.
(Acts 1961, Ex. Sess., No. 177, p. 2142, §10.)
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https://law.justia.com/codes/alabama/title-8/chapter-7/section-8-7-11/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 8 - Commercial Law and Consumer Protection.›Chapter 7 - Sale of Checks.›Section 8-7-11 - Annual and Supplemental Listings of Offices, etc.; Adjustment of Surety Bond or Dep...
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2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 7 - Sale of Checks. › Section 8-7-11 - Annual and Supplemental Listings of Offices, etc.; Adjustment of Surety Bond or Deposit.
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Section 8-7-11
Annual and supplemental listings of offices, etc.; adjustment of surety bond or deposit.
Repealed by Act 2017-389, §1, effective August 1, 2017.
(Acts 1961, Ex. Sess., No. 177, p. 2142, §11.)
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https://law.justia.com/codes/alabama/title-8/chapter-7/section-8-7-12/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 8 - Commercial Law and Consumer Protection.›Chapter 7 - Sale of Checks.›Section 8-7-12 - Procedure for Denial or Revocation of License; Judicial Review.
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2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 7 - Sale of Checks. › Section 8-7-12 - Procedure for Denial or Revocation of License; Judicial Review.
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Section 8-7-12
Procedure for denial or revocation of license; judicial review.
Repealed by Act 2017-389, §1, effective August 1, 2017.
(Acts 1961, Ex. Sess., No. 177, p. 2142, §12.)
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https://law.justia.com/codes/alabama/title-8/chapter-7/section-8-7-13/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 8 - Commercial Law and Consumer Protection.›Chapter 7 - Sale of Checks.›Section 8-7-13 - Grounds for Revocation of Licenses.
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2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 7 - Sale of Checks. › Section 8-7-13 - Grounds for Revocation of Licenses.
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Section 8-7-13
Grounds for revocation of licenses.
Repealed by Act 2017-389, §1, effective August 1, 2017.
(Acts 1960, Ex. Sess., No. 177, p. 2142, §13.)
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https://law.justia.com/codes/alabama/title-8/chapter-7/section-8-7-14/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 8 - Commercial Law and Consumer Protection.›Chapter 7 - Sale of Checks.›Section 8-7-14 - Increase of Surety Bond or Deposit.
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2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 7 - Sale of Checks. › Section 8-7-14 - Increase of Surety Bond or Deposit.
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Section 8-7-14
Increase of surety bond or deposit.
Repealed by Act 2017-389, §1, effective August 1, 2017.
(Acts 1961, Ex. Sess., No. 177, p. 2142, §14.)
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https://law.justia.com/codes/alabama/title-8/chapter-7/section-8-7-15/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 8 - Commercial Law and Consumer Protection.›Chapter 7 - Sale of Checks.›Section 8-7-15 - Penalties for Violation of Provisions of Chapter.
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2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 7 - Sale of Checks. › Section 8-7-15 - Penalties for Violation of Provisions of Chapter.
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Section 8-7-15
Penalties for violation of provisions of chapter.
Repealed by Act 2017-389, §1, effective August 1, 2017.
(Acts 1961, Ex. Sess., No. 177, p. 2142, §15.)
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https://law.justia.com/codes/alabama/title-8/chapter-7a/section-8-7a-1/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 8 - Commercial Law and Consumer Protection.›Chapter 7A - Alabama Monetary Transmission Act.›Section 8-7A-1 - Short Title.
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2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 7A - Alabama Monetary Transmission Act. › Section 8-7A-1 - Short Title.
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Section 8-7A-1
Short title.
This chapter may be cited as the Alabama Monetary Transmission Act.
(Act 2017-389, §2.)
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https://law.justia.com/codes/alabama/title-8/chapter-7a/section-8-7a-2/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 8 - Commercial Law and Consumer Protection.›Chapter 7A - Alabama Monetary Transmission Act.›Section 8-7A-2 - Definitions.
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2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 7A - Alabama Monetary Transmission Act. › Section 8-7A-2 - Definitions.
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Section 8-7A-2
Definitions.
For purposes of this chapter, the following terms shall have the following meanings:
(1) AGENT or AUTHORIZED DELEGATE. Any person designated or employed by a licensee under this chapter to provide monetary transmission services on behalf of the licensee.
(2) APPLICANT. Any person that files an application for a license under this chapter.
(3) BANK. An institution organized under federal or state law which meets any of the following requirements:
a. Accepts demand deposits or deposits that the depositor may use for payment to third parties and engages in the business of making loans.
b. Engages in credit card operations and maintains only one office that accepts deposits, does not accept demand deposits or deposits that a depositor may use for payments to third parties, does not accept a savings or time deposit less than one hundred thousand dollars ($100,000), and does not engage in the business of making commercial loans.
c. Is a trust company subject to the jurisdiction of the Alabama State Banking Department, or subject to another state or federal banking regulatory authority.
(4) COMMISSION. The Alabama Securities Commission, its director, officers, or any person authorized to act on its behalf.
(5) CONTROL. Any of the following:
a. The ownership of, or the power to vote, directly or indirectly, at least 25 percent of a class of voting securities or voting interests of a licensee or person in control of a licensee.
b. The power to elect a majority of executive officers, managers, directors, trustees, or other persons exercising managerial authority of a licensee or person in control of a licensee.
c. The power to exercise, directly or indirectly, a controlling influence over the management or policies of a licensee or person in control of a licensee.
(6) EXECUTIVE OFFICER. A president, chair of the executive committee, chief financial officer, responsible individual, or other individual who performs similar functions.
(7) LICENSEE. A person licensed under this chapter.
(8) MONETARY VALUE. A medium of exchange, including virtual or fiat currencies, whether or not redeemable in money.
(9) MONEY. A medium of exchange that is authorized or adopted by the United States or a foreign government. The term includes a monetary unit of account established by an intergovernmental organization or by agreement between two or more governments.
(10) MONEY TRANSMISSION. Selling or issuing payment instruments, stored value, or receiving money or monetary value for transmission. The term does not include the provision solely of delivery, online or telecommunications services, or network access.
(11) PAYMENT INSTRUMENT. A check, draft, money order, traveler's check, or other means utilized for the transmission or payment of money or monetary value, whether or not negotiable. The term does not include a credit voucher, letter of credit, or instrument that is redeemable by the issuer in goods and services.
(12) PERSON. An individual, corporation, business trust, estate, trust, partnership, limited liability company, association, joint venture, government; governmental subdivision, agency, or instrumentality; public corporation; or any other legal or commercial entity.
(13) RECORD. Information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in perceivable form.
(14) RESPONSIBLE INDIVIDUAL. An individual who is employed by a licensee and has managerial authority over the provision of the money transmittal services of the licensee in this state.
(15) STORED VALUE. Monetary value that is evidenced by an electronic record.
(16) UNSAFE OR UNSOUND PRACTICE. A practice or conduct by a person licensed to engage in money transmission or an authorized delegate of such person which creates the likelihood of material loss, insolvency, or dissipation of the licensee's assets, or otherwise prejudices the interests of its customers or a practice or conduct defined by rule of the commission to be an unsafe or unsound practice.
(Act 2017-389, §2.)
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https://law.justia.com/codes/alabama/title-8/chapter-7a/section-8-7a-3/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 8 - Commercial Law and Consumer Protection.›Chapter 7A - Alabama Monetary Transmission Act.›Section 8-7A-3 - Exclusions.
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2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 7A - Alabama Monetary Transmission Act. › Section 8-7A-3 - Exclusions.
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Section 8-7A-3
Exclusions.
This chapter does not apply to any of the following:
(1) The United States or a department, agency, or instrumentality thereof.
(2) The transmission of money by the United States Postal Service or by a contractor on behalf of the United States Postal Service.
(3) A state, county, city, or any other governmental agency or governmental subdivision of a state.
(4) Electronic funds transfer of governmental benefits for a federal, state, or governmental agency by a contractor on behalf of the United States or a department, agency, or instrumentality thereof, or a state or governmental subdivision, agency, or instrumentality thereof.
(5) A board of trade designated as a contract market under the federal Commodity Exchange Act, 7 U.S.C. Sections 1-25 (1994), or a person that, in the ordinary course of business, provides clearance and settlement services for a board of trade to the extent of its operation as or for such a board.
(6) A registered futures commission merchant under the federal commodities laws to the extent of its operation as such a merchant.
(7) A bank, bank holding company, office of an international banking corporation, or a branch of a foreign bank, provided that such international banking corporation or foreign bank is subject to regulation significantly similar to United States or state chartered banks and deposits are insured.
(Act 2017-389, §2.)
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https://law.justia.com/codes/alabama/title-8/chapter-7a/section-8-7a-4/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 8 - Commercial Law and Consumer Protection.›Chapter 7A - Alabama Monetary Transmission Act.›Section 8-7A-4 - Exemptions From Licensing.
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2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 7A - Alabama Monetary Transmission Act. › Section 8-7A-4 - Exemptions From Licensing.
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Section 8-7A-4
Exemptions from licensing.
Sections 8-7A-5 to 8-7A-15, inclusive, shall not apply to any of the following persons:
(1) A person that provides clearance or settlement services pursuant to a registration as a clearing agency or an exemption from such registration granted under the federal securities laws.
(2) An operator of a payment system to the extent that it provides processing, clearing, or settlement services, between or among persons excluded by this section, in connection with wire transfers, credit card transactions, debit card transactions, stored-value transactions, automated clearing house transfers, or similar funds transfers.
(3) A person registered as a securities broker-dealer under federal or state securities laws to the extent of its operation as such a broker-dealer.
(4) Any person collecting, forwarding, or submitting payments to the state, a state agency, board, or commission, a quasi-governmental agency, or to persons in state custody, provided the person does all of the following:
a. Operates in this state exclusively for such purpose.
b. Has entered into a binding contract with the governmental entity or entities to provide money transmittal services to third parties.
c. Files a notice with the commission identifying all governmental agencies for whom the person has contracted to provide money transmittal services.
d. Has an independent audit performed on a yearly basis.
e. Immediately notifies the commission if any financial or other condition arises which would compromise the person's ability to perform the services for which the person has contracted.
f. Maintains a segregated account or accounts for the deposit and transmittal of third-party payments which will not be comingled with any other funds.
g. Upon request, makes its books and records available for examination by the commission.
(Act 2017-389, §2.)
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https://law.justia.com/codes/alabama/title-8/chapter-7a/section-8-7a-5/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 8 - Commercial Law and Consumer Protection.›Chapter 7A - Alabama Monetary Transmission Act.›Section 8-7A-5 - License Required.
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2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 7A - Alabama Monetary Transmission Act. › Section 8-7A-5 - License Required.
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Section 8-7A-5
License required.
(a) A person may not engage in the business of money transmission or advertise, solicit, or hold itself out as providing money transmission unless the person meets one of the following requirements:
(1) Is licensed under this chapter.
(2) Is an authorized delegate of a person licensed under this chapter.
(b) A license under this chapter is not transferable or assignable.
(c) Persons licensed and in good standing pursuant to Chapter 7 of this title, on August 1, 2017, shall retain the license issued pursuant to that chapter without interruption until their next licensing renewal date.
(Act 2017-389, §§2, 3.)
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https://law.justia.com/codes/alabama/title-8/chapter-7a/section-8-7a-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 8 - Commercial Law and Consumer Protection.›Chapter 7A - Alabama Monetary Transmission Act.›Section 8-7A-6 - Application for License.
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2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 7A - Alabama Monetary Transmission Act. › Section 8-7A-6 - Application for License.
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Section 8-7A-6
Application for license.
(a) A person applying for a license under this chapter shall do so in a form and in a medium prescribed by the commission. The application shall contain all of the following information:
(1) The legal name, the residential address of the applicant if the applicant is an individual, the business addresses of the applicant, and any fictitious or trade name used by the applicant in conducting its business.
(2) A list of any criminal convictions of the applicant and any material litigation in which the applicant has been involved in the 10-year period preceding the submission of the application.
(3) A description of any money transmission services previously provided by the applicant.
(4) A list of the proposed authorized delegates of the applicant and the locations in this state where the applicant and its authorized delegates propose to engage in money transmission services.
(5) A list of other states in which the applicant is licensed to engage in money transmission or provide other money services and any license revocations, suspensions, or other disciplinary action taken against the applicant in another state.
(6) Information concerning any bankruptcy within the last seven years, or receivership proceedings affecting the applicant or any control person or affiliate of the applicant.
(7) A sample form of any contract the applicant proposes to use, including both of the following:
a. Any contract to be used by an authorized delegate or agent of the applicant.
b. Any contract to be used with consumers relating to the provision of money transmission services.
(8) A sample form of any payment instrument or instrument upon which stored value is recorded, if applicable.
(9) The names and addresses of any banks through which the applicant's payment instruments and stored value will be paid.
(10) Any other information the commission reasonably requires with respect to the applicant.
(b) If an applicant is not an individual or natural person, in addition to the information required in subsection (a), the applicant shall provide all of the following information:
(1) The date of the applicant's incorporation or formation and state or country of incorporation or formation.
(2) A certificate of good standing from the state or country in which the applicant is incorporated or formed and proof of registration with the Alabama Secretary of State to do business as a foreign corporation, if incorporated in another state or country.
(3) A brief description of the structure or organization of the applicant, including any parent, affiliate, or subsidiary of the applicant, and whether any parent, affiliate, or subsidiary is publicly traded.
(4) The legal name, any fictitious name, all business and residential addresses, and the employment, for the 10 years preceding the submission of the application for each executive officer, manager, director, or a person who has direct or indirect control of the applicant.
(5) A list of criminal convictions of, and material litigation involving, any executive officer, manager, director, or a person who has direct or indirect control of the applicant, for the 10 years preceding the submission of the application.
(6) A copy of the applicant's audited financial statements for the most recent fiscal year and, if available, for the two-year period preceding the submission of the application.
(7) A copy of the applicant's unconsolidated financial statements for the current fiscal year.
(8) If the applicant has a registered agent in this state, the name and address of the applicant's registered agent.
(9) Any other information the commission reasonably requires with respect to the applicant.
(c) A nonrefundable filing fee and a license fee shall accompany an application for a license under this chapter. The commission may set the filing and license fees by rule. The minimum filing fee and license fee shall not be less than five hundred dollars ($500), respectively.
(d) The commission may waive one or more of the requirements in subsections (a) and (b) or permit an applicant to submit alternate information in lieu of the required information.
(Act 2017-389, §2.)
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https://law.justia.com/codes/alabama/title-8/chapter-7a/section-8-7a-7/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 8 - Commercial Law and Consumer Protection.›Chapter 7A - Alabama Monetary Transmission Act.›Section 8-7A-7 - Security.
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2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 7A - Alabama Monetary Transmission Act. › Section 8-7A-7 - Security.
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Section 8-7A-7
Security.
(a) A licensee shall maintain a surety bond, letter of credit, or other similar security in an amount, determined by rule or order of the commission, sufficient to secure faithful performance of the obligations of the licensee with respect to money transmission in Alabama.
(b) Security must be in a form satisfactory to the commission and payable to the commission for the benefit of any claimant against the licensee.
(c) A claimant against a licensee may maintain an action on the bond, or the commission may maintain an action on behalf of the claimant.
(d) A surety bond must cover claims for a minimum of five years after the licensee ceases to provide money transmission services in this state. The surety bond may be reduced or eliminated, at the discretion of the commission, to the extent the amount of the licensee's outstanding payment instruments and stored-value obligations are less than the surety bond coverage.
(e) The commission has discretion to accept other forms of security in lieu of the bond.
(f) In no event shall the bond be set at an amount less than one hundred thousand dollars ($100,000), or the average daily outstanding obligations for money received for transmission in Alabama plus 50 percent of the average daily outstanding payment instrument and stored value obligations in Alabama, whichever is greater.
(g) The commission may increase the amount of security required to a maximum of five million dollars ($5,000,000) if the financial condition of a licensee so requires, as evidenced by reduction of net worth, financial losses, or other relevant criteria.
(Act 2017-389, §2.)
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https://law.justia.com/codes/alabama/title-8/chapter-7a/section-8-7a-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 8 - Commercial Law and Consumer Protection.›Chapter 7A - Alabama Monetary Transmission Act.›Section 8-7A-8 - Issuance of License.
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2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 7A - Alabama Monetary Transmission Act. › Section 8-7A-8 - Issuance of License.
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Section 8-7A-8
Issuance of license.
(a) When an application is filed under this chapter, the commission shall investigate the applicant's financial condition and responsibility, financial and business experience, character, and general fitness. The commission may conduct an on-site investigation of the applicant, the reasonable cost of which the applicant must pay. The commission shall issue a license to an applicant under this chapter if the commission finds that both of the following conditions have been fulfilled:
(1) The applicant has complied with Sections 8-7A-6 and 8-7A-7.
(2) The financial condition and responsibility, financial and business experience, competence, character, and general fitness of the applicant; and the competence, experience, character, and general fitness of the executive officers, managers, directors, and persons in control of the applicant indicate that it is in the interest of the public to permit the applicant to engage in money transmission.
(b) When an application for an original license under this chapter is determined by the commission to be complete, the commission shall promptly notify the applicant in writing of the date on which the application was determined to be complete, and:
(1) The commission shall approve or deny the application within 120 days after that date.
(2) If the application is not approved or denied within 120 days after that date, the application is approved, and the license takes effect as of the first business day after expiration of the 120-day period.
(c) The commission may for good cause extend the application period.
(Act 2017-389, §2.)
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https://law.justia.com/codes/alabama/title-8/chapter-7a/section-8-7a-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 8 - Commercial Law and Consumer Protection.›Chapter 7A - Alabama Monetary Transmission Act.›Section 8-7A-9 - Renewal of License.
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2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 7A - Alabama Monetary Transmission Act. › Section 8-7A-9 - Renewal of License.
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Section 8-7A-9
Renewal of license.
(a) All licenses under this chapter shall expire on March 31 of the calendar year.
(b) A licensee under this chapter shall pay an annual renewal fee no later than March 15. The renewal fee shall be established by rule of the commission and shall not be less than five hundred dollars ($500).
(c) A licensee under this chapter shall submit a renewal report with the renewal fee, in a form and in a medium prescribed by the commission. The renewal report shall contain the following information:
(1) A copy of the licensee's most recent audited financial statement.
(2) The number and monetary value of payment and stored-value instruments sold by the licensee in this state which have not been included in a previous renewal report, and the monetary amount of payment and stored-value instruments currently outstanding.
(3) A description of each material change in information submitted by the licensee in its original license application which has not been reported to the commission.
(4) Proof that the licensee continues to maintain adequate security as required by Section 8-7A-7.
(5) A list of the locations in this state where the licensee or an authorized delegate of the licensee engages in money transmission.
(d) The renewal license shall become immediately effective upon the expiration of the current license if the licensee has submitted the renewal fee pursuant to subsection (b) and the required reports pursuant to subsection (c) to the commission.
(e) If the licensee fails to renew the license prior to March 31, the licensee shall have 20 days from the expiration date to submit the renewal fee and report required pursuant to subsections (b) and (c), plus a late fee of one hundred dollars ($100) for each day between expiration of the license and submission of the renewal report. If the licensee perfects renewal of the license prior to the expiration of the 20 days, the license renewal shall be effective on April 1, and the licensee shall not be liable for unlicensed monetary transmission during the period between the statutory expiration date and the date the renewal is perfected.
(f) The commission, for good cause, may grant an extension of the renewal date.
(Act 2017-389, §2.)
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https://law.justia.com/codes/alabama/title-8/chapter-7a/section-8-7a-10/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 8 - Commercial Law and Consumer Protection.›Chapter 7A - Alabama Monetary Transmission Act.›Section 8-7A-10 - Net Worth.
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2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 7A - Alabama Monetary Transmission Act. › Section 8-7A-10 - Net Worth.
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Section 8-7A-10
Net worth.
A licensee under this chapter shall maintain a net worth of at least twenty-five thousand dollars ($25,000) determined in accordance with generally accepted accounting principles.
(Act 2017-389, §2.)
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https://law.justia.com/codes/alabama/title-8/chapter-7a/section-8-7a-11/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 8 - Commercial Law and Consumer Protection.›Chapter 7A - Alabama Monetary Transmission Act.›Section 8-7A-11 - Relationship Between Licensee and Authorized Delegate.
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2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 7A - Alabama Monetary Transmission Act. › Section 8-7A-11 - Relationship Between Licensee and Authorized Delegate.
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Section 8-7A-11
Relationship between licensee and authorized delegate.
(a) A contract between a licensee and an authorized delegate shall require the authorized delegate to operate in full compliance with this chapter.
(b) The licensee shall establish, furnish, and enforce policies and procedures sufficient to ensure that its authorized delegates comply with this chapter.
(c) An authorized delegate may not use a subdelegate to conduct money transmission on behalf of a licensee.
(Act 2017-389, §2.)
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https://law.justia.com/codes/alabama/title-8/chapter-7a/section-8-7a-12/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 8 - Commercial Law and Consumer Protection.›Chapter 7A - Alabama Monetary Transmission Act.›Section 8-7A-12 - Examinations.
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2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 7A - Alabama Monetary Transmission Act. › Section 8-7A-12 - Examinations.
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Section 8-7A-12
Examinations.
(a) The commission may conduct an annual examination of a licensee or of any of its authorized delegates.
(b) The commission may examine a licensee or its authorized delegate, at any time, if the commission has reason to believe that the licensee or authorized delegate is engaging in an unsafe or unsound practice or has violated or is violating this chapter or any rule adopted or order issued under this chapter.
(c) If the commission concludes that an on-site examination is necessary under subsection (b), the licensee shall pay the reasonable cost of the examination.
(d) Information obtained during any examination under this chapter may be disclosed only as prescribed in Section 8-7A-21.
(Act 2017-389, §2.)
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https://law.justia.com/codes/alabama/title-8/chapter-7a/section-8-7a-13/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 8 - Commercial Law and Consumer Protection.›Chapter 7A - Alabama Monetary Transmission Act.›Section 8-7A-13 - Reports.
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2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 7A - Alabama Monetary Transmission Act. › Section 8-7A-13 - Reports.
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Section 8-7A-13
Reports.
(a) A licensee shall file a report to the commission within 15 business days of any material change in information provided in a licensee's application.
(b) A licensee shall file a report with the commission within five business days after the licensee has reason to know of the occurrence of any of the following events:
(1) The filing of a petition by or against the licensee under the United States Bankruptcy Code for bankruptcy or reorganization.
(2) The filing of a petition by or against the licensee for receivership, the commencement of any other judicial or administrative proceeding for its dissolution or reorganization, or the making of a general assignment for the benefit of its creditors.
(3) The commencement of a proceeding to revoke or suspend its license in a state or country in which the licensee engages in business or is licensed.
(4) The cancellation or other impairment of the licensee's bond or other security.
(5) A charge or conviction of the licensee or of an executive officer, manager, commission, or other control person of the licensee for a felony.
(6) A charge or conviction of an authorized delegate of the licensee for a felony.
(7) The executive officers, managers, directors, an authorized delegate, or persons in control of the licensee are named in any material civil litigation or class action.
(c) (1) A licensee shall give notice of a proposed change of control within 15 days after learning of the proposed change in control.
(2) The commission shall approve a request for change of control if, after investigation, the commission determines that the person or group of persons requesting approval has the competence, experience, character, and general fitness to operate the licensee or person in control of the licensee in a lawful and proper manner and that the public interest will not be jeopardized by the change of control.
(3) The commission shall approve or deny a request for change of control within 120 days after the notice. If the request has not been approved or denied within 120 days, the request will be deemed to have been approved and will take effect on the first day after the expiration of the 120 days.
(d) A licensee and an authorized delegate shall maintain a file of all reports required by federal currency reporting, record keeping, and suspicious transaction reporting requirements as set forth in 31 U.S.C. Section 5311 (1994), and other federal and state laws pertaining to money laundering. If an investigation or other inquiry is initiated by any regulatory authority, the licensee shall immediately notify the commission and forward all records associated with such investigation or inquiry.
(Act 2017-389, §2.)
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https://law.justia.com/codes/alabama/title-8/chapter-7a/section-8-7a-14/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 8 - Commercial Law and Consumer Protection.›Chapter 7A - Alabama Monetary Transmission Act.›Section 8-7A-14 - Records.
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2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 7A - Alabama Monetary Transmission Act. › Section 8-7A-14 - Records.
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Section 8-7A-14
Records.
(a) A licensee shall maintain all of the following records for determining its compliance with this chapter:
(1) A record of each payment instrument or stored-value obligation sold.
(2) A general ledger posted at least monthly containing all assets, liabilities, capital, income, and expense accounts.
(3) Bank statements and reconciliation records.
(4) Records of outstanding payment instruments and stored-value obligations.
(5) Records of each payment instrument and stored-value obligation paid within a five-year period.
(6) A list of names and addresses of all of the licensee's authorized delegates.
(7) Any other record the commission requires by rule.
(b) The records referenced in subsection (a) shall be maintained by the licensee for a minimum of five years. Records may be maintained outside of the state.
(c) All records of a licensee, authorized delegate, or applicant shall be subject to reasonable, periodic, or special examination, at any time or from time to time, whether the records are located within or outside of this state, as the commission deems necessary or appropriate to the public interest. The licensee shall make any record available for inspection by the commission within five business days of the request.
(Act 2017-389, §2.)
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https://law.justia.com/codes/alabama/title-8/chapter-7a/section-8-7a-15/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 8 - Commercial Law and Consumer Protection.›Chapter 7A - Alabama Monetary Transmission Act.›Section 8-7A-15 - Suspension and Revocation.
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2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 7A - Alabama Monetary Transmission Act. › Section 8-7A-15 - Suspension and Revocation.
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Section 8-7A-15
Suspension and revocation.
(a) The commission, by order, may suspend or revoke a license or order a licensee to revoke the designation of an authorized delegate, with or without prior notice, if the commission finds that such an order is in the best interest of the public, and any of the following circumstances exist:
(1) The licensee has violated any provision of this chapter or a rule adopted or an order issued under this chapter.
(2) The licensee, or any authorized delegate, does not cooperate with an examination or investigation by the commission.
(3) The licensee, or any authorized delegate, engaged in fraud, intentional misrepresentation, or gross negligence.
(4) An authorized delegate is convicted of a violation of a state or federal anti-money laundering statute, or willfully violates a rule adopted or an order issued under this chapter.
(5) The competence, experience, character, or general fitness of the licensee, authorized delegate, or a control person of a licensee indicates that it is not in the public interest to permit the person to provide money transmission services.
(6) The licensee becomes insolvent, suspends payment of its obligations, or makes a general assignment for the benefit of its creditors.
(7) The licensee engages in an unsafe or unsound practice. In determining whether a licensee is engaging in an unsafe or unsound practice, the commission may consider the size and financial condition of the licensee's money transmission business, the magnitude of any losses, the severity of the violation of this chapter, and the previous disciplinary history of the person involved.
(b) The commission may issue an order suspending or revoking the designation of an authorized delegate, if the commission finds that such order is in the best interest of the public, and any of the following circumstances exist:
(1) The authorized delegate has violated any provision of this chapter or a rule adopted or an order issued under this chapter.
(2) The authorized delegate does not cooperate with an examination or investigation by the commission.
(3) The authorized delegate engaged in fraud, intentional misrepresentation, or gross negligence.
(4) An authorized delegate is convicted of a violation of a state or federal anti-money laundering statute, or willfully violates a rule adopted or an order issued under this chapter.
(5) The competence, experience, character, or general fitness of the authorized delegate indicates that it is not in the public interest to permit the person to provide money transmission services.
(6) The authorized delegate engages in an unsafe or unsound practice. In determining whether a licensee is engaging in an unsafe or unsound practice, the commission may consider the size and financial condition of the licensee's money transmission business, magnitude of any losses, severity of the violation of this chapter, and previous disciplinary history of the person involved.
(Act 2017-389, §2.)
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https://law.justia.com/codes/alabama/title-8/chapter-7a/section-8-7a-16/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 8 - Commercial Law and Consumer Protection.›Chapter 7A - Alabama Monetary Transmission Act.›Section 8-7A-16 - Unauthorized Activities.
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2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 7A - Alabama Monetary Transmission Act. › Section 8-7A-16 - Unauthorized Activities.
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Section 8-7A-16
Unauthorized activities.
A person may not provide monetary transmission services on behalf of a person required to be licensed who is not licensed under this chapter. The commission, by rule or order, may further define unauthorized activities.
(Act 2017-389, §2.)
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https://law.justia.com/codes/alabama/title-8/chapter-7a/section-8-7a-17/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 8 - Commercial Law and Consumer Protection.›Chapter 7A - Alabama Monetary Transmission Act.›Section 8-7A-17 - Orders to Cease and Desist and Other Injunctive or Civil Relief.
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2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 7A - Alabama Monetary Transmission Act. › Section 8-7A-17 - Orders to Cease and Desist and Other Injunctive or Civil Relief.
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Section 8-7A-17
Orders to cease and desist and other injunctive or civil relief.
(a) If the commission determines that any person has engaged in or is about to engage in any act or practice constituting a violation of this chapter or a rule adopted or an order issued under this chapter, the commission, in its discretion, may do any of the following:
(1) Issue an order, with or without a prior hearing or notice, against the person or persons engaged in the act or practice, directing them to cease and desist from engaging in the act or practice.
(2) Issue an order appointing a receiver or conservator over a respondent or the respondent's assets.
(3) Order restitution or disgorgement against any person who has violated this chapter or any rule adopted or order issued pursuant to this chapter.
(4) Bring an action in any court of competent jurisdiction to enjoin an act or practice and to enforce compliance with this chapter or any rule adopted or order issued hereunder. Upon a proper showing, the court may issue a temporary restraining order or permanently enjoin any unlawful act or practice.
(b) The commission shall not be required to post a bond.
(Act 2017-389, §2.)
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https://law.justia.com/codes/alabama/title-8/chapter-7a/section-8-7a-18/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 8 - Commercial Law and Consumer Protection.›Chapter 7A - Alabama Monetary Transmission Act.›Section 8-7A-18 - Consent Orders.
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2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 7A - Alabama Monetary Transmission Act. › Section 8-7A-18 - Consent Orders.
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Section 8-7A-18
Consent orders.
The commission may enter into a consent order at any time with a person to resolve a matter arising under this chapter or a rule adopted or order issued under this chapter. A consent order must be signed by the person to whom it is issued or by the person's authorized representative, and must indicate agreement with the terms contained in the order.
(Act 2017-389, §2.)
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https://law.justia.com/codes/alabama/title-8/chapter-7a/section-8-7a-19/
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AL
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 8 - Commercial Law and Consumer Protection.›Chapter 7A - Alabama Monetary Transmission Act.›Section 8-7A-19 - Civil Penalties.
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2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 7A - Alabama Monetary Transmission Act. › Section 8-7A-19 - Civil Penalties.
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Section 8-7A-19
Civil penalties.
(a) The commission may assess a civil penalty against a person that violates this chapter or a rule adopted or an order issued under this chapter in an amount not to exceed one thousand dollars ($1,000) per day for each day the violation is outstanding.
(b) In addition to the assessment in subsection (a), the commission may assess a charge for the actual cost of any investigation resulting from any violation of this chapter, a violation of any rule or order issued under this chapter, or the cost of any examination made by the commission pursuant to this chapter, to the person or persons subject to such investigation or examination. All assessments collected under this subsection shall be deposited in the Alabama Securities Commission Fund in the State Treasury to be drawn upon by the commission for its use in administration of this chapter.
(Act 2017-389, §2.)
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https://law.justia.com/codes/alabama/title-8/chapter-7a/section-8-7a-20/
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AL
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 8 - Commercial Law and Consumer Protection.›Chapter 7A - Alabama Monetary Transmission Act.›Section 8-7A-20 - Criminal Penalties.
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2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 7A - Alabama Monetary Transmission Act. › Section 8-7A-20 - Criminal Penalties.
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Section 8-7A-20
Criminal penalties.
(a) A person that intentionally makes a false statement, misrepresentation, or false certification in a record filed or required to be maintained under this chapter or that intentionally makes a false entry or omits a material entry in such a record, upon conviction, shall be guilty of a Class D felony.
(b) A person that knowingly engages in an activity for which a license is required under this chapter without being licensed under this chapter and who receives more than five thousand dollars ($5,000) in compensation within a one-year period from this activity, upon conviction, shall be guilty of a Class C felony.
(c) A person that knowingly engages in an activity for which a license is required under this chapter without being licensed under this chapter and who receives no more than five thousand dollars ($5,000) in compensation within a one-year period from this activity, upon conviction, shall be guilty of a Class D felony.
(d) The enforcement of this chapter shall be vested in the commission. It is the duty of the commission to enforce this chapter and to investigate, prevent, and detect violations of this chapter. The commission is vested with the rights, privileges, and powers conferred by law upon district attorneys, including the power to appear before grand juries and to interrogate witnesses before such grand jury. A district attorney may empower the commission to proceed on its behalf in any proceeding under this chapter.
(e) In any proceeding under this chapter, scienter need not be alleged and proved in prosecutions of violations involving unlicensed money transmission.
(f) A proceeding under this chapter shall not preempt or foreclose any criminal action or liability which may arise under any other criminal provision of the Code of Alabama 1975.
(Act 2017-389, §2.)
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https://law.justia.com/codes/alabama/title-8/chapter-7a/section-8-7a-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 8 - Commercial Law and Consumer Protection.›Chapter 7A - Alabama Monetary Transmission Act.›Section 8-7A-21 - Confidentiality.
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2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 7A - Alabama Monetary Transmission Act. › Section 8-7A-21 - Confidentiality.
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Section 8-7A-21
Confidentiality.
(a) Except as otherwise provided in subsection (b), all information or reports obtained by the commission from the applicant, licensee, or authorized delegate and all information contained in or related to examination, investigation, operation, or condition reports prepared by, or on behalf of, or for the use of the commission, are confidential and are not subject to disclosure under Section 36-12-40.
(b) The commission may disclose information not otherwise subject to disclosure under subsection (a) to representatives of state and federal agencies, provided the agencies submit an undertaking to maintain the confidentiality of the information in a record.
(c) This section does not prohibit the commission from disclosing to the public a list of persons licensed under this chapter or the aggregated financial data concerning those licensees.
(Act 2017-389, §2.)
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https://law.justia.com/codes/alabama/title-8/chapter-7a/section-8-7a-22/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 8 - Commercial Law and Consumer Protection.›Chapter 7A - Alabama Monetary Transmission Act.›Section 8-7A-22 - Cooperation.
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2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 7A - Alabama Monetary Transmission Act. › Section 8-7A-22 - Cooperation.
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Section 8-7A-22
Cooperation.
The commission may consult and cooperate with other federal and state agencies in enforcing and administering this chapter. The commission may jointly pursue examinations and take other official action that it is otherwise empowered to take.
(Act 2017-389, §2.)
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 8 - Commercial Law and Consumer Protection.›Chapter 7A - Alabama Monetary Transmission Act.›Section 8-7A-23 - Investigation and Subpoenas by Commission.
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2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 7A - Alabama Monetary Transmission Act. › Section 8-7A-23 - Investigation and Subpoenas by Commission.
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Section 8-7A-23
Investigation and subpoenas by commission.
(a) The commission may do any of the following:
(1) Make such public or private investigations within or outside of this state as it deems necessary to determine whether: Any license under this chapter should be granted, denied, suspended, or revoked; any person has violated or is about to violate any provision of this chapter or any rule or order hereunder; or to aid in the enforcement of this chapter or in the prescribing of rules and forms hereunder.
(2) Require or permit any person to file a statement in writing, under oath, or otherwise as the commission may determine, as to all the facts and circumstances concerning the matter to be investigated.
(3) Publish information concerning any violation of this chapter or any rule or order hereunder.
(b) In relation to any investigation or proceeding under this chapter, the commission, or any officer designated, may administer oaths and affirmations, subpoena witnesses, compel their attendance, take evidence, and require the production of any books, papers, correspondence, memoranda, agreements, or other documents or records which the commission deems relevant to the inquiry.
(c) In case of refusal to obey a subpoena, upon application by the commission, any court of competent jurisdiction may issue an order to the person failing to obey the subpoena requiring that person to appear before the commission or the officer designated by it, to produce documentary evidence if so ordered, or to give evidence touching the matter under investigation or in question. The court may hold any person who fails to obey an order of the court in contempt of court.
(d) No person is excused from attending and testifying or from producing any document or record before the commission or any officer designated by it, in any proceeding instituted by the commission, on the ground that the testimony or evidence, documentary or otherwise, required of the person may tend to incriminate him or her or subject him or her to a penalty or forfeiture. No individual may be prosecuted or subjected to any penalty or forfeiture using or based on information he or she offered after asserting such privilege, except that the individual so testifying shall not be exempt from prosecution and punishment for perjury committed in so testifying. Nothing in this section shall prohibit the commission from prosecuting any person compelled to testify or provide evidence, if the commission has sufficient evidence, derived from other sources not discovered, derived, or revealed from such compelled testimony or evidence, to sustain a prosecution for a violation under this chapter.
(Act 2017-389, §2.)
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https://law.justia.com/codes/alabama/title-8/chapter-7a/section-8-7a-24/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 8 - Commercial Law and Consumer Protection.›Chapter 7A - Alabama Monetary Transmission Act.›Section 8-7A-24 - Party Aggrieved by Order Entitled to Hearing Before Commission; Appeals From Actio...
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2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 7A - Alabama Monetary Transmission Act. › Section 8-7A-24 - Party Aggrieved by Order Entitled to Hearing Before Commission; Appeals From Action of Commission.
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Section 8-7A-24
Party aggrieved by order entitled to hearing before commission; appeals from action of commission.
(a) Any person aggrieved by an order issued under this chapter shall be entitled to a hearing, as authorized for contested cases, pursuant to the Administrative Procedure Act, Chapter 22 of Title 41, if the aggrieved person, within 28 days after delivery of the order, submits a written request for a hearing before the commission. The order shall disclose the right to a hearing upon written request within 28 days after delivery of the order. If no timely request for a hearing is made, the order shall constitute a final order of the commission.
(b) Any appeal from any final order of the commission shall be made to the Circuit Court of Montgomery County and shall be governed by the provisions of the Administrative Procedure Act pertaining to judicial review.
(Act 2017-389, §2.)
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 8 - Commercial Law and Consumer Protection.›Chapter 7A - Alabama Monetary Transmission Act.›Section 8-7A-25 - Burden of Proving an Exemption or an Exception From a Definition.
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2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 7A - Alabama Monetary Transmission Act. › Section 8-7A-25 - Burden of Proving an Exemption or an Exception From a Definition.
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Section 8-7A-25
Burden of proving an exemption or an exception from a definition.
In any proceeding under this chapter, the burden of proving an exemption or an exception from a definition is upon the person claiming it.
(Act 2017-389, §2.)
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https://law.justia.com/codes/alabama/title-8/chapter-7a/section-8-7a-26/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 8 - Commercial Law and Consumer Protection.›Chapter 7A - Alabama Monetary Transmission Act.›Section 8-7A-26 - Making, Amending, and Rescinding Rules and Prescribing Forms.
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2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 7A - Alabama Monetary Transmission Act. › Section 8-7A-26 - Making, Amending, and Rescinding Rules and Prescribing Forms.
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Section 8-7A-26
Making, amending, and rescinding rules and prescribing forms.
The commission from time to time, may make, amend, and rescind rules and prescribe forms as are necessary and desirable to carry out this chapter. No rules or forms may be made or prescribed unless the commission finds that the action is necessary or appropriate in the public interest and consistent with the purposes fairly intended by the policy and provisions of this chapter. In prescribing rules and forms, the commission may cooperate with the administrators of other states, industry representatives, and other federal regulatory bodies with a view to effectuate the policy of this chapter to achieve maximum uniformity in the form and content of applications and reports wherever practicable. All rules shall be adopted pursuant to the Alabama Administrative Procedure Act and, along with all forms adopted, be published by the commission.
(Act 2017-389, §2.)
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https://law.justia.com/codes/alabama/title-8/chapter-7a/section-8-7a-27/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 8 - Commercial Law and Consumer Protection.›Chapter 7A - Alabama Monetary Transmission Act.›Section 8-7A-27 - Interpretive Opinions by the Commission.
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2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 7A - Alabama Monetary Transmission Act. › Section 8-7A-27 - Interpretive Opinions by the Commission.
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Section 8-7A-27
Interpretive opinions by the commission.
(a) The commission may issue interpretative opinions and no-action letters upon request from interested persons. Such opinions or no-action letters shall be limited in scope and may not be requested to provide legal advice to any person. No opinion or no-action letter shall be issued on a hypothetical basis.
(b) Any person who makes application to the commission for an interpretative opinion or no-action letter shall be assessed a nonrefundable filing fee of five hundred dollars ($500) upon application for such opinion or no-action letter.
(Act 2017-389, §2.)
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 8 - Commercial Law and Consumer Protection.›Chapter 8 - Interest and Usury.›Section 8-8-1 - Maximum Rates of Interest - Generally.
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2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 8 - Interest and Usury. › Section 8-8-1 - Maximum Rates of Interest - Generally.
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Section 8-8-1
Maximum rates of interest - Generally.
Except as otherwise provided by law, the maximum rate of interest upon the loan or forbearance of money, goods, or things in action, except by written contract is $6 upon $100 for one year, and the rate of interest by written contract is not to exceed $8 upon $100 for one year and at that rate for a greater or less sum or for a longer or shorter time.
(Code 1852, §1519; Code 1867, §1827; Code 1876, §2088; Code 1886, §1750; Code 1896, §2626; Code 1907, §4619; Code 1923, §8563; Acts 1935, No. 37, p. 69; Code 1940, T. 9, §60.)
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 8 - Commercial Law and Consumer Protection.›Chapter 8 - Interest and Usury.›Section 8-8-1.1 - Maximum Rates of Interest - Permitted Under State or Federal Law.
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2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 8 - Interest and Usury. › Section 8-8-1.1 - Maximum Rates of Interest - Permitted Under State or Federal Law.
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Section 8-8-1.1
Maximum rates of interest - Permitted under state or federal law.
(a) Individuals, partnerships, banks, corporations, and other legal entities may, on any loans or extensions of credit made by them, charge or impose the same rate of interest or finance charge to the same extent and under the same circumstances and conditions as any federal or state chartered or licensed lending institution having its principal place of business in Alabama; provided, however, that any individual or partnership charging or imposing interest or finance charges in excess of that permitted such lending institutions under other applicable law shall be subject to the same penalties prescribed in such other applicable law or laws for such excessive interest or finance charges.
(b) The provisions of this section are cumulative and nothing herein contained shall diminish rights or powers otherwise existing. The provisions of this section, as amended, shall have retroactive effect to May 14, 1979, when it became law; provided, however, that there shall be no change of interest rates on secured loans in existence as of April 25, 1980. Any actions taken or contracts made in accordance with the provisions of this section since May 14, 1979 are hereby ratified, validated, and confirmed.
(Acts 1979, No. 79-103, p. 125; Acts 1980, No. 80-259, p. 335.)
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 8 - Commercial Law and Consumer Protection.›Chapter 8 - Interest and Usury.›Section 8-8-1.2 - Maximum Rates of Interest - Loans Secured by Savings Accounts.
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2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 8 - Interest and Usury. › Section 8-8-1.2 - Maximum Rates of Interest - Loans Secured by Savings Accounts.
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Section 8-8-1.2
Maximum rates of interest - Loans secured by savings accounts.
Any savings and loan association located within the State of Alabama may charge on loans secured by savings accounts a rate of interest of not more than two percent per annum in excess of the rate of return payable on any such savings account.
(Acts 1979, No. 79-104, p. 126.)
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https://law.justia.com/codes/alabama/title-8/chapter-8/section-8-8-2/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 8 - Commercial Law and Consumer Protection.›Chapter 8 - Interest and Usury.›Section 8-8-2 - Maximum Rates of Interest - Aggregation of Principal and Interest on Loans at Six Pe...
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2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 8 - Interest and Usury. › Section 8-8-2 - Maximum Rates of Interest - Aggregation of Principal and Interest on Loans at Six Percent and Division Into Installments.
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Section 8-8-2
Maximum rates of interest - Aggregation of principal and interest on loans at six percent and division into installments.
It shall be lawful to lend money at six percent per annum or less, to aggregate principal and interest at the date of the loan for the entire period of the loan and to divide the sum of the principal and interest for the entire period of the loan into monthly or other installments.
(Acts 1927, No. 376, p. 440; Code 1940, T. 9, §61; Acts 1953, No. 450, p. 554.)
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https://law.justia.com/codes/alabama/title-8/chapter-8/section-8-8-4/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 8 - Commercial Law and Consumer Protection.›Chapter 8 - Interest and Usury.›Section 8-8-4 - Maximum Rates of Interest - Loans, etc., of $100,000 or More to State Board of Educa...
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2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 8 - Interest and Usury. › Section 8-8-4 - Maximum Rates of Interest - Loans, etc., of $100,000 or More to State Board of Education and Trustees of State Educational Institutions.
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Section 8-8-4
Maximum rates of interest - Loans, etc., of $100,000 or more to State Board of Education and trustees of state educational institutions.
(a) The State Board of Education and the trustees of all state institutions where education is a part of the program of the institution as referred to in Section 16-3-28, when borrowing money in amounts of not less than $100,000, may agree to pay such rate or rates of interest not to exceed a rate of 15 percent per annum for the loan or forbearance of money as such board of education or trustees may determine, notwithstanding any law of this state otherwise prescribing or limiting such rate or rates of interest.
(b) As to any such agreement, neither such board of education or trustees, nor any surety, guarantor, endorser, or any other person, firm, partnership, association, or corporation which may become liable, in whole or in part, for the payment of the debt and interest agreed to be paid thereon in accordance with the terms hereof, or under any extension, amendment, or renewal thereof, may raise or claim the defense or benefit of the usury laws or any other law prescribing, regulating, or limiting such rate or rates of interest.
(c) The provisions of this section are cumulative and shall be construed in pari materia with other laws prescribing or limiting rates of interest on the loan of money and not in repeal thereof.
(Acts 1969, No. 1038, p. 1919; Acts 1970, Ex. Sess., No. 9, p. 2605.)
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https://law.justia.com/codes/alabama/title-8/chapter-8/section-8-8-5/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 8 - Commercial Law and Consumer Protection.›Chapter 8 - Interest and Usury.›Section 8-8-5 - Maximum Rates of Interest - Loans, Credit Sales, etc., of $2,000 or More to Individu...
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2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 8 - Interest and Usury. › Section 8-8-5 - Maximum Rates of Interest - Loans, Credit Sales, etc., of $2,000 or More to Individuals, Corporations, Trusts, Partnerships, or Associations.
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Section 8-8-5
Maximum rates of interest - Loans, credit sales, etc., of $2,000 or more to individuals, corporations, trusts, partnerships, or associations.
(a) Any person or persons, corporations, trust, general partnership or partnerships, limited partnership or partnerships, or association may agree to pay such rate or rates of interest for the loan or forbearance of money and for any credit sales as such person, corporation, trust, general partnership, limited partnership, or association may determine, notwithstanding any law of this state otherwise prescribing or limiting such rate or rates of interest; provided, that the original principal balance of the loan or forbearance of money or credit sales is not less than $2,000; provided further, that all laws relating to unconscionability in consumer transactions including but not limited to the provisions of Chapter 19 of Title 5, known as the Mini-Code, shall apply to transactions covered by this section.
(b) As to any such loan or forbearance of money or credit sales made in compliance with subsection (a) of this section, neither such person, corporation, trust, general partnership, limited partnership, or association, nor their heirs, successors, or assigns, nor any surety, guarantor, endorser, or any other person, firm, partnership, association, trust, or corporation which may become liable, in whole or in part, for the payment of the debt and interest agreed to be paid thereon in accordance with the terms hereof, or any extension, amendment, or renewal thereof, may raise or claim the defense or benefit of the usury laws or any other law prescribing, regulating, or limiting such rate or rates of interest.
(c) The term "original principal balance," as used herein, shall include the total principal amount of indebtedness incurred or contracted for in a loan, forbearance of money, credit sales, or in a single issue or sale of bonds, debentures, promissory notes, or like transaction, without regard either to the face amount or denomination of any bond, debenture, note, or other evidence of indebtedness constituting a part of such issue or sale, or to the amount of the initial or any subsequent advance pursuant to such loan, forbearance, or credit sales. The term "interest" as used herein shall include all direct or indirect charges imposed as an incident to a loan, forbearance of money, or credit sales.
(d) This section shall apply to any person or entity, whether or not organized for profit, and to transactions both prior to and after default, but shall not apply to any agreement involving the loan or forbearance of money or credit sales where the original principal balance is less than $2,000.
(e) The provisions of this section are cumulative to, and not in derogation of, rights under other provisions of state or federal law and shall not in any way repeal, amend, or modify the provisions of Public Law 96-221 enacted by the Congress of the United States and approved March 31, 1980, as amended.
(Acts 1970, Ex. Sess., No. 27, p. 2628; Acts 1980, No. 80-435, p. 659; Acts 1981, No. 81-503, p. 861, §1; Acts 1984, No. 84-108; Acts 1984, No. 84-308.)
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https://law.justia.com/codes/alabama/title-8/chapter-8/section-8-8-6/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 8 - Commercial Law and Consumer Protection.›Chapter 8 - Interest and Usury.›Section 8-8-6 - Maximum Rates of Interest - Exemption of Debts Incurred Pursuant to National Housing...
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2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 8 - Interest and Usury. › Section 8-8-6 - Maximum Rates of Interest - Exemption of Debts Incurred Pursuant to National Housing Act or Veterans' Benefits.
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Section 8-8-6
Maximum rates of interest - Exemption of debts incurred pursuant to National Housing Act or veterans' benefits.
(a) All debts or extensions of credit incurred pursuant to any provision of the act of Congress known as the National Housing Act, as the same now exists or may hereafter be amended or supplemented, and all debts or extensions of credit incurred pursuant to any act of Congress relating to veterans' benefits, as the same now exists or may hereafter be amended or supplemented, are exempt from any law of this state relating to usury or prescribing or limiting interest rates.
(b) The provisions of this section are remedial and supersede the provisions of any other act limiting interest rates in any way contrary to the provisions hereof.
(Acts 1969, No. 3, p. 297.)
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https://law.justia.com/codes/alabama/title-8/chapter-8/section-8-8-7/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 8 - Commercial Law and Consumer Protection.›Chapter 8 - Interest and Usury.›Section 8-8-7 - Maximum Rates of Interest - Exemption of Bonds, Notes, etc., of State, Instrumentali...
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2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 8 - Interest and Usury. › Section 8-8-7 - Maximum Rates of Interest - Exemption of Bonds, Notes, etc., of State, Instrumentalities, Localities, Etc.
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Section 8-8-7
Maximum rates of interest - Exemption of bonds, notes, etc., of state, instrumentalities, localities, etc.
Any bonds, notes, warrants, other evidences of indebtedness, or securities issued by the State of Alabama or any department, agency, or instrumentality thereof, by any not-for-profit public or private corporation at any time organized or created pursuant to act of the Legislature or executive order of the Governor for the purpose of acting as an instrumentality of the State of Alabama or otherwise acting in the public interest and by any board of water and sewer commissioners created under the provisions of Article 10, Chapter 50, Title 11, and authorized to issue bonds under Section 11-50-345 by any municipality, by any county, by any public corporation heretofore or hereafter organized or created in the State of Alabama pursuant to authorization, determination, finding, or other action of any municipality or municipalities or county or counties or the governing body of any one or more thereof, or by any city or county board of education, are hereby exempted from all laws of the State of Alabama governing usury or prescribing or limiting interest rates, including, without limitation, the provisions of this chapter.
(Acts 1975, 4th Ex. Sess., No. 53, p. 2665, §1; Acts 1982, No. 82-551, p. 911, §1.)
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https://law.justia.com/codes/alabama/title-8/chapter-8/section-8-8-8/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 8 - Commercial Law and Consumer Protection.›Chapter 8 - Interest and Usury.›Section 8-8-8 - Interest Accrues on Breach of Contract.
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2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 8 - Interest and Usury. › Section 8-8-8 - Interest Accrues on Breach of Contract.
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Section 8-8-8
Interest accrues on breach of contract.
All contracts, express or implied, for the payment of money, or other thing, or for the performance of any act or duty bear interest from the day such money, or thing, estimating it at its money value, should have been paid, or such act, estimating the compensation therefor in money, performed.
(Code 1852, §1520; Code 1867, §1828; Code 1876, §2089; Code 1886, §1751; Code 1896, §2627; Code 1907, §4620; Code 1923, §8564; Code 1940, T. 9, §62.)
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 8 - Commercial Law and Consumer Protection.›Chapter 8 - Interest and Usury.›Section 8-8-9 - Interest on Unauthorized Change Bills and Notes Not Exceeding $1.
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2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 8 - Interest and Usury. › Section 8-8-9 - Interest on Unauthorized Change Bills and Notes Not Exceeding $1.
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Section 8-8-9
Interest on unauthorized change bills and notes not exceeding $1.
All change bills and notes for a sum not exceeding $1 issued or circulated in this state without authority of law bear interest at the rate of 100 percent per annum from the day of their date, time of issue or circulation, and may be sued on by the holder thereof, without regard to the person to whom the same are payable, and a recovery had against the person issuing or giving circulation to the same.
(Code 1852, §1524; Code 1867, §1832; Code 1876, §2093; Code 1886, §1755; Code 1896, §2632; Code 1907, §4625; Code 1923, §8569; Code 1940, T. 9, §67.)
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 8 - Commercial Law and Consumer Protection.›Chapter 8 - Interest and Usury.›Section 8-8-10 - Interest on Money Judgments and Costs.
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2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 8 - Interest and Usury. › Section 8-8-10 - Interest on Money Judgments and Costs.
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Section 8-8-10
Interest on money judgments and costs.
(a) Judgments for the payment of money, other than costs, if based upon a contract action, bear interest from the day of the cause of action, at the same rate of interest as stated in the contract; all other judgments shall bear interest at the rate of 7.5 percent per annum, the provisions of Section 8-8-1 to the contrary notwithstanding; provided, that fees allowed a trustee, executor, administrator, or attorney and taxed as a part of the cost of the proceeding shall bear interest at a like rate from the day of entry.
(b) This section shall apply to all judgments entered on and after September 1, 2011.
(Code 1852, §1521; Code 1867, §1829; Code 1876, §2090; Code 1886, §1752; Code 1896, §2628; Code 1907, §4621; Code 1923, §8565; Code 1940, T. 9, §63; Acts 1953, No. 64, p. 96; Acts 1981, 3rd Ex. Sess., No. 81-1115, p. 379; Acts 1982, No. 82-443, p. 696; Act 2011-521, p. 837, §1.)
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 8 - Commercial Law and Consumer Protection.›Chapter 8 - Interest and Usury.›Section 8-8-11 - Application of Partial Payments to Principal and Interest.
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2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 8 - Interest and Usury. › Section 8-8-11 - Application of Partial Payments to Principal and Interest.
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Section 8-8-11
Application of partial payments to principal and interest.
Except as provided in this section, when partial payments are made, the interest due is first to be paid and the balance applied to the payment of the principal. In the case of a judgment for child or spousal support, or a judgment for medical support of a child or spouse, any partial payment shall be applied first to the principal, and the remaining balance, if any, shall be applied to the interest.
(Code 1852, §1522; Code 1867, §1830; Code 1876, §2091; Code 1886, §1753; Code 1896, §2629; Code 1907, §4622; Code 1923, §8566; Code 1940, T. 9, §64; Acts 1995, No. 95-391, p. 799, §2.)
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 8 - Commercial Law and Consumer Protection.›Chapter 8 - Interest and Usury.›Section 8-8-12 - Enforcement of Usurious Contracts.
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2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 8 - Interest and Usury. › Section 8-8-12 - Enforcement of Usurious Contracts.
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Section 8-8-12
Enforcement of usurious contracts.
(a) Except as otherwise permitted by law, all contracts for the payment of interest upon the loan or forbearance of goods, money, things in action, or upon any contract whatever at a higher rate than is prescribed in this chapter are usurious and cannot be enforced except as to the principal.
(b) The borrower of money at a usurious rate of interest shall not in any case be required to pay more than the principal sum borrowed, and if any interest has been paid, the same must be deducted from the principal and judgment entered for the balance only; provided, however, that the defense of usury may not be pleaded against a holder in due course of any negotiable instrument.
(Code 1852, §1523; Code 1867, §1831; Code 1876, §2092; Code 1886, §1754; Code 1896, §2630; Code 1907, §4623; Code 1923, §8567; Acts 1931, No. 650, p. 783; Code 1940, T. 9, §65.)
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https://law.justia.com/codes/alabama/title-8/chapter-8/section-8-8-13/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 8 - Commercial Law and Consumer Protection.›Chapter 8 - Interest and Usury.›Section 8-8-13 - Collection on Notes, etc., Discounted at Higher Rate of Interest Than Eight Percent...
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2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 8 - Interest and Usury. › Section 8-8-13 - Collection on Notes, etc., Discounted at Higher Rate of Interest Than Eight Percent.
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Section 8-8-13
Collection on notes, etc., discounted at higher rate of interest than eight percent.
Except when otherwise permitted by law, any banker who discounts any note, bill of exchange, or draft at a higher rate of interest than eight percent per annum, not including the difference of exchange, cannot enforce the collection of the same, except as to principal; and if any interest has been paid, the same must be deducted from the principal and judgment entered for the balance only.
(Code 1852, §1417; Code 1867, §1689; Code 1876, §4435; Code 1886, §4140; Code 1896, §2631; Code 1907, §4624; Code 1923, §8568; Code 1940, T. 9, §66.)
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 8 - Commercial Law and Consumer Protection.›Chapter 8 - Interest and Usury.›Section 8-8-14 - Interest Surcharge on Loans or Credit Sales; Refunds; Maximum Interest Rate Indexed...
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2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 8 - Interest and Usury. › Section 8-8-14 - Interest Surcharge on Loans or Credit Sales; Refunds; Maximum Interest Rate Indexed to Prime Rate; Maximum Interest Rates for Open-End Credit Plans.
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Section 8-8-14
Interest surcharge on loans or credit sales; refunds; maximum interest rate indexed to prime rate; maximum interest rates for open-end credit plans.
(a) In addition to other lawful charges under various state laws, and notwithstanding any restrictions thereunder, a legal licensed lending institution, a vendor making credit sales, any financial institution operating in Alabama or any individual may, if provided in the contract, charge and collect at the time of making a loan or credit sale, on each contract of loan or credit sale, an interest surcharge of not more than six percent of the part of the amount financed, which is not in excess of two thousand dollars ($2000). In addition to any rebate to which the debtor is otherwise entitled, when any contract upon which an interest surcharge has been charged is prepaid in full by any means within 90 days of date of the contract, the creditor shall refund or credit the debtor with a pro rata portion of the interest surcharge, except that in such event an amount of no less than twenty-five dollars ($25) may be retained by the creditor.
(b) As an alternative to any other interest or finance charge allowed by state laws, and any law or regulation to the contrary notwithstanding, a lender or a vendor in credit sales, any financial institution operating in Alabama or any individual may, in connection with any credit sale, upon any type or class of loan, charge a maximum allowable rate on the amount of such loan or credit sale, not to exceed two percentage points above the prime rate at the time such loan or credit sales contract is executed; or if the debt is created under an open-end credit plan, the maximum finance charge in connection therewith shall be one and three-fourths percent per month on the first $750 or less, and one and one-half percent per month on the excess of any unpaid balance from time to time thereunder. For the purpose of this section, the prime rate shall be the average of the prime rates reported by the three largest banks in New York City as of the close of business three business days immediately preceding the date on which the loan or credit sale is made.
(c) The provisions of this section are cumulative to, and not in derogation of, rights under other provisions of state or federal law and shall not in any way repeal, amend or modify the provisions of Public Law 96-221 enacted by the Congress of the United States and approved March 31, 1980.
(Acts 1980, No. 80-738, §§1, 2, 4, 5, p. 1502; Acts 1981, No. 81-654, p. 1071, §1; Acts 1982, No. 82-271, p. 340, §1; Acts 1989, No. 89-421, p. 885; Acts 1997, No. 97-453, p. 803, §1.)
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https://law.justia.com/codes/alabama/title-8/chapter-8/section-8-8-15/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 8 - Commercial Law and Consumer Protection.›Chapter 8 - Interest and Usury.›Section 8-8-15 - Bad Check Charge; Deemed Not Finance Charge.
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2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 8 - Interest and Usury. › Section 8-8-15 - Bad Check Charge; Deemed Not Finance Charge.
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Section 8-8-15
Bad check charge; deemed not finance charge.
(a) Any lender of money, extender of other credit, or merchant making a sale of merchandise, goods, or services, or the assignee of the lender, extender of credit, or merchant who receives a check, draft, negotiable order of withdrawal, or like instrument drawn on a bank or other depository institution given by any person in full or partial repayment of a loan, other extension of credit, or a sale of merchandise, goods, or services may, if the instrument is not paid or is dishonored by the institution, charge and collect, through regular billing procedure or otherwise, from the borrower, person to whom the credit was extended, or from whom the instrument was received, a bad check charge of not more than the greater of either twenty-five dollars ($25) or an amount equal to the actual charge by the depository institution for the return of unpaid or dishonored instruments.
(b) Commencing January 1, 1999, the bad check charge in subsection (a) shall increase by one dollar ($1) per year through January 1, 2003, at which time the maximum bad check charge shall be thirty dollars ($30).
Charges imposed in connection with the dishonor of a negotiable instrument shall not be deemed interest finance or other charge made as an incident to or as a condition to the grant of the loan or other extension of credit and shall not be included in determining the limit on charges which may be made in connection with the loan or extension of credit as provided in this section or in any other law of this state.
(Acts 1985, No. 85-282, p. 182; Acts 1989, Ex. Sess., No. 89-980, p. 19; Acts 1991, No. 91-319, p. 578, §1; Acts 1997, No. 97-413, p. 679, §1.)
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https://law.justia.com/codes/alabama/title-8/chapter-9/section-8-9-1/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 8 - Commercial Law and Consumer Protection.›Chapter 9 - Frauds.›Section 8-9-1 - Mortgage of Personalty.
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2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 9 - Frauds. › Section 8-9-1 - Mortgage of Personalty.
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Section 8-9-1
Mortgage of personalty.
Except as may be otherwise provided by Title 7 a mortgage of or security interest in personal property is not valid unless made in writing and subscribed by the mortgagor or debtor.
(Code 1886, §1731; Code 1896, §2151; Code 1907, §4288; Code 1923, §8033; Code 1940, T. 20, §2.)
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https://law.justia.com/codes/alabama/title-8/chapter-9/section-8-9-2/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 8 - Commercial Law and Consumer Protection.›Chapter 9 - Frauds.›Section 8-9-2 - Certain Agreements Void Unless in Writing.
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2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 9 - Frauds. › Section 8-9-2 - Certain Agreements Void Unless in Writing.
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Section 8-9-2
Certain agreements void unless in writing.
In the following cases, every agreement is void unless such agreement or some note or memorandum thereof expressing the consideration is in writing and subscribed by the party to be charged therewith or some other person by him thereunto lawfully authorized in writing:
(1) Every agreement which, by its terms, is not to be performed within one year from the making thereof;
(2) Every special promise by an executor or administrator to answer damages out of his own estate;
(3) Every special promise to answer for the debt, default or miscarriage of another;
(4) Every agreement, promise or undertaking made upon consideration of marriage, except mutual promises to marry;
(5) Every contract for the sale of lands, tenements or hereditaments, or of any interest therein, except leases for a term not longer than one year, unless the purchase money, or a portion thereof is paid and the purchaser is put in possession of the land by the seller;
(6) Every agreement, contract or promise to make a will or to devise or bequeath any real or personal property or right, title or interest therein;
(7) Every agreement or commitment to lend money, delay or forebear repayment thereof or to modify the provisions of such an agreement or commitment except for consumer loans with a principal amount financed less than $25,000;
(8) Notwithstanding Section 7-8-113, every agreement for the sale or purchase of securities other than through the facilities of a national stock exchange or of the over-the-counter securities market.
(Code 1852, §1551; Code 1867, §1862; Code 1876, §2121; Code 1886, §1732; Code 1896, §2152; Code 1907, §4289; Code 1923, §8034; Code 1940, T. 20, §3; Acts 1951, No. 645, p. 1109; Acts 1989, No. 89-430, p. 910; Acts 1996, No. 96-742, p. 1241, §5.)
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https://law.justia.com/codes/alabama/title-8/chapter-9/section-8-9-3/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 8 - Commercial Law and Consumer Protection.›Chapter 9 - Frauds.›Section 8-9-3 - Sufficiency of Note of Contract - Memorandum of Auctioneer.
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2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 9 - Frauds. › Section 8-9-3 - Sufficiency of Note of Contract - Memorandum of Auctioneer.
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Section 8-9-3
Sufficiency of note of contract - Memorandum of auctioneer.
When lands, tenements, or hereditaments are sold or leased at public auction and the auctioneer, his clerk or agent makes a memorandum of the property and the price thereof at which it is sold or leased, the terms of sale, the name of the purchaser, or lessee and the name of the person on whose account the sale or lease is made, such memorandum is a note of the contract within the meaning of Section 8-9-2.
(Code 1852, §1552; Code 1867, §1863; Code 1876, §2122; Code 1886, §1733; Code 1896, §2153; Code 1907, §4290; Code 1923, §8035; Code 1940, T. 20, §4.)
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https://law.justia.com/codes/alabama/title-8/chapter-9/section-8-9-4/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 8 - Commercial Law and Consumer Protection.›Chapter 9 - Frauds.›Section 8-9-4 - Sufficiency of Note of Contract - Return or Report of Officer Making Judicial Sale.
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2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 9 - Frauds. › Section 8-9-4 - Sufficiency of Note of Contract - Return or Report of Officer Making Judicial Sale.
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Section 8-9-4
Sufficiency of note of contract - Return or report of officer making judicial sale.
When lands, tenements, or hereditaments are sold at judicial sale, the return or report of the officer making the sale, showing the names of the parties to the action or proceeding, a description of the property, the price at which it was sold, and the name of the purchaser is a note of the contract within the meaning of Section 8-9-2.
(Code 1896, §2154; Code 1907, §4291; Code 1923, §8036; Code 1940, T. 20, §5.)
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https://law.justia.com/codes/alabama/title-8/chapter-9/section-8-9-5/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 8 - Commercial Law and Consumer Protection.›Chapter 9 - Frauds.›Section 8-9-5 - Representation or Assurance of Another's Credit to Be in Writing.
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2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 9 - Frauds. › Section 8-9-5 - Representation or Assurance of Another's Credit to Be in Writing.
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Section 8-9-5
Representation or assurance of another's credit to be in writing.
No action can be maintained to charge any person, by reason of any representation or assurance made, concerning the character, conduct, ability, trade, or dealings of any other person, when such action is brought by the person to whom such representation or assurance was made, unless the same is in writing, signed by a party sought to be charged.
(Code 1852, §1553; Code 1867, §1864; Code 1876, §2123; Code 1886, §1734; Code 1896, §2155; Code 1907, §4292; Code 1923, §8037; Code 1940, T. 20, §6.)
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https://law.justia.com/codes/alabama/title-8/chapter-9/section-8-9-8/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 8 - Commercial Law and Consumer Protection.›Chapter 9 - Frauds.›Section 8-9-8 - When General Assignment or Conveyance of Substantially All Property by Debtor Inures...
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2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 9 - Frauds. › Section 8-9-8 - When General Assignment or Conveyance of Substantially All Property by Debtor Inures to Benefit of All Creditors Equally.
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Section 8-9-8
When general assignment or conveyance of substantially all property by debtor inures to benefit of all creditors equally.
(a) Every general assignment made by a debtor or a conveyance by a debtor of substantially all of his property subject to execution in payment of a prior debt by which a preference or priority of payment is given to one or more creditors over the remaining creditors of the grantor shall be and inure to the benefit of all the creditors of the grantor equally.
(b) This section shall not apply to or embrace mortgages, pledges, or pawns given to secure a debt contracted contemporaneously with the execution of the mortgage, pledge, or pawn and for the security of which the mortgage, pledge, or pawn was given.
(c) A "general assignment" within the meaning of this section shall include, in addition to the conveyances now defined as such by law, every judgment confessed, attachment procured by a debtor or other disposition of property by which a debtor conveys all, or substantially all, of his property subject to execution in payment of, or as the security for, a prior debt or charges such property with the payment of such debt.
(Code 1876, §2126; Code 1886, §1737; Code 1896, §2158; Code 1907, §4295; Code 1923, §8040; Code 1940, T. 20, §9.)
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https://law.justia.com/codes/alabama/title-8/chapter-9/section-8-9-10/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 8 - Commercial Law and Consumer Protection.›Chapter 9 - Frauds.›Section 8-9-10 - Agreement in Contract to Forfeit Right of Action for Not Presenting Damage Claim Vo...
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2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 9 - Frauds. › Section 8-9-10 - Agreement in Contract to Forfeit Right of Action for Not Presenting Damage Claim Void; Exceptions.
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Section 8-9-10
Agreement in contract to forfeit right of action for not presenting damage claim void; exceptions.
Any agreement, convenant, or stipulation in any contract, verbal or written, forfeiting any right of action for failure to present to the party liable a claim for damages, is void; but this section shall not prevent stipulations requiring the giving of informaiton by one party to another within a reasonable time of the happening of any event peculiarly within the knowlege of one of the parties to such contract.
(Code 1907, § 4297; Code 1923, § 8048; Code 1940, T. 20, §17.)
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https://law.justia.com/codes/alabama/title-8/chapter-9/section-8-9-11/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 8 - Commercial Law and Consumer Protection.›Chapter 9 - Frauds.›Section 8-9-11 - Agreements to Confess Judgment, Be Sued in Different Venue or Authorize Another to...
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2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 9 - Frauds. › Section 8-9-11 - Agreements to Confess Judgment, Be Sued in Different Venue or Authorize Another to Confess Judgment Before Commencement of Action Void; Annulment of Illegal Judgments.
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Section 8-9-11
Agreements to confess judgment, be sued in different venue or authorize another to confess judgment before commencement of action void; annulment of illegal judgments.
All agreements, contracts, or stipulations to confess judgment in any of the courts of this state, to be sued in any county other than that fixed by the venue statutes of this state, or to authorize another to confess judgment in any of the courts of this state made before the commencement of the action in which such judgments are so confessed shall be void, and all judgments by such unlawful confession, or otherwise taken or had in violation of this section, shall be set aside and annulled on motion if made within six months after the entry of such judgment.
(Code 1907, §4296; Code 1923, §8047; Code 1940, T. 20, §16.)
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https://law.justia.com/codes/alabama/title-8/chapter-9/section-8-9-12/
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 8 - Commercial Law and Consumer Protection.›Chapter 9 - Frauds.›Section 8-9-12 - Realty Conveyance Wherein Grantee Agrees to Support Grantor During Life Voidable; E...
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2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 9 - Frauds. › Section 8-9-12 - Realty Conveyance Wherein Grantee Agrees to Support Grantor During Life Voidable; Exceptions.
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Section 8-9-12
Realty conveyance wherein grantee agrees to support grantor during life voidable; exceptions.
Any conveyance of realty wherein a material part of the consideration is the agreement of the grantee to support the grantor during life is void at the option of the grantor, except as to bona fide purchasers for value, lienees, and mortgagees without notice, if, during the life of the grantor, he takes proceedings to annul such conveyance.
(Code 1923, §8046; Code 1940, T. 20, §15.)
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 8 - Commercial Law and Consumer Protection.›Chapter 9A - Alabama Fraudulent Transfer Act.›Section 8-9A-1 - Definitions.
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2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 9A - Alabama Fraudulent Transfer Act. › Section 8-9A-1 - Definitions.
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Section 8-9A-1
Definitions.
As used in this chapter:
(1) AFFILIATE.
a. A person who directly or indirectly owns, controls, or holds with power to vote, 20 percent or more of the outstanding voting securities of the debtor, other than a person who holds the securities,
1. As a fiduciary or agent without sole discretionary power to vote the securities; or
2. Solely to secure a debt, if the person has not exercised the power to vote;
b. A corporation 20 percent or more of whose outstanding voting securities are directly or indirectly owned, controlled, or held with power to vote, by the debtor or a person who directly or indirectly owns, controls, or holds, with power to vote, 20 percent or more of the outstanding voting securities of the debtor, other than a person who holds the securities,
1. As a fiduciary or agent without sole power to vote the securities; or
2. Solely to secure a debt, if the person has not in fact exercised the power to vote;
c. A person whose business is operated by the debtor under a lease or other agreement or a person substantially all of whose assets are controlled by the debtor, or
d. A person who operates the debtor's business under a lease or other agreement or controls substantially all of the debtor's assets.
(2) ASSET. Property of a debtor, but the term does not include:
a. Property to the extent it is encumbered by a valid lien;
b. Property to the extent it is generally exempt under nonbankruptcy law; or
c. An interest in property held in tenancy in common for life with cross contingent remainder to the survivor in fee to the extent it is not subject to process by a creditor holding a claim against only one tenant.
(3) CLAIM. A right to payment, whether or not the right is reduced to judgment, liquidated, unliquidated, fixed, contingent, matured, unmatured, disputed, undisputed, legal, equitable, secured, or unsecured, and specifically shall include the nonpayment of child support pursuant to a court order.
(4) CREDITOR. A person who has a claim.
(5) DEBT. Liability on a claim.
(6) DEBTOR. A person who is liable on a claim.
(7) INCLUDES. Is not a limiting term.
(8) INSIDER. Includes:
a. If the debtor is an individual,
1. A relative of the debtor or of a general partner of the debtor;
2. A partnership in which the debtor is a general partner;
3. A general partner in a partnership described in subparagraph 2; or
4. A corporation of which the debtor is a director, officer, or person in control;
b. If the debtor is a corporation,
1. A director of the debtor;
2. An officer of the debtor;
3. A person in control of the debtor;
4. A partnership in which the debtor is a general partner;
5. A general partner in a partnership described in subparagraph 4; or
6. A relative of a general partner, director, officer, or person in control of the debtor,
c. If the debtor is a partnership,
1. A general partner in the debtor;
2. A relative of a general partner in, a general partner of, or a person in control of the debtor;
3. Another partnership in which the debtor is a general partner;
4. A general partner in a partnership described in subparagraph 3; or
5. A person in control of the debtor.
d. An affiliate, or an insider of an affiliate as if the affiliate were the debtor; and
e. A managing agent of the debtor.
(9) LIEN. A charge against or an interest in property to secure payment of a debt or performance of an obligation, and includes a security interest created by agreement, a judicial lien obtained by legal or equitable process or proceedings, a common law lien, or a statutory lien.
(10) PERSON. An individual, partnership, corporation, association, organization, government, or governmental subdivision or agency, business trust, estate, trust, or any other legal or commercial entity.
(11) PROPERTY. Both real and personal property, whether tangible or intangible, and any interest in property whether legal or equitable and includes anything that may be the subject of ownership.
(12) RELATIVE. An individual related by consanguinity within the third degree as determined by the common law, a spouse, or an individual related to a spouse within the third degree as so determined, and includes an individual in an adoptive relationship within the third degree.
(13) TRANSFER. Every mode, direct or indirect, absolute or conditional, voluntary or involuntary, of disposing of or parting with an asset or an interest in an asset, and includes payment of money, release, lease, and creation of a lien or other encumbrance.
(14) VALID LIEN. A lien that is effective against the holder of a judicial lien subsequently obtained by legal or equitable process or proceedings.
(Acts 1989, No. 89-793, p. 1585, §1; Act 99-443, p. 1008, §1.)
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 8 - Commercial Law and Consumer Protection.›Chapter 9A - Alabama Fraudulent Transfer Act.›Section 8-9A-2 - Insolvency.
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2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 9A - Alabama Fraudulent Transfer Act. › Section 8-9A-2 - Insolvency.
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Section 8-9A-2
Insolvency.
(a) A debtor is insolvent if the sum of the debtor's debts is greater than all of the debtor's assets at a fair valuation.
(b) A debtor who is generally not paying his debts as they become due is presumed to be insolvent.
(c) A partnership is insolvent under subsection (a) if the sum of the partnership's debts is greater than the aggregate, at a fair valuation, of all of the partnership's assets and the sum of the excess of the value of each general partner's nonpartnership assets over the partner's nonpartnership debts.
(d) Assets under this section do not include property that has been transferred, concealed, or removed with intent to hinder, delay, or defraud creditors or that has been transferred in a manner making the transfer voidable under this chapter.
(e) Debts under this section do not include an obligation to the extent it is secured by a valid lien on property of the debtor not included as an asset.
(Acts 1989, No. 89-793, p. 1585, §2.)
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 8 - Commercial Law and Consumer Protection.›Chapter 9A - Alabama Fraudulent Transfer Act.›Section 8-9A-3 - Value.
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2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 9A - Alabama Fraudulent Transfer Act. › Section 8-9A-3 - Value.
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Section 8-9A-3
Value.
(a) Value is given for a transfer if, in exchange for the transfer, property is transferred or an antecedent debt is secured or satisfied, but value does not include an unperformed promise to furnish support to the debtor or another person made otherwise than in the ordinary course of the promisor's business.
(b) For the purposes of subsection (c) of Section 8-9A-4 and subsection (a) of Section 8-9A-5, a person gives a reasonably equivalent value if the person acquires an interest of the debtor in an asset pursuant to a regularly conducted, noncollusive foreclosure sale or execution of a power of sale for the acquisition or disposition of the interest of the debtor upon default under a mortgage, deed of trust, or security agreement.
(c) A transfer is made for present value if the exchange between the debtor and the transferee is intended by them to be contemporaneous and is in fact substantially contemporaneous.
(Acts 1989, No. 89-793, p. 1585, §3.)
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 8 - Commercial Law and Consumer Protection.›Chapter 9A - Alabama Fraudulent Transfer Act.›Section 8-9A-4 - Transfers Fraudulent as to Present and Future Creditors.
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2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 9A - Alabama Fraudulent Transfer Act. › Section 8-9A-4 - Transfers Fraudulent as to Present and Future Creditors.
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Section 8-9A-4
Transfers fraudulent as to present and future creditors.
(a) A transfer made by a debtor is fraudulent as to a creditor, whether the creditor's claim arose before or after the transfer was made, if the debtor made the transfer with actual intent to hinder, delay, or defraud any creditor of the debtor.
(b) In determining actual intent under subsection (a), consideration may be given, among other factors, to whether:
(1) The transfer was to an insider;
(2) The debtor retained possession or control of the property transferred after the transfer;
(3) The transfer was disclosed or concealed;
(4) Before the transfer was made the debtor had been sued or threatened with suit;
(5) The transfer was of substantially all the debtor's assets;
(6) The debtor absconded;
(7) The debtor removed or concealed assets;
(8) The value of the consideration received by the debtor was reasonably equivalent to the value of the asset transferred;
(9) The debtor was insolvent or became insolvent shortly after the transfer was made;
(10) The transfer occurred shortly before or shortly after a substantial debt was incurred; and
(11) The debtor transferred the essential assets of the business to a lienor who transferred the assets to an insider of the debtor.
(c) A transfer made by a debtor is fraudulent as to a creditor, whether the creditor's claim arose before or after the transfer was made, if the debtor made the transfer without receiving a reasonably equivalent value in exchange for the transfer and the debtor:
(1) Was engaged or was about to engage in a business or a transaction for which the remaining assets of the debtor were unreasonably small in relation to the business or transaction; or
(2) Intended to incur, or believed or reasonably should have believed that he or she would incur, debts beyond his or her ability to pay as they became due.
(Acts 1989, No. 89-793, p. 1585, §4.)
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 8 - Commercial Law and Consumer Protection.›Chapter 9A - Alabama Fraudulent Transfer Act.›Section 8-9A-5 - Transfers Fraudulent as to Present Creditors.
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2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 9A - Alabama Fraudulent Transfer Act. › Section 8-9A-5 - Transfers Fraudulent as to Present Creditors.
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Section 8-9A-5
Transfers fraudulent as to present creditors.
(a) A transfer made by a debtor is fraudulent as to a creditor whose claim arose before the transfer was made if the debtor made the transfer without receiving a reasonably equivalent value in exchange for the transfer and the debtor was insolvent at that time or the debtor became insolvent as a result of the transfer.
(b) A transfer made by a debtor is fraudulent as to a creditor whose claim arose before the transfer was made if the transfer was made to an insider for an antecedent debt and the debtor was insolvent at that time and the insider had reasonable cause to believe that the debtor was insolvent.
(Acts 1989, No. 89-793, p. 1585, §5.)
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Justia›US Law›US Codes and Statutes›Code of Alabama›2023 Code of Alabama›Title 8 - Commercial Law and Consumer Protection.›Chapter 9A - Alabama Fraudulent Transfer Act.›Section 8-9A-6 - When Transfer Is Made.
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2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 9A - Alabama Fraudulent Transfer Act. › Section 8-9A-6 - When Transfer Is Made.
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Section 8-9A-6
When transfer is made.
For the purposes of this chapter:
(1) A transfer is made:
a. With respect to an asset that is real property other than a fixture, but including the interest of a seller or purchaser under a contract for the sale of the asset, when the transfer is so far perfected that a good-faith purchaser of the asset from the debtor against whom applicable law permits the transfer to be perfected cannot acquire an interest in the asset that is superior to the interest of the transferee; and
b. With respect to an asset that is not real property or that is a fixture, when the transfer is so far perfected that a creditor on a simple contract cannot acquire a judicial lien otherwise than under this chapter that is superior to the interest of the transferee;
(2) If applicable law permits the transfer to be perfected as provided in subdivision (1) and the transfer is not so perfected before the commencement of an action for relief under this chapter, the transfer is deemed made immediately before the commencement of the action;
(3) If applicable law does not permit the transfer to be perfected as provided in subdivision (1), the transfer is made when it becomes effective between the debtor and the transferee.
(4) Except with respect to personal property and fixtures where a lender has perfected its security interest in such property in which event paragraph (1)a shall apply, a transfer is not made until the debtor has acquired rights in the asset transferred.
(Acts 1989, No. 89-793, p. 1585, §6.)
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https://law.justia.com/codes/alabama/title-8/chapter-9a/section-8-9a-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 8 - Commercial Law and Consumer Protection.›Chapter 9A - Alabama Fraudulent Transfer Act.›Section 8-9A-7 - Remedies of Creditors.
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2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 9A - Alabama Fraudulent Transfer Act. › Section 8-9A-7 - Remedies of Creditors.
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Section 8-9A-7
Remedies of creditors.
(a) In an action for relief against a transfer under this chapter, the remedies available to creditors, subject to the limitations in Section 8-9A-8, include:
(1) Avoidance of the transfer to the extent necessary to satisfy the creditor's claim;
(2) An attachment or other provisional remedy against the asset transferred or other property of the transferee in accordance with the procedure prescribed by any applicable provision of any other statute or the Alabama Rules of Civil Procedure;
(3) Subject to applicable principles of equity and in accordance with applicable rules of civil procedure,
a. An injunction against further disposition by the debtor or a transferee, or both, of the asset transferred or of other property;
b. Appointment of a receiver to take charge of the asset transferred or of other property of the transferee; or
c. Any other relief the circumstances may require.
(b) If a creditor has obtained a judgment on a claim against the debtor, the creditor, if the court so orders, may levy execution on the asset transferred or its proceeds.
(Acts 1989, No. 89-793, p. 1585, §7.)
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https://law.justia.com/codes/alabama/title-8/chapter-9a/section-8-9a-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 8 - Commercial Law and Consumer Protection.›Chapter 9A - Alabama Fraudulent Transfer Act.›Section 8-9A-8 - Defenses, Liability, and Protection of Transferee.
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2023 Code of Alabama › Title 8 - Commercial Law and Consumer Protection. › Chapter 9A - Alabama Fraudulent Transfer Act. › Section 8-9A-8 - Defenses, Liability, and Protection of Transferee.
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Section 8-9A-8
Defenses, liability, and protection of transferee.
(a) A transfer is not voidable under Section 8-9A-4(a) against a person who took in good faith and for a reasonably equivalent value or against any subsequent transferee or obligee who took in good faith.
(b) Except as otherwise provided in this section, to the extent a transfer is voidable in an action by a creditor under Section 8-9A-7(a)(1), the creditor may recover judgment for the value of the asset transferred, as adjusted under subsection (c), or the amount necessary to satisfy the creditor's claim, whichever is less, or judgment for conveyance of the asset transferred. The judgment may be entered against:
(1) The first transferee of the asset or the person for whose benefit the transfer was made; or
(2) Any subsequent transferee other than a good faith transferee who took for value or from any subsequent transferee.
(c) If the judgment under subsection (b) is based upon the value of the asset transferred, the judgment must be for an amount equal to the value of the asset at the time of the transfer, subject to adjustment as the equities may require.
(d) Notwithstanding voidability of a transfer under this chapter, a good-faith transferee is entitled, to the extent of the value given the debtor for the transfer or to another person as a consequence of the debtor's making such transfer, to
(1) A lien on or a right to retain any interest in the asset transferred; or
(2) A reduction in the amount of the liability on the judgment.
(e) A transfer is not voidable under Section 8-9A-4(c) or Section 8-9A-5 if the transfer results from:
(1) Termination of a lease upon default by the debtor when the termination is pursuant to the lease and applicable law; or
(2) Enforcement of a security interest in compliance with Article 9 of Title 7 of the Uniform Commercial Code or a regularly conducted, noncollusive foreclosure sale or execution of a power of sale for the acquisition or disposition of the interest of the debtor under a mortgage or deed of trust.
(f) A transfer is not voidable under Section 8-9A-5(b):
(1) To the extent the insider gave new value to or for the benefit of the debtor after the transfer was made unless the new value was secured by a valid lien;
(2) If made in the ordinary course of business or financial affairs of the debtor and the insider; or
(3) If made pursuant to a good-faith effort to rehabilitate the debtor and the transfer secured present value given for that purpose as well as antecedent debt of the debtor.
(Acts 1989, No. 89-793, p. 1585, §8.)
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