Regulatory Alerts2002-08-01
Added · Updated
155-2-2-.07 Restricted Activities Amended: August 1, 2002
The Alabama regulatory authority amended regulations under the Alabama Consumer Credit Act to define prohibited collection practices by licensees. The rules prohibit tactics such as causing physical harm, trespassing, simulating legal documents, contacting borrowers between 9:00 p.m. and 6:00 a.m., and wrongfully withholding personal property. Additionally, the amendment restricts threatening criminal prosecution for worthless checks when a personal check serves as loan security.
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