Regulatory Alerts2002-08-01
Added · Updated
155-2-2-.17 Minimum Loan Term Under the Alabama Consumer Credit Act
The Alabama regulatory authority established a minimum loan term of thirty days for consumer credit transactions with an original amount financed under two thousand dollars. This regulation applies to all consumer credit transactions meeting the specified financial threshold. The rule was adopted on August 1, 2002, pursuant to the statutory authority granted by the Code of Alabama 1975.