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Rule · ALBD · 1 Aug 2002

155-2-2-.17 Minimum Loan Term Under the Alabama Consumer Credit Act

credit
consumer

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.

AlabamaAlabama State Banking Department

155-2-2-.17 Minimum Loan Term -- Alabama Consumer Credit Act

  1. The minimum term for repayment in all consumer credit transactions is thirty
    days for any credit transaction with an original amount financed that is less than two thousand dollars ($2,000). Author: V. Lynne Windham, Associate Counsel Statutory Authority: Code of Alabama 1975, Sections 5 -19-3 and 5-19-21 History: Adopted August 1, 2002

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Source: Alabama State Banking Department — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works

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