Regulatory Alerts1997-10-01
Changes in Ownership - Small Loan Act
The Alabama regulatory authority requires non-publicly traded small loan licensees to notify the Supervisor in writing of any changes affecting ownership. Licensees must submit information as requested by the Supervisor, who may demand such details at any time if there is reasonable cause to believe a change has occurred. This regulation is authorized under the Code of Alabama 1975 and became effective on October 1, 1997.
155-2-3-.04 Changes in Ownership - Small Loan Act
- A licensee, other than a licensee whose shares are publicly traded, shall notify the Supervisor, in writing, of any changes affecting ownership and submit such information as the Supervisor may require consistent with the provisions of the Small Loan Act. The Supervisor may request such information at any time should he or she have reasonable cause to believe a change in licensee’s ownership has occurred. Author: Scott Corscadden, General Counsel Statutory Authority: Code of Alabama 1975, §5-18-6, §5-18-9, §5-18-12 History: Effective October 1, 1997
Share