Regulatory Alerts2020-01-01
155-2-4-.08 Examination Deferred Presentment Services Act
The Alabama Bureau of Loans, led by Supervisor Scott Corscadden, mandates that deferred presentment service licensees make all records promptly available for examination by authorized representatives. The regulation stipulates that failure to comply with the examination process or findings of violations may result in civil penalties and license revocation. To resolve matters efficiently, the Supervisor retains the authority to offer stipulations, agreed settlements, or consent orders provided they safeguard the public interest.
155-2-4-.08 Examination – Deferred Presentment Services Act (1) The Supervisor, or duly appointed representatives, shall conduct an examination of each licensee. (2) Each licensee shall ensure that all records are promptly and reasonably available to be examined and, if necessary, copied. (3) In case of failure to comply with the Supervisor’s examination process, the Supervisor may initiate any authorized action, including the assessment of civil penalties and/or license revocation. (4) If the examination finds any violations of the Act or these regulations, the Supervisor may initiate any authorized action, including the assessment of civil penalties and/or license revocation. (5) In order to avoid the expense and time involved in formal legal proceedings, it is the policy of the Supervisor to afford parties who have engaged in unlawful acts and practices an opportunity to enter into stipulations, agreed settlements, or consent orders when it appears to the Supervisor that such procedure fully safeguards the public interest. The Supervisor reserves the right in all matters to withhold the privilege of an informal disposition Author: Scott Corscadden, Supervisor, Bureau of Loans Statutory Authority: Code of Alabama 1975, §5-18A-10, §5-18A-11, §5-18A-15, §5-18A-16, and §5-18A-17 History: Effective October 1, 2013; Amended January 1, 2020