Regulatory Alerts2013-10-01
155-2-4-.10 Investigative Proceedings – Deferred Presentment Services Act
The Alabama Bureau of Loans, led by Supervisor Scott Corscadden, establishes procedures for investigating violations of the Deferred Presentment Services Act upon public complaint or internal inquiry. The Supervisor may compel voluntary cooperation or invoke compulsory legal processes, such as subpoenas and depositions, to gather evidence. If violations are found or compliance fails, the Bureau may impose civil penalties, suspend licenses, issue cease and desist orders, or pursue court enforcement, while also reserving the right to negotiate informal settlements.
155-2-4-.10 Investigative Proceedings – Deferred Presentment Services Act (1) Investigations and inquiries are originated upon request or complaint by a member of the public or by the Supervisor. (2) The Supervisor encourages voluntary cooperation in investigations. The Supervisor may invoke any or all of the compulsory process authorized by law, including subpoenas, depositions, and production of records. (3) In case of failure to comply with the Supervisor’s investigative processes, the Supervisor may initiate any authorized action, including license suspension, and petitioning any court of competent jurisdiction for enforcement. (4) If the investigation finds any violations of the Act or these regulations, the Supervisor may initiate any authorized action, including the assessment of civil penalties, and the issuance of Cease and Desist Orders. (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, consent orders, or defaults 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-16, §5-18A-17 and §5-18A-18 History: Effective October 1, 2013