Regulatory Alerts1997-10-01
Licensing Requirements Under the Alabama Small Loan Act
The Alabama State Banking Department requires licenses for lending under the Small Loan Act, mandating that applicants submit prescribed forms and provide satisfactory evidence of at least $10,000 in unencumbered cash assets. Applicants must simultaneously tender separate investigation and license fees payable to the State Banking Department at the time of filing. Licensees are further required to notify the Supervisor and submit their license within thirty days of closing a licensed office.
Share