Regulatory Alerts2023-02-23
Alabama Small Loan Act
The Alabama Legislature enacted the Small Loan Act to regulate the business of making small loans under $1,500 and protect borrowers from usury and exploitative practices. The statute requires licensees to obtain approval from the Supervisor of the Bureau of Loans, adhere to specific fee structures, and maintain strict operational standards. Enforcement powers include annual examinations, investigation of complaints, and the authority to revoke licenses or seek injunctions against violators.
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