Regulatory Alerts2012-02-06
Alabama Consumer Credit Act Mini-Code Title 5 Chapter 19
The Alabama Legislature enacted the Consumer Credit Act to regulate consumer credit transactions and ensure the availability of credit within the state. The statute defines key terms such as finance charge and creditor, and establishes maximum finance charges and minimum fees for loans under $2,000. It further mandates licensing for creditors, outlines consumer rights regarding prepayment and home solicitations, and sets penalties for violations including the imposition of excess finance charges.
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