Regulatory Alerts2020-01-01
Amendment of License - Alabama Consumer Credit Act
The Alabama Bureau of Loans requires prior written approval from the Supervisor for any license amendments, such as changes in location or trade name. Licensees must submit a written request along with their current license and pay the applicable fee under Rule 155-2-1-.05(1)(e). Failure to obtain this approval may result in a fine not exceeding $500.00.
155-2-2-.03 Amendment of License - Alabama Consumer Credit Act (1) Any amendment of the license shall require the prior approval of the Supervisor. Authorized amendments, including but not limited to changes in location or trade name, shall be made only upon written request of the licensee and submission of the current license. (2) Failure to obtain the prior approval of the Supervisor may result in a fine not to exceed $500.00. (3) Any amendment of the license shall be accompanied by the fee provided for in Rule 155-2-1-.05(1)(e). Author: Scott Corscadden, Supervisor, Bureau of Loans Statutory Authority: Code of Alabama 1975, §5-19-21, §5-19-22, §5-19-25 History: Effective October 1, 1997; Amended January 1, 2020