Regulatory Alerts2020-01-01
Licensing Amended: January 1, 2020
The Alabama State Banking Department's Supervisor of the Bureau of Loans mandates licensing for each proposed location engaged in consumer lending under the Alabama Consumer Credit Act. Applicants must demonstrate a tangible net worth of at least $25,000, submit prescribed applications with required fees, and obtain licenses for Automated Loan Machine locations. The regulation clarifies that consumer finance subsidiaries of otherwise exempt financial institutions are not exempt from these licensing requirements.
Share