2002-08-01

155-2-2-.17 Minimum Loan Term Under the Alabama Consumer Credit Act

The Alabama regulatory authority established a minimum loan term of thirty days for consumer credit transactions with an original amount financed under two thousand dollars. This regulation applies to all consumer credit transactions meeting the specified financial threshold. The rule was adopted on August 1, 2002, pursuant to the statutory authority granted by the Code of Alabama 1975.

United States

Alabama State Banking Department

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155-2-2-.17 Minimum Loan Term -- Alabama Consumer Credit Act

1. The minimum term for repayment in all consumer credit transactions is thirty days for any credit transaction with an original amount financed that is less than two thousand dollars ($2,000). Author: V. Lynne Windham, Associate Counsel Statutory Authority: Code of Alabama 1975, Sections 5 -19-3 and 5-19-21 History: Adopted August 1, 2002