Regulatory Alerts1997-10-01
Records to be Maintained by Licensee
The Alabama Department of Finance issued Regulation 155-2-2-.10 to mandate that licensees under the Alabama Consumer Credit Act maintain adequate files at each licensed location to verify regulatory compliance. The regulation specifies detailed record-keeping requirements for transaction disclosures, insurance claims, legal suits, repossessions, and individual borrower account histories. Additionally, it requires separate maintenance of records for Small Loan Act loans, prohibits the disposal of relevant records within two years without approval, and mandates the provision of free written pay-off information to borrowers.
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