Regulatory Alerts2013-10-01
Public Notice of Provisions Effective: October 1, 2013 Appendix A
The Alabama State Banking Department mandates that deferred presentment providers disclose fee structures capped at 17.5% of the cash advanced and limit maximum loan amounts to $500. The regulation enforces strict terms regarding transaction durations between 10 and 31 days, renewal options, and prohibitions against arrest for non-payment unless the account was closed prior to the loan. Providers must supply customers with a copy of the services agreement and contact information for the Bureau of Loans to report unresolved complaints.
Share