Regulatory Alerts1997-10-01
Records to be Maintained by Licensee - Small Loan Act
The Alabama Department of Financial Institutions mandates that Small Loan Act licensees maintain comprehensive files containing the Act, current regulations, and specific transaction records at each licensed location. Licensees must keep detailed individual borrower records, alphabetical maker lists, and documentation for insurance claims, suits, and arbitration to verify compliance and facilitate refund verifications. These records must be retained for at least two years after the last transaction, kept separate from other credit acts if applicable, and remain accessible to the Supervisor upon request.
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