Regulatory Alerts2013-10-01
Changes in Ownership – Deferred Presentment Services Act
The Alabama Bureau of Loans, under the Deferred Presentment Services Act, requires non-publicly traded licensees to notify the Supervisor in writing of any changes affecting ownership. The Supervisor retains the authority to request this information at any time if there is reasonable cause to believe a change has occurred. This regulation was issued by Supervisor Scott Corscadden and became effective on October 1, 2013.
155-2-4-.03 Changes in Ownership – Deferred Presentment Services Act (1) A licensee, other than a licensee whose shares are publicly traded, shall notify the Supervisor, in writing, of any changes affecting ownership and submit such information as the Supervisor may require consistent with the provisions of the Deferred Presentment Services Act. The Supervisor may request such information at any time should he or she have reasonable cause to believe a change in licensee’s ownership has occurred. Author: Scott Corscadden, Supervisor, Bureau of Loans Statutory Authority: Code of Alabama 1975, §5-18A-10 and §5-18A-8. History: Effective October 1, 2013