Regulatory Alerts2013-10-01
Public Notice of Provisions – Deferred Presentment Services Act
The Alabama Bureau of Loans mandates that all licensees under the Deferred Presentment Services Act conspicuously display a schedule of fees and pertinent provisions in their lobbies. The required signage must be at least 20 by 20 inches and include specific wording from Appendix A, modified for the licensee's name, fees, and the corresponding APR for a typical 14-day term. This regulation, authorized by the Code of Alabama 1975, became effective on October 1, 2013.
155-2-4-.13 Public Notice of Provisions – Deferred Presentment Services Act (1) All licensees must conspicuously and continuously display a schedule of all fees and pertinent provisions of the Act in its lobby. This sign must be at least 20 X 20 in size and must contain the wording in Appendix A, as modified for the licensee’s name and fees charged, and the corresponding APR for a typical 14-day term. Author: Scott Corscadden, Supervisor, Bureau of Loans Statutory Authority: Code of Alabama 1975, §5-18A-10 and §5-18A-13 History: Effective October 1, 2013