Regulatory Alerts2013-10-01
Joint Bank Accounts – Deferred Presentment Services Act
The Bureau of Loans issued regulations under the Deferred Presentment Services Act to govern joint bank accounts. Each party on a joint account may write checks up to five hundred dollars provided a separate deferred deposit agreement accompanies each check. Licensees are prohibited from requiring joint account holders to take joint or separate loans, ensuring any decision to obtain a separate loan remains voluntary.
155-2-4-.11 Joint Bank Accounts – Deferred Presentment Services Act (1) Each party on a joint bank account may write checks in an amount not to exceed an aggregate of five hundred dollars ($500) per party. However, a separate deferred deposit agreement must accompany each check. (2) A licensee may not require joint account holders to take either joint or separate loans and a joint account holder’s decision to obtain a separate loan must be voluntary. 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