Regulatory Alerts1997-10-01
Alabama Consumer Credit Act: Other Business Activities
The Alabama Department of Financial Institutions prohibits licensees from conducting other business in the same physical premises as their licensed location without prior written approval from the Supervisor. Such activities must not violate the Act, require separate record-keeping subject to departmental review, and necessitate that licensees maintain copies of all written permissions at each licensed site. These regulations are issued under the authority of the Code of Alabama 1975, Section 5-19-21, and became effective on October 1, 1997.
155-2-2-.08 Other Business Activities - Alabama Consumer Credit Act
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A licensee shall not establish or conduct any other business in the same physical premises as the licensed place of business without having obtained prior written approval of the Supervisor.
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Such other business must be conducted in a manner that will involve no evasion or violation of the Act. Records of other business activities shall be maintained separate and apart from licensed activity records and shall be subject to review by the Department.
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Any prior written permission or non-objection letters to conduct other business, other than the sale of insurance products pursuant to Section 5-19-20(i) and Regulation 155-2-2-.12, shall remain in effect unless revoked, suspended or withdrawn.
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Each licensee shall maintain a copy of any written permission or non-objection letter issued by the Supervisor at each licensed location.
Author: Scott Corscadden, General Counsel Statutory Authority: Code of Alabama 1975, §5-19-21 History: Effective October 1, 1997