Regulatory Alerts2010-01-29
Alabama Mortgage Brokers Licensing Act
The Alabama State Banking Department regulates mortgage brokers under the Mortgage Brokers Licensing Act, requiring all entities transacting business in the state to obtain a license. The statute mandates specific application procedures, including a $600 fee, proof of $25,000 net worth, and background checks via the Nationwide Mortgage Licensing System. It further establishes ongoing compliance obligations such as annual renewals, record maintenance, and prohibitions against unlicensed activities or deceptive practices.
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