Regulatory Alerts2007-01-31
Alabama Deferred Presentment Services Act
The Alabama State Banking Department regulates deferred presentment services through the Deferred Presentment Services Act to protect consumers from marketplace abuses. The statute mandates licensing for all providers, requiring specific financial qualifications, background checks, and adherence to strict transaction limits and fee caps. Licensees must maintain detailed records, provide clear fee disclosures, and comply with reporting obligations regarding significant corporate events or regulatory violations.
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