Regulatory Alerts1997-10-01
Petition for Regulation, Amendment or Repeal
The Alabama State Banking Department mandates that any person proposing to adopt, amend, or repeal consumer finance regulations must submit a formal petition using a specified form. The petitioner must provide detailed contact information, identify the specific regulation involved, and attach Exhibit A containing a narrative justification that outlines affected parties, benefits, costs, legal authority, and potential adverse impacts. Additionally, supporting documents must be included as Exhibit B, and the complete petition along with five copies must be filed with the Supervisor of the Bureau of Loans in Montgomery, Alabama.
155-2-1-.03 Petition for Regulation, Amendment or Repeal
- Any person who wishes to propose that the State Banking Department adopt, amend, or repeal any consumer finance regulation shall submit said proposal in the following form:
PETITION FOR ADOPTION AMENDMENT OR REPEAL OF REGULATION
- This is a petition: ( ) To adopt a regulation. ( ) To amend an existing regulation. ( ) To repeal an existing regulation.
- This petition is presented by (Petitioner): Name:_______________________________ Address:_______________________________ Phone:_______________________________
- The person signing the petition is: ( ) The true party in interest and is the petitioner. ( ) An officer or employee of the petitioner. State Title: ( ) Other (Specify):_______________________________
- The petitioner’s representative is: Name:_______________________________ Address:_______________________________ Phone:_______________________________
- If this petition proposes to amend or repeal an existing regulation, specify the regulation: Regulation No._______________________________
- If this petition proposes the adoption of a new regulation, specify all existing regulations it would affect, and specify what chapter of the Department’s regulations it should be part of.
- Attach as “Exhibit A”, a typed (double-spaced) narrative as to why the adoption, amendment, or the repeal is needed, specifying: (A) The persons or class of persons it would affect and how it would affect them. (B) The benefits and disadvantages of the adoption, amendment, or repeal. (C) The estimated cost or cost savings to the Department. (D) Legal authority for the adoption, amendment, or repeal. (E) The names and addresses of any persons, organizations, and the identity of
any class of persons who would be or could be adversely affected by the proposed regulation, modification, or repeal. (F) The estimated cost or benefit to the consumer. (G) Any other reasons for the adoption, amendment, or repeal which should be considered by the Department. 8. Attach as “Exhibit B”, any other documents, reports or studies that you want to be considered in connection with your petition. Dated this the day of_____________
Signature of Petitioner or Representative
Note: The original and five (5) copies of the petition must be submitted to Supervisor of the Bureau of Loans, State Banking Department, Montgomery, Alabama 36130. Author: Scott Corscadden, General Counsel Statutory Authority: Code of Alabama 1975, §5-18-12, §5-19-21 History: Effective October 1, 1997