Regulatory Alerts2020-01-01
Minimum Loan Term Amended: January 1, 2020
The Bureau of Loans, under the Small Loan Act, mandates a minimum repayment term of one month for all traditional-rate loans. This regulation is enforced by Supervisor Scott Corscadden pursuant to the statutory authority of the Code of Alabama 1975. The rule was originally effective on March 1, 2002, and was amended on January 1, 2020.
155-2-3-.11 Minimum Loan Term - Small Loan Act (1) The minimum term for repayment for all traditional-rate loans is one month. Author: Scott Corscadden, Supervisor, Bureau of Loans Statutory Authority: Code of Alabama 1975, §5-18-15, §5-18-12 History: Effective March 1, 2002; Amended January 1, 2020
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