Regulatory Alerts2021-08-26
Alabama State Banking Department Bureau of Loans Regulations
The Alabama State Banking Department's Bureau of Loans adopted comprehensive regulations effective August 1, 1997, to implement the Alabama Consumer Credit Act, the Alabama Small Loan Act, and the Deferred Presentment Services Act. These rules establish licensing requirements, financial standards, and operational procedures for consumer finance entities while explicitly repealing all prior regulations under these statutes. The document further details specific compliance mandates regarding record-keeping, prohibited collection activities, finance charge calculations, and examination fees for licensees.
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