Regulatory Alerts2013-10-01
Records – Deferred Presentment Services Act
The Alabama Bureau of Loans requires deferred presentment licensees to maintain comprehensive files at licensed locations to verify compliance with the Deferred Presentment Services Act. Licensees must organize customer account files, consecutively numbered loan registers, and detailed litigation logs, while ensuring all records are kept separate from other business activities. These records, defined to include both hard copy and electronic formats, must be preserved for two years from the final entry and made available for inspection upon request.
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