Regulatory Alerts2013-10-01
155-2-4-.12 Prohibited Acts – Deferred Presentment Services Act
The Alabama Bureau of Loans issued regulations under the Deferred Presentment Services Act to prohibit specific abusive lending practices. Licensees are barred from threatening criminal prosecution for bad checks, charging multiple NSF fees per transaction, or filing legal claims without first offering a free extended repayment plan. Additionally, authorized fees may only be charged if the check has actually been presented for payment to the financial institution.
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