Regulatory Alerts2013-10-01
155-2-4-.01 Licensure – Deferred Presentment Services Act
The Alabama Bureau of Loans mandates that any person engaged in deferred presentment services must obtain a license for each business location prior to operation. Applicants must submit complete applications with all required fees and forms, and the Supervisor is required to grant or deny these applications within ninety days of completion. Licensees are further required to maintain at least twenty thousand dollars in unencumbered cash assets per location and report any changes to the Department within thirty days.
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