Regulatory Alerts1997-10-01
Changes in Ownership – Alabama Consumer Credit Act
The Alabama Supervisor requires non-publicly traded licensees under the Alabama Consumer Credit Act to notify them in writing of any changes affecting ownership. Licensees must submit information as requested by the Supervisor, who may demand such details at any time if there is reasonable cause to believe a change has occurred. This regulation was issued by General Counsel Scott Corscadden under statutory authority from the Code of Alabama 1975.
155-2-2-.04 Changes in Ownership – Alabama Consumer Credit Act
- A licensee, other than a licensee whose shares are publicly traded, shall notify the Supervisor, in writing, of any changes affecting ownership and submit such information as the Supervisor may require consistent with the provisions of the Alabama Consumer Credit Act. The Supervisor may request such information at any time should he or she have reasonable cause to believe a change in licensee’s ownership has occurred.
Author: Scott Corscadden, General Counsel Statutory Authority: Code of Alabama 1975, §5-19-21, §5-19-22 History: Effective October 1, 1997
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