Regulatory Alerts1997-10-01
Regulation 155-2-3-.07 Other Business Activities Under the Small Loan Act
The Alabama Department of Insurance issued Regulation 155-2-3-.07 to prohibit licensees under the Small Loan Act from conducting unapproved business activities at their licensed premises. Licensees must obtain prior written approval from the Supervisor and maintain separate records for other business activities to ensure no evasion of the Act occurs. The regulation mandates that all written permissions remain in effect unless revoked and requires licensees to keep copies of such letters at each licensed location.
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