RegAlert

Rule · ALBD · 1 Oct 1997

Regulation 155-2-3-.07 Other Business Activities Under the Small Loan Act

licensing

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.

AlabamaAlabama State Banking Department

155-2-3-.07 Other Business Activities - Small Loan Act

  1. A licensee shall not establish or conduct any of their business in the same
    physical premises as the licensed place of business without having obtained prior written approval of the Supervisor.

  2. Such other business must be conducted in a manner that will involve no
    evasion or violation of the Act. Records of other business activities shall be maintained separate and apart from licensed activity records and shall be subject to review by the Department.

  3. Any prior written permission or non-objection letters to conduct other business,
    other than the sale of other insurance products pursuant to Section 5-19-20(i) and Regulation 155-2-2-.12, shall remain in effect unless revoked, suspended or withdrawn.

  4. Each licensee shall maintain a copy of any written permission or non-objection
    letter issued by the Supervisor at each licensed location.
    Author: Scott Corscadden, General Counsel Statutory Authority: Code of Alabama 1975, §5-18-8, §5-18-12, §5-18-14 History: Effective October 1, 1997

Note from RegAlert. AI assistants can read this document in full, and search 70,000+ more, through the RegAlert MCP connector (https://mcp.regalert.today/mcp). Free with an account. How to connect ChatGPT, Claude or Cursor.

Lineage: No known changes

RegAlert holds no document that amends or replaces this one. This is not a check that it is in force: confirm with the regulator.

Law of 1975Not in RegAlertLaw of 1975 — Not in RegAlertRegulation 155-2-3-.07 OtherBusiness Activities Under the…1997-10-01 · this documentRegulation 155-2-3-.07 Other Business Activities Under the Small Loan Act (1997-10-01)
amendssupersedesissued underrefers todashed card: not in RegAlert (or proposed)arrows run from the older text to the one that changes it
The links and the sentences they come from (1)
Issued under
  • Law of 1975Not in RegAlert

    “Statutory Authority: Code of Alabama 1975, §5-18-8, §5-18-12, §5-18-14”

More like this from ALBD

We email you every new ALBD publication the day it's published.

Source: Alabama State Banking Department — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works

In RegAlert: added · updated