Alabama Statutes

Title 5 — BANKS AND FINANCIAL INSTITUTIONS.

Chapter 1A — GENERAL PROVISIONS.
- Section 5-1A-1 Short title.
- Section 5-1A-2 Definitions.
- Section 5-1A-3 Use of words "bank," "banker," "banking," etc., restricted.
- Section 5-1A-4 Restrictions on engaging in banking business.
- Section 5-1A-5 Supervisory provisions not applicable to national banks.
- Section 5-1A-6 Inconsistent provisions in other laws superseded.
- Section 5-1A-7 Activities of savings and loan associations and credit unions not restricted.
- Section 5-1A-8 Effect of repeal of prior acts.
- Section 5-1A-9 Deposit creates debtor-creditor relationship; agreement as to person or purpose for which deposit made and payable.
Chapter 2A — STATE BANKING DEPARTMENT.
- Section 5-2A-1 Creation of department; duties generally.
- Section 5-2A-10 Superintendent - Make good any impairment of capital.
- Section 5-2A-100 Created; appointment of supervisor and other employees; supervisor's oath and bond; investigations; records, reports, etc., open to public.
- Section 5-2A-101 Qualifications of supervisor.
- Section 5-2A-102 Supervision, inspection and examinations of credit unions.
- Section 5-2A-103 Payment of operating expenses.
- Section 5-2A-11 Superintendent - Losses; bank to correct impairment of capital.
- Section 5-2A-12 Superintendent - Order to correct unsafe and unsound matters; penalties; procedure.
- Section 5-2A-13 Superintendent - Annual report to Governor; publication and distribution, etc.
- Section 5-2A-14 Superintendent - Reports of criminal violations to grand juries.
- Section 5-2A-15 Appointment, etc., of assistants and employees generally; bond of deputy superintendent.
- Section 5-2A-16 Limitation of liability of superintendent, members of Banking Board, or employees.
- Section 5-2A-17 Bank examiners - Oath; duties generally.
- Section 5-2A-18 Bank examiners - Commission.
- Section 5-2A-19 Bond of examiners and office assistants.
- Section 5-2A-2 Offices, venue.
- Section 5-2A-20 Assessment of banks - When payable; amount; disposition of revenue.
- Section 5-2A-21 Assessment of banks - Fees for failure to pay assessment; proceedings for collection of assessment.
- Section 5-2A-22 Independent audits; minimum standards; advisory committee; report in lieu of audit.
- Section 5-2A-23 Legal counsel.
- Section 5-2A-24 Examination of small loan companies; fees.
- Section 5-2A-3 Superintendent - Qualifications, appointment and term of office; filling of vacancies.
- Section 5-2A-4 Superintendent - Oath and bond.
- Section 5-2A-40 Composition of Banking Board; chairman; appointment and terms of office of members.
- Section 5-2A-41 Meetings of board - Notice; executive session; confidentiality.
- Section 5-2A-42 Meetings of board - Place.
- Section 5-2A-43 Quorum.
- Section 5-2A-44 Filling of vacancies; qualification of members.
- Section 5-2A-45 Compensation of members.
- Section 5-2A-5 Superintendent - Seal of office; recordation of executed papers.
- Section 5-2A-6 Superintendent - Removal; removal of member of Banking Board.
- Section 5-2A-60 Composition.
- Section 5-2A-61 Created; commissioner and deputy commissioner generally; examiners; disclosure of information by officers; seal of commissioner.
- Section 5-2A-62 Supervisory powers of commissioner generally; approvals, etc., by commissioner; permits required of savings and loan associations.
- Section 5-2A-63 Savings and Loan Board; appeals from orders, etc., of commissioner or board.
- Section 5-2A-7 Superintendent - Expansion of banking powers; rules and regulations.
- Section 5-2A-8 Superintendent - Promulgation and interpretation of regulations.
- Section 5-2A-80 Created; supervisor of bureau; inspections; records, reports, etc., not open to public.
- Section 5-2A-81 Revocation and suspension of licenses; injunctive relief as to violations of Small Loan Act.
- Section 5-2A-82 Appeals from acts of bureau or supervisor.
- Section 5-2A-83 Payment of salaries and expenses.
- Section 5-2A-9 Superintendent - Procedure for promulgation of regulations; emergency regulations; judicial review.
Chapter 3A — EXAMINATIONS OF BANKS; REPORTS OF BANKS.
- Section 5-3A-1 Required times; items to be examined; "affiliate" defined.
- Section 5-3A-10 False reports by bank examiners.
- Section 5-3A-11 Reports of examination; meetings of Banking Board; confidential.
- Section 5-3A-12 Semiannual reports by banks - Required; verification.
- Section 5-3A-13 Semiannual report by banks - Special reports of banks.
- Section 5-3A-14 Semiannual report by banks - Form; publication; penalty for late report.
- Section 5-3A-15 Semiannual reports by banks - Republication.
- Section 5-3A-16 Failure to pay for publication of bank report by superintendent.
- Section 5-3A-17 Verification of false report of condition of bank.
- Section 5-3A-2 Acceptance of examinations and reports of federal bank regulatory agency, etc.
- Section 5-3A-3 Disclosure of information obtained by superintendent, bank examiners, etc.
- Section 5-3A-4 Expenses of special examinations.
- Section 5-3A-5 Examination of agency of foreign banks.
- Section 5-3A-6 Examination of witnesses and production of documents; penalties for false entry or statement.
- Section 5-3A-7 False swearing, etc., before bank examiners or superintendent.
- Section 5-3A-8 Reports of superintendent and bank examiners as to examinations; publication of reports of examination for limited purposes.
- Section 5-3A-9 Loans, gifts, favors, etc., to Banking Department employees from banks, employees, etc., prohibited.
Chapter 4A — RETENTION OF BANK RECORDS.
- Section 5-4A-1 Certain records to be retained; disposition of records after retention for prescribed period; reproduction of records and books.
- Section 5-4A-2 Applicability of chapter to state and national banks, etc.
Chapter 5A — ORGANIZATION AND OPERATION OF BANKS.
- Section 5-5A-1 Procedure for incorporation - Application for permit.
- Section 5-5A-10 Permit to transact business - Required.
- Section 5-5A-11 Permit to transact business - Examination; issuance and recordation of permit.
- Section 5-5A-12 Membership in federal deposit insurance corporation, etc.
- Section 5-5A-13 Filing fee; other fees.
- Section 5-5A-14 Capital - Minimum amount required for incorporation of bank.
- Section 5-5A-15 Capital - Increase or decrease.
- Section 5-5A-16 Issuance of capital notes and debentures.
- Section 5-5A-17 Amendment of certificate of incorporation; approval of amended certificate of incorporation.
- Section 5-5A-18 Powers of banks generally.
- Section 5-5A-18.1 Banks and trust companies to have power of federally chartered or regulated financial institution.
- Section 5-5A-19 Reserves.
- Section 5-5A-2 Procedure for incorporation - Notice of intention to incorporate.
- Section 5-5A-20 Branch banks; commercial affiliates.
- Section 5-5A-21 Surplus; restriction on dividends.
- Section 5-5A-22 Limits of indebtedness.
- Section 5-5A-23 Investments and loans with respect to housing.
- Section 5-5A-25 Acceptance of drafts or bills of exchange arising from transactions involving shipment of goods - Authority.
- Section 5-5A-26 Acceptance of drafts or bills of exchange arising from transactions involving shipment of goods - Limitations.
- Section 5-5A-27 Loans secured by own stock; purchase of own stock; ownership of capital stock of other banks.
- Section 5-5A-28 Pledge of assets.
- Section 5-5A-29 Security not required when deposits insured.
- Section 5-5A-3 Procedure for incorporation - Affidavit of proposed incorporators; affidavit of proposed stockholders; submission of proposed certificate of incorporation; disclosure to stockholders.
- Section 5-5A-30 Transactions of business on legal holidays; use of automated teller machine or other instrumentality, transaction fees, disclosure; limitation on contractual fee restrictions, intent o
- Section 5-5A-31 Liability for transactions on legal holidays.
- Section 5-5A-32 Closing of banks, etc., permitted on one business day of each week.
- Section 5-5A-33 Bank to pay checks drawn on it at par.
- Section 5-5A-35 Agreements between principal and sureties on bond for deposit of money and assets in bank, etc.
- Section 5-5A-36 Notice upon maturity of certificate of deposit issued for more than 90 days.
- Section 5-5A-37 Rights of minors.
- Section 5-5A-38 Disposition of small deposits of deceased person - To whom payable; when bond required.
- Section 5-5A-39 Disposition of small deposits of deceased person - Time for payment; when payment prohibited.
- Section 5-5A-4 Procedure for incorporation - Investigation as to fitness of stockholders and executive officers and necessity for banks.
- Section 5-5A-40 Disposition of deposit in trust for another upon death of trustee.
- Section 5-5A-41 Payment of deposits made in names of two persons upon death of one; more than two persons with provision for survivorship.
- Section 5-5A-42 Adverse claims to deposits.
- Section 5-5A-43 Disclosure of customer financial records.
- Section 5-5A-44 Acquisition of majority of voting shares of a bank; procedure.
- Section 5-5A-45 Initiation of run on banks, etc.
- Section 5-5A-46 False, etc., statements, etc., affecting financial standing of bank.
- Section 5-5A-47 Liability of directors or officers; enforcement powers of superintendent.
- Section 5-5A-5 Procedure for incorporation - Filing of objections to incorporation of proposed bank; investigation of objections.
- Section 5-5A-6 Procedure for incorporation - Certificate of Superintendent of Banks authorizing filing of certificate of incorporation.
- Section 5-5A-7 Procedure for incorporation - Filing and recordation of certificate of incorporation.
- Section 5-5A-8 Procedure for incorporation - Refusal to permit incorporation; appeal from refusal to Banking Board.
- Section 5-5A-9 Procedure for incorporation - Judicial review.
Chapter 6A — DIRECTORS, OFFICERS, AND EMPLOYEES.
- Section 5-6A-1 Directors of banks to own stock in bank; citizenship and residence of directors.
- Section 5-6A-2 Oath of directors.
- Section 5-6A-20 Declaration of illegal dividends, discounts of notes, etc.
- Section 5-6A-21 Concealment of loans, purchase or sale of security, etc.
- Section 5-6A-22 Overdrawing own account; receipt of commissions, etc., to procure loans, discounts, etc.
- Section 5-6A-23 Receipt or possession of bank property with intent to defraud, etc.
- Section 5-6A-24 Making of false entries, etc., on books and accounts of bank.
- Section 5-6A-25 Fraudulent representation as to capital, false reports, etc., as to condition of bank, etc.
- Section 5-6A-26 Loans or extension of credit to bank officers and employees.
- Section 5-6A-3 Meeting of board of directors; bonds of officers and employees of banks.
Chapter 7A — BANK MERGER, CONSOLIDATION OR CONVERSION.
- Section 5-7A-1 Banks may merge or consolidate; transfer of place of business.
- Section 5-7A-2 Proceedings to effect consolidation, merger or transfer.
- Section 5-7A-20 Conversion of national bank, etc., into state bank - Procedure.
- Section 5-7A-21 Conversion of national bank, etc., into state bank - Execution of articles of incorporation and organization certificate; powers of directors, etc.
- Section 5-7A-22 Conversion of national bank, etc., into state bank - Powers and duties of bank, stockholders, officers, etc., upon issuance of certificate.
- Section 5-7A-23 Declaration of incorporation.
- Section 5-7A-24 Issuance of stock by state bank.
- Section 5-7A-3 Certificate of proceedings to be forwarded to Superintendent of Banks.
- Section 5-7A-4 Issuance of certificate of approval by superintendent.
- Section 5-7A-40 Authorized; exchange of stock.
- Section 5-7A-41 Meeting of stockholders for purpose of conversion or consolidation.
- Section 5-7A-42 Transfer of property of state bank to national bank.
- Section 5-7A-43 Continuation of identity, obligations, etc., of state bank.
- Section 5-7A-44 Rights of dissenting shareholders.
- Section 5-7A-46 Sections not to affect general or local law, etc.
- Section 5-7A-5 Examinations; written consent of superintendent to consolidation.
- Section 5-7A-6 Appeals; applicability of article to branch banks, etc.
- Section 5-7A-60 Purpose.
- Section 5-7A-61 Definitions.
- Section 5-7A-62 Application to convert charter; written plan of conversion; authorizing resolution; submission to superintendent; fee; tentative approval; vote of stockholders or members; directors; a
- Section 5-7A-63 Resulting bank as continuation of savings institution.
- Section 5-7A-64 Maintenance and operation of offices.
- Section 5-7A-65 Expansion or branching limited.
Chapter 8A — LIQUIDATION OF BANKS.
- Section 5-8A-1 Liquidation of solvent banks.
- Section 5-8A-20 Proceedings of superintendent before banking board as to defaults or misconduct of bank.
- Section 5-8A-21 Liquidation of bank by superintendent without assent of Banking Board.
- Section 5-8A-22 Institution of civil action for vacation of charter, liquidation, etc., of bank.
- Section 5-8A-23 Acquisition of possession of property and business of bank by superintendent; notice to holders of bank assets.
- Section 5-8A-24 Appointment of receiver to liquidate bank.
- Section 5-8A-25 Passage of title to assets, etc., of banking institution to receiver.
- Section 5-8A-26 Use of bank examiner's reports as evidence in liquidation proceedings, etc.
- Section 5-8A-27 Application by bank for injunction against acquisition of possession of business and property by receiver or superintendent.
- Section 5-8A-28 Creation of liens against bank after possession by superintendent.
- Section 5-8A-29 Resumption of business of bank.
- Section 5-8A-30 Collection of claims of bank, etc.
- Section 5-8A-31 Subrogation of Federal Deposit Insurance Corporation.
- Section 5-8A-32 Sale, etc., of bad debts and property of bank.
- Section 5-8A-33 Negotiation of loans, granting of security, etc., on behalf of closed bank.
- Section 5-8A-34 Loans from and sale of assets to Federal Deposit Insurance Corporation for bank.
- Section 5-8A-35 Assumption or rejection of executory contracts by receiver.
- Section 5-8A-36 Employment of counsel, expert assistants, etc., in liquidation of bank; compensation of assistants, etc.; court approval of liquidation expenses.
- Section 5-8A-37 Payment of compensation.
- Section 5-8A-38 Deposit of funds collected by receiver.
- Section 5-8A-39 Notice for and filing of claims against bank.
- Section 5-8A-40 Preferred claims.
- Section 5-8A-41 Inventory of assets of bank; filing list of claims.
- Section 5-8A-42 Objections to claims; unproven or unclaimed deposits.
- Section 5-8A-43 Rejection of claims.
- Section 5-8A-44 Actions upon rejected claims; late claims.
- Section 5-8A-45 Payment of dividends to creditors.
- Section 5-8A-46 Final distribution, termination of receivership and dissolution of bank.
Chapter 9A — REORGANIZATION OF BANKS.
- Section 5-9A-1 Cooperation of superintendent in reorganization of bank.
- Section 5-9A-2 Submission of reorganization plan to court for confirmation and approval.
- Section 5-9A-3 Publication of reorganization plan.
- Section 5-9A-4 Hearing upon plan; entry of judgment.
- Section 5-9A-5 Appeals.
- Section 5-9A-6 Manner of reorganization not exclusive.
Chapter 10A — BANKING EMERGENCIES AND COMPLIANCE WITH FEDERAL LAWS.
- Section 5-10A-1 Authorization or direction of banks to postpone paying liabilities, segregate deposits and assets, renew loans, etc.
- Section 5-10A-10 Segregation of assets - Commingling of items in classes of deposits.
- Section 5-10A-11 Segregation of assets - Adjustments; identification of segregated items.
- Section 5-10A-12 Discharge of deposits of script, clearinghouse certificates or emergency currency.
- Section 5-10A-13 Issuance and reissuance of script, clearinghouse certificates or emergency currency.
- Section 5-10A-14 Issuance of notes or certificates of indebtedness as evidence of compensation for services or labor during banking emergency.
- Section 5-10A-15 Authorization and approval of reorganization of bank without receivership liquidation.
- Section 5-10A-16 Compliance with chapter, federal laws, etc., not to entail liability.
- Section 5-10A-17 Officers not to incur liability or penalties for compliance with orders of superintendent, federal laws, etc.
- Section 5-10A-2 Promulgation of rules and regulations; requirements of reports, etc., generally.
- Section 5-10A-3 Declaration of banking holidays; promulgation of emergency rules or regulations.
- Section 5-10A-4 Extension, etc., of banking holiday or emergency rules or regulations.
- Section 5-10A-5 Sections 5-10A-1 through 5-10A-4 applicable only in emergencies; duration of emergency action.
- Section 5-10A-6 Operation of banks under federal laws.
- Section 5-10A-7 Payment of expenses of bank operating without receivership liquidation.
- Section 5-10A-8 Segregation of assets - Manner of segregation generally; distribution of segregated assets upon receivership liquidation of bank.
- Section 5-10A-9 Segregation of assets - Manners of segregation.
Chapter 11A — REGULATION OF TRUST BUSINESS OF BANKS AND TRUST COMPANIES.
- Section 5-11A-1 Amenability of trust companies to banking laws; use of word "trust" in corporate name generally; operation of trust departments, etc., by banks.
- Section 5-11A-1.1 Branching of trust companies; branching of out-of-state trust companies; reciprocity; cooperative agreements.
- Section 5-11A-10 Withdrawal of bonds or securities from deposit with trustees.
- Section 5-11A-11 Interest on bonds or securities deposited with Treasurer payable to trust companies.
- Section 5-11A-12 Trust company authorized to purchase its own securities in fiduciary capacity.
- Section 5-11A-2 Written approval of superintendent to conduct trust business.
- Section 5-11A-3 Capital stock requirements for trust companies.
- Section 5-11A-30 Transfer between related institutions.
- Section 5-11A-31 Approval of superintendent.
- Section 5-11A-32 Notice of transfer.
- Section 5-11A-33 Objection to transfer; hearing on objection; appointment of related institution as agent.
- Section 5-11A-34 Filing of affidavit in office of judge of probate; filing of notice of abandonment.
- Section 5-11A-35 Substitution of transferee bank, trust company or trust department as fiduciary; effect.
- Section 5-11A-36 "Related" defined.
- Section 5-11A-37 Appointment of agent.
- Section 5-11A-4 Use of word "trust" in designation or name of entity.
- Section 5-11A-5 Deposit of security for operation of trust business - Amount required and form; charges against deposit.
- Section 5-11A-6 Deposit of security for a operation of trust business - State Treasurer to decline certain bonds or securities.
- Section 5-11A-7 Deposit of security for a operation of trust business - Certificate of deposit; purpose.
- Section 5-11A-8 Sale of bonds or securities for satisfaction of judgment against trust company.
- Section 5-11A-9 Exemption of trust companies, etc., acting as administrators, etc., from bond requirement.
Chapter 12A — ADMINISTRATION, ETC., OF COMMON TRUST FUNDS.
- Section 5-12A-1 Definitions.
- Section 5-12A-10 Quarterly valuation of securities in fund.
- Section 5-12A-11 Management and control of fund; ownership of assets.
- Section 5-12A-12 Mistakes in administration of fund.
- Section 5-12A-13 Administration, etc., of common trust funds differing from funds permitted by this chapter.
- Section 5-12A-14 Accountings.
- Section 5-12A-15 Taxation.
- Section 5-12A-2 Trust institutions may establish, etc., common trust funds.
- Section 5-12A-3 Investments by trust institutions.
- Section 5-12A-4 Common trust fund plan.
- Section 5-12A-5 Amendment of plan.
- Section 5-12A-6 Control of investments by instrument under which trust institution acts.
- Section 5-12A-7 Investment of estate moneys in fund; withdrawals.
- Section 5-12A-8 Record of fiduciary accounts owning interest in fund; extent of interest.
- Section 5-12A-9 Annual audit.
Chapter 13B — INTERSTATE AND INTERNATIONAL BANK ACQUISITIONS, MERGERS AND BRANCHING.
- Section 5-13B-1 Short title.
- Section 5-13B-10 Penalties.
- Section 5-13B-100 Change of control of foreign bank.
- Section 5-13B-101 Relocation of office; written notice necessary.
- Section 5-13B-102 Examination; payment of fees.
- Section 5-13B-103 Supervision and enforcement.
- Section 5-13B-104 Reports.
- Section 5-13B-105 Confidentiality of examination reports.
- Section 5-13B-106 Books, accounts, and records.
- Section 5-13B-107 Separate assets.
- Section 5-13B-108 Disclosure of lack of deposit insurance.
- Section 5-13B-109 Limitations on payment of interest on deposits.
- Section 5-13B-11 Authority to issue regulations; cooperative agreements; fees.
- Section 5-13B-110 Pledge of assets.
- Section 5-13B-111 Asset maintenance.
- Section 5-13B-112 Voluntary closure of branch, agency, or representative office - Application.
- Section 5-13B-113 Suspension or revocation of license; factors.
- Section 5-13B-114 Immediate suspension or revocation.
- Section 5-13B-115 Seizure of foreign bank's property and business; liquidation.
- Section 5-13B-130 Purpose.
- Section 5-13B-131 Establishment of interstate branches in this state by out-of-state foreign banks.
- Section 5-13B-2 Definitions.
- Section 5-13B-20 Purpose.
- Section 5-13B-21 Definitions.
- Section 5-13B-22 Establishment of interstate branches by acquisition or merger; branching.
- Section 5-13B-23 Interstate merger transactions and branching; operation of branches.
- Section 5-13B-24 Notice and filing requirements.
- Section 5-13B-25 Powers.
- Section 5-13B-26 Examinations; periodic reports; cooperative agreements; assessment of fees.
- Section 5-13B-27 Enforcement.
- Section 5-13B-28 Regulations.
- Section 5-13B-29 Notice of subsequent merger, etc.
- Section 5-13B-3 Scope of article and statement of legislative intent.
- Section 5-13B-4 Permitted acquisitions.
- Section 5-13B-40 Purpose.
- Section 5-13B-41 Definitions.
- Section 5-13B-42 General regulation authority.
- Section 5-13B-5 Required application.
- Section 5-13B-6 Standards for approval.
- Section 5-13B-60 Purpose.
- Section 5-13B-61 Operations in this state of banks owned or controlled by foreign banks and other foreign persons.
- Section 5-13B-62 Citizenship and residency requirements for directors of state banks.
- Section 5-13B-7 Procedures relating to applications.
- Section 5-13B-8 Reports; examinations.
- Section 5-13B-80 Purpose.
- Section 5-13B-81 Branches and agencies of foreign banks - Necessity of licensure.
- Section 5-13B-82 Application to establish and maintain a branch or agency - Contents.
- Section 5-13B-83 Application to establish and maintain a branch or agency - Manner of filing and determination.
- Section 5-13B-84 Application fee.
- Section 5-13B-85 No concurrent maintenance of federal branches or agencies.
- Section 5-13B-86 Powers of branch and agency.
- Section 5-13B-87 Fiduciary activities.
- Section 5-13B-88 Authority to act as agent.
- Section 5-13B-89 Representative office of foreign banks - Necessity of licensure.
- Section 5-13B-9 Agency activities.
- Section 5-13B-90 Representative office - Application.
- Section 5-13B-91 Representative office - Factors for approval of application.
- Section 5-13B-92 Representative office - Permissible activities.
- Section 5-13B-93 Representative office - Revocation of license.
- Section 5-13B-94 Posting of license.
- Section 5-13B-95 Licenses not transferable.
- Section 5-13B-96 Appointment of superintendent as agent for service of process.
- Section 5-13B-97 Service of process.
- Section 5-13B-98 Filing of amendments to articles of incorporation.
- Section 5-13B-99 Amended license to establish and maintain a branch or agency.
Chapter 14A — REGIONAL RECIPROCAL SAVINGS INSTITUTIONS.
- Section 5-14A-1 Short title.
- Section 5-14A-2 Definitions.
- Section 5-14A-3 Acquisition of Alabama savings and loan holding company or Alabama savings institution by regional holding company or institution.
- Section 5-14A-4 Enforcement.
- Section 5-14A-5 Applicable law.
- Section 5-14A-6 Regulatory supervision in cooperation with other savings institutions regulatory agencies.
- Section 5-14A-7 Application fee.
- Section 5-14A-8 Power to establish or acquire branch offices and subsidiaries.
Chapter 16 — SAVINGS AND LOAN ASSOCIATIONS.
- Section 5-16-1 Short title.
- Section 5-16-10 Corporate name and offices - Change of location of home office; certificate of approval, etc.
- Section 5-16-11 Corporate name and offices - Establishment of branch offices.
- Section 5-16-12 Period for commencement of business; forfeiture of corporate existence for nonuse.
- Section 5-16-13 Rights, privileges, etc., of members; annual meeting; annual financial statement; voting by members; assessment of fines and penalties against members; transfer of real estate security
- Section 5-16-14 Directors, officers and employees.
- Section 5-16-15 Books, records and accounts.
- Section 5-16-16 Capital and accounts.
- Section 5-16-17 Reserve accounts; interest due and accrued account.
- Section 5-16-18 Undivided profits account.
- Section 5-16-19 Dividends.
- Section 5-16-2 Definitions.
- Section 5-16-20 Repurchase of accounts.
- Section 5-16-21 Redemption of accounts.
- Section 5-16-22 Issuance of duplicate membership certificates.
- Section 5-16-23 Issuance, etc., of certificates of indebtedness; receipt of public deposits; payment of guaranteed rate of interest.
- Section 5-16-24 Powers generally.
- Section 5-16-25 Real estate loans.
- Section 5-16-26 Liens on accounts; pledges of accounts as security for loans.
- Section 5-16-27 Adoption, etc., of bonus plans and payment of cash bonuses on accounts; bonus reserve account.
- Section 5-16-28 Sales, transfers or exchanges of assets.
- Section 5-16-29 Mergers.
- Section 5-16-3 Associations, etc., accepting money for promotion of thrift and financing of homes subject to provisions of chapter, etc.
- Section 5-16-30 Conversions.
- Section 5-16-31 Reorganizations.
- Section 5-16-32 Voluntary liquidation - Procedure generally.
- Section 5-16-33 Voluntary liquidation - Remittance of unclaimed dividends and share accounts by receiver, etc.; payment of creditors and investors by commissioner.
- Section 5-16-34 Voluntary liquidation - Certification and transmittal of unclaimed funds to State Treasurer.
- Section 5-16-35 Voluntary liquidation - Payment of creditors or investors by State Treasurer.
- Section 5-16-36 Reports, examinations and audits.
- Section 5-16-37 Conservatorship; involuntary liquidation.
- Section 5-16-38.1 Assessment fees.
- Section 5-16-39 Foreign corporations not to transact business in state; privileges, etc., of federal savings and loan associations.
- Section 5-16-4 Procedure for incorporation - Petition for certificate of incorporation; subscription by incorporators, etc.
- Section 5-16-40 Sales of accounts.
- Section 5-16-41 Acknowledgment, etc., of instruments by public officers employed by associations, etc.
- Section 5-16-42 Operating or management contracts.
- Section 5-16-43 Accounts of minors, married women, joint owners and fiduciaries; investments in accounts of associations.
- Section 5-16-44 Deposit in names of two persons, payable to either or survivor - How payable; when construed as belonging to survivor.
- Section 5-16-45 Deposit in names of two persons, payable to either or survivor - Title to deposit upon death of either.
- Section 5-16-46 Disposition of account of deceased person.
- Section 5-16-47 Disposition of deposit in trust for another upon death of trustee.
- Section 5-16-48 Engaging in mortgage brokerage business; purchase of loans; origination, purchase and sale of mortgages.
- Section 5-16-49 Forms.
- Section 5-16-5 Procedure for incorporation - Approval of petition for certificate of incorporation; certificate of approval.
- Section 5-16-50 Deposits with State Treasurer, etc., of securities issued by associations.
- Section 5-16-51 Associations empowered to enter into contracts, etc., for insurance of accounts, etc.
- Section 5-16-52 State associations may make contracts, loans or investments available to federal savings and loan associations.
- Section 5-16-53 Termination of status as insured corporation.
- Section 5-16-6 Procedure for incorporation - Issuance of certificate of incorporation.
- Section 5-16-7 Bylaws.
- Section 5-16-8 Organizational meeting.
- Section 5-16-9 Corporate name and offices - Generally.
Chapter 17 — CREDIT UNIONS.
- Section 5-17-1 "Credit union" defined.
- Section 5-17-10 Election of board of directors, credit committee and supervisory committee.
- Section 5-17-11 Election of officers; duties of officers and directors generally; compensation of directors, etc.
- Section 5-17-12 Powers and duties of credit committee.
- Section 5-17-13 Powers and duties of supervisory committee.
- Section 5-17-14 Capital; lien on shares and deposits of members; entrance fee.
- Section 5-17-15 Deposits for minor or trust beneficiaries; deposits in names of two persons.
- Section 5-17-16 Disposition of shares or deposit account of deceased person.
- Section 5-17-17 Loans to members, directors, officers, etc.
- Section 5-17-18 Interest rates and finance charges on loans; late charge.
- Section 5-17-19 Insurance and reserves.
- Section 5-17-2 Procedure for organization and incorporation generally.
- Section 5-17-20 Dividends.
- Section 5-17-21 Voluntary dissolution.
- Section 5-17-22 Merger and conversion procedures.
- Section 5-17-23 Change of place of business.
- Section 5-17-24 Taxation.
- Section 5-17-25 Alabama Credit Union League - Advance payment of dues by member credit unions.
- Section 5-17-26 Alabama Credit Union League - Issuance of advance dues certificates to member credit unions.
- Section 5-17-27 Alabama Credit Union League - Amortization of credit represented by advance dues certificate.
- Section 5-17-28 Alabama Credit Union League - Redemption and purchase of advance dues certificate upon dissolution, etc., of member credit union.
- Section 5-17-29 Penalties - Concealment of discounts or loans.
- Section 5-17-3 Use of words "credit union" in name or title.
- Section 5-17-30 Penalties - Overdraws; receipt of commission, emolument, etc., for procuring loans.
- Section 5-17-31 Penalties - Receipt of property other than in payment for just demand.
- Section 5-17-32 Penalties - False or omitted entries.
- Section 5-17-4 Powers generally.
- Section 5-17-40 Alabama Credit Union Administration created; functions; transfer of authority previously vested in State Banking Department.
- Section 5-17-41 Administrator - Appointment; vacancy; eligibility.
- Section 5-17-42 Administrator - Oath; bond.
- Section 5-17-43 Official seal; use of sealed papers as evidence; recording.
- Section 5-17-44 Removal from office of administrator or board member.
- Section 5-17-45 Legislative findings; authority to expand powers of credit unions; out-of-state credit unions doing business in state; federally chartered credit unions.
- Section 5-17-46 Policies, regulations, and interpretations; review for ratification; procedure for adopting, amending or repealing.
- Section 5-17-47 Procedure for adopting, amending, or repealing regulations and interpretations; contesting regulation for failure to comply with procedure; action to determine validity or applicabilit
- Section 5-17-48 Annual report; public distribution of report and other material.
- Section 5-17-49 Violations to be submitted to grand jury.
- Section 5-17-5 Membership.
- Section 5-17-50 Employment and compensation of necessary personnel; assistant administrator.
- Section 5-17-51 Immunity from personal liability.
- Section 5-17-52 Oath and duties of examiner.
- Section 5-17-53 Furnishing of commission to examiner; exhibit to credit union upon making examination.
- Section 5-17-54 Bond of examiners and office assistants.
- Section 5-17-55 Credit Union Board created; membership; terms of office; vacancies; appeals to board from actions of administrator.
- Section 5-17-56 Notice of board meetings; how often held; location.
- Section 5-17-57 Quorum.
- Section 5-17-58 Compensation and expenses of board members.
- Section 5-17-59 Applicability of Alabama Business Corporation Act.
- Section 5-17-6 Expulsion or withdrawal of members.
- Section 5-17-7 Operating fees; fee filed with certificate of organization.
- Section 5-17-8 Reports to Administrator of Alabama Credit Union Administration; powers of administrator.
- Section 5-17-9 Fiscal year; meetings of members; amendment of bylaws.
Chapter 18 — SMALL LOANS.
- Section 5-18-1 Short title.
- Section 5-18-10 Examinations of licensees; investigations; enforcement powers of supervisor.
- Section 5-18-11 Books, accounts and records of licensees; annual report.
- Section 5-18-12 Promulgation of rules, regulations and orders by supervisor; furnishing of certified copies of licenses, regulations or orders.
- Section 5-18-13 Advertising; schedule of charges.
- Section 5-18-14 Conduct of other business in office of licensee; loan business confined to licensed offices; acceptance of liens on real estate as security for loans.
- Section 5-18-15 Interest rates, charges, and fees.
- Section 5-18-15.1 Additional late payment charge.
- Section 5-18-16 Duties of licensees as to making and payment of loans.
- Section 5-18-17 Insurance in connection with credit transaction.
- Section 5-18-18 Charges, rates, etc., as to certain loans.
- Section 5-18-19 Collection of loans made outside state.
- Section 5-18-2 Legislative findings of fact and declaration of intent.
- Section 5-18-20 Review of orders, etc., of supervisor.
- Section 5-18-21 Enforceability of provisions and agreements which violate chapter; liability of licensee for actual damage.
- Section 5-18-22 Modification, amendment or repeal of chapter.
- Section 5-18-23 Maintenance of listing of licensees doing business in state; public access to reports, etc.
- Section 5-18-3 Definitions.
- Section 5-18-4 License - Required; exemptions; penalties for violation of section.
- Section 5-18-5 License - Application; fees; disposition of fees.
- Section 5-18-6 License - Investigation of application; issuance or denial of license.
- Section 5-18-7 License - Contents; posting; continuing effect.
- Section 5-18-8 License - Place of business of licensee.
- Section 5-18-9 License - Revocation, suspension, etc.; investigation of complaints.
Chapter 18A — Deferred Presentment Services Act.
- Section 5-18A-1 Short title; purpose.
- Section 5-18A-10 Rules and regulations; judicial review.
- Section 5-18A-11 Maintenance of business records; notice of intent to conduct business in conjunction with other business; examination of place of business.
- Section 5-18A-12 Transaction fees; renewal or extension; repayment; bad check charge.
- Section 5-18A-13 Duties of licensee.
- Section 5-18A-14 Denial of application; hearing.
- Section 5-18A-15 Suspension or revocation of license; hearing.
- Section 5-18A-16 Violations of chapter.
- Section 5-18A-17 Consent orders; civil or criminal penalties; extraordinary circumstances.
- Section 5-18A-18 Written complaint; investigation; compliance with subpoena.
- Section 5-18A-19 Public notice of provisions.
- Section 5-18A-2 Definitions.
- Section 5-18A-20 Excessive charges.
- Section 5-18A-21 Disposition of funds.
- Section 5-18A-22 Claims preceding effective date of chapter.
- Section 5-18A-3 License - Required; applicability.
- Section 5-18A-4 License - Qualifications.
- Section 5-18A-5 License - Application.
- Section 5-18A-6 License - Fees; financial statement.
- Section 5-18A-7 License - Issuance; display; payment of fees; surrender.
- Section 5-18A-8 License - Change of control.
- Section 5-18A-9 Circumstances requiring written report.
Chapter 19 — CONSUMER FINANCE.
- Section 5-19-1 Definitions.
- Section 5-19-1.1 Legislative findings.
- Section 5-19-10 Contract provisions for attorney's fees.
- Section 5-19-12 Buyer's right to cancel home solicitation sale.
- Section 5-19-13 Repossession or acceptance of surrender of goods priced at one thousand dollars or less.
- Section 5-19-14 Rebates or discounts, etc., as inducement for aiding sale to another prohibited.
- Section 5-19-15 Garnishment.
- Section 5-19-16 Refusal by court to enforce unconscionable agreement.
- Section 5-19-17 Inducing obligation on more than one contract in order to obtain higher finance charge prohibited; consolidation of existing precomputed consumer credit transaction contract and subseq
- Section 5-19-18 Installment payment of debt of one thousand dollars or less.
- Section 5-19-19 Liabilities of creditor making excess finance charge; failure to obtain license; damages for deliberate violation or reckless disregard; written notice of violations; oral statements n
- Section 5-19-20 Insurance.
- Section 5-19-21 Administrator authorized to make rules and regulations; filing notice of intended action with Legislative Reference Service; transactions entered into after May 20, 1996.
- Section 5-19-22 License to engage in business of making consumer loans or taking assignments of consumer credit contracts - Required; exceptions; application; investigation; standards for issuance; he
- Section 5-19-23 License to engage in business of making consumer loans or taking assignments of consumer credit contracts - Revocation or suspension.
- Section 5-19-24 Examinations and investigations of licensees by administrator.
- Section 5-19-25 Cease and desist orders by administrator; penalties for violation of this chapter; right to counsel at hearing; judicial review.
- Section 5-19-26 Appeals to circuit court from order of administrator; appeals from decision of circuit court.
- Section 5-19-29 Injunctions.
- Section 5-19-3 Maximum finance charges; contracting for minimum finance charge; alternate per month computed finance charge.
- Section 5-19-30 Penalty for violations.
- Section 5-19-31 Nonapplicability of chapter to certain transactions; certain laws not repealed or amended.
- Section 5-19-32 Service contracts.
- Section 5-19-33 Account maintenance fee.
- Section 5-19-4 Additional charges for default or deferral; prepayment; renewal or refinancing; and real property transactions.
- Section 5-19-5 Acceptance of negotiable instruments as evidence of consumer debt.
- Section 5-19-6 Copies of instruments signed by debtors to be furnished to debtors; required statement in contracts, etc.; limitation on disclosure requirements; intent, applicability of limitation.
- Section 5-19-7 Right to refinance amount of certain scheduled payments.
- Section 5-19-8 Assignee of seller subject to claims and defenses of buyer.
- Section 5-19-9 Application of payments when buyer indebted to same seller for two or more consumer credit sales.
Chapter 19A — ALABAMA PAWNSHOP ACT.
- Section 5-19A-1 Short title.
- Section 5-19A-10 Liens for pawnbrokers; pledged goods not redeemed on or before maturity date fixed in ticket.
- Section 5-19A-11 Licensing generally; annual fee; temporary license; when new license not required upon change in ownership.
- Section 5-19A-12 Eligibility for pawnshop license; application fee.
- Section 5-19A-13 Suspension or revocation of license; notice and hearing; surrender of license.
- Section 5-19A-14 Application for new pawnshop license, transfer of existing license, etc.
- Section 5-19A-15 No confiscation of property pledged to pawnbroker if property may be put on seven-day hold; when property may be placed on hold.
- Section 5-19A-16 Penalties for failure to secure license.
- Section 5-19A-17 Penalties for willful violation of chapter or for false entry in required records; compliance enforced by supervisor; order requiring person to refrain from violation.
- Section 5-19A-18 Department of Public Safety to supply available arrest and conviction records.
- Section 5-19A-19 Ordinances to be in compliance with but not more restrictive than chapter.
- Section 5-19A-2 Definitions.
- Section 5-19A-20 Pawnbrokers to be subject to licensing and issuance fees under Chapter 12 of Title 40; chapter not to repeal Uniform Commercial Code.
- Section 5-19A-3 Pawnbroker to enter on pawn ticket record of information.
- Section 5-19A-4 Certain information to be printed on pawn tickets.
- Section 5-19A-5 Statement verifying pledgor is rightful owner of goods; pawnbroker to maintain record of transactions; goods to be maintained on premises for certain number of days before resale.
- Section 5-19A-6 Redemption or automatic forfeiture of pledged goods.
- Section 5-19A-7 Pawnshop charge; amounts in excess of pawnshop charge.
- Section 5-19A-8 Certain acts by pawnbrokers prohibited.
- Section 5-19A-9 Pledgor presenting pawn ticket entitled to redeem or repurchase goods; lost or damaged pledged goods in possession of pawnbroker; lost, destroyed, or stolen pawn ticket.
Chapter 20 — ALABAMA CREDIT CARD ACT.
- Section 5-20-10 Construction with other laws; repeal of conflicting laws.
- Section 5-20-2 Short title.
- Section 5-20-3 Definitions.
- Section 5-20-4 Establishment or acquisition of a credit card bank.
- Section 5-20-5 Charges, rates, and fees.
- Section 5-20-6 Application for approval; filing fee.
- Section 5-20-7 Supervision and enforcement.
- Section 5-20-8 Applicable law.
- Section 5-20-9 Severability.
Chapter 21 — GEORGE WALLACE, JR., PLAN FOR LINKED DEPOSITS OF 1988.
- Section 5-21-1 Short title.
- Section 5-21-10 Annual report.
- Section 5-21-11 Effective date; termination date.
- Section 5-21-2 Legislative purpose.
- Section 5-21-3 Definitions.
- Section 5-21-4 Creation of plan; term and return rate of deposits.
- Section 5-21-5 Amounts of loans; eligibility.
- Section 5-21-6 Restriction of fees or charges.
- Section 5-21-7 Interest rates.
- Section 5-21-8 Agreements between state and eligible lending institutions in writing; specific terms, conditions, etc., included.
- Section 5-21-9 Participation in plan; application.
Chapter 22 — REPORTS OF TRANSACTIONS INVOLVING CURRENCY.
- Section 5-22-1 Purpose.
- Section 5-22-2 Definitions.
- Section 5-22-3 Record of currency transactions; report on written request; when no longer required; compliance with federal law sufficient; multiple transactions; disclosures.
- Section 5-22-4 Effect of federal exemptions.
- Section 5-22-5 When reports may be disclosed.
- Section 5-22-6 Criminal penalties.
- Section 5-22-7 Immunity from liability.
- Section 5-22-8 Recoupment of costs not authorized.
Chapter 23 — STATE SPONSORSHIP OF FINANCIAL INSTITUTION CREDIT CARD.
- Section 5-23-1 Definitions.
- Section 5-23-2 State participation in financial institution credit card program; contact with financial institutions.
- Section 5-23-3 Negotiation of state's fee; contracts with financial institutions; use of state seal and insignia.
- Section 5-23-4 Proceeds.
- Section 5-23-5 Rules and regulations.
- Section 5-23-6 Disclosure of information.
Chapter 24 — UNIFORM MULTIPLE-PERSON ACCOUNTS ACT.
- Section 5-24-1 Definitions.
- Section 5-24-11 Ownership during lifetime.
- Section 5-24-12 Rights at death.
- Section 5-24-13 Alteration of rights.
- Section 5-24-14 Accounts and transfers nontestamentary.
- Section 5-24-15 Rights of creditors and others.
- Section 5-24-2 Scope of chapter.
- Section 5-24-21 Authority of financial institution.
- Section 5-24-22 Payment on multiple-party account.
- Section 5-24-23 Payment on POD designation.
- Section 5-24-24 Payment to designated agent.
- Section 5-24-25 Payment to minor.
- Section 5-24-26 Discharge.
- Section 5-24-27 Set-off.
- Section 5-24-3 Types of account; existing accounts.
- Section 5-24-31 Short title.
- Section 5-24-32 Uniformity of application and construction.
- Section 5-24-33 Supplementary general principles of law applicable.
- Section 5-24-34 Transitional provisions.
- Section 5-24-4 Forms.
- Section 5-24-5 Designation of agent.
- Section 5-24-6 Applicability of chapter.
Chapter 25 — MORTGAGE BROKERS LICENSING ACT.
- Section 5-25-1 Short title.
- Section 5-25-10 Annual report.
- Section 5-25-11 Principal place of business; branch office.
- Section 5-25-12 Disclosure by licensee; prohibited activities.
- Section 5-25-13 Rules and regulations.
- Section 5-25-14 Denial, suspension, or revocation of license.
- Section 5-25-15 Appeal.
- Section 5-25-16 Enforcement and penalties.
- Section 5-25-17 Violations of chapter.
- Section 5-25-18 Disposition of funds.
- Section 5-25-2 Definitions.
- Section 5-25-3 Persons excluded.
- Section 5-25-4 License to transact business as a mortgage broker.
- Section 5-25-5 Application for license.
- Section 5-25-6 Issuance of license.
- Section 5-25-7 Expiration and renewal.
- Section 5-25-8 License requirements.
- Section 5-25-9 Maintenance and examination of records, etc.
Chapter 26 — ALABAMA SECURE AND FAIR ENFORCEMENT FOR MORTGAGE LICENSING ACT OF 2009.
- Section 5-26-1 Short title.
- Section 5-26-10 Continuing education for mortgage loan originators.
- Section 5-26-11 Authority to require license.
- Section 5-26-12 Nationwide Mortgage Licensing System and Registry information challenge process.
- Section 5-26-13 Enforcement authorities, violations, and penalties.
- Section 5-26-14 Surety bond required.
- Section 5-26-15 Confidentiality.
- Section 5-26-16 Investigation and examination authority.
- Section 5-26-17 Prohibited acts and practices.
- Section 5-26-18 Mortgage call reports.
- Section 5-26-19 Report to Nationwide Mortgage Licensing System and Registry.
- Section 5-26-2 Legislative findings.
- Section 5-26-20 Unique identifier shown.
- Section 5-26-3 Definitions.
- Section 5-26-4 License and registration required.
- Section 5-26-5 State license and registration application and issuance.
- Section 5-26-6 Issuance of license.
- Section 5-26-7 Pre-licensing education of loan originators.
- Section 5-26-8 Testing of loan originators.
- Section 5-26-9 Standards for license renewal.