Alabama Small Loan Act
Alabama · Banks and Financial Institutions · §§ 5-18-1 to 5-18-9 · 24 sections
Overview
The New Mexico Small Loan Act governs consumer lending in small dollar amounts, requiring anyone in the business of making such loans to obtain a license from the state and submit to investigation, examination, and ongoing supervision by the licensing agency. It caps and prescribes the method of computing interest and other charges, restricts the fees, insurance premiums, and collection costs a lender may impose, bars prepayment penalties, and sets requirements for loan documentation, installment terms, and credit reporting. The act exempts certain lenders, treats evasions such as disguised wage purchases as covered loans, and backs its requirements with license revocation, civil penalties, and the loss of the right to collect charges on offending loans.
Editorial summary generated from the text of this act. It is not part of the statute — read the sections below for the operative language.
In the courts
Sections of this act have been cited in 8 court decisions.
Most-cited authority: 294 F.3d 1298 - Bess v. Check Express
Sections covered
- Ala. Code § 5-18-1Short Title.5 cites
- Ala. Code § 5-18-10Examinations of Licensees; Investigations; Enforcement Powers of Supervisor.
- Ala. Code § 5-18-11Books, Accounts and Records of Licensees; Annual Report.
- Ala. Code § 5-18-12Promulgation of Rules, Regulations and Orders by Supervisor; Furnishing of Certified Copies of Licenses, Regulations or Orders.
- Ala. Code § 5-18-13Advertising; Schedule of Charges.
- Ala. Code § 5-18-14Conduct of Other Business in Office of Licensee; Loan Business Confined to Licensed Offices; Acceptance of Liens on Real Estate as Security for Loans.1 cite
- Ala. Code § 5-18-15Interest Rates, Charges, and Fees.1 cite
- Ala. Code § 5-18-15.1Additional Late Payment Charge.
- Ala. Code § 5-18-16Duties of Licensees as to Making and Payment of Loans.
- Ala. Code § 5-18-17Insurance in Connection with Credit Transaction.
- Ala. Code § 5-18-18Charges, Rates, Etc., as to Certain Loans.
- Ala. Code § 5-18-19Collection of Loans Made Outside State.
- Ala. Code § 5-18-2Legislative Findings of Fact and Declaration of Intent.
- Ala. Code § 5-18-20Review of Orders, Etc., of Supervisor.
- Ala. Code § 5-18-21Enforceability of Provisions and Agreements Which Violate Chapter; Liability of Licensee for Actual Damage.
- Ala. Code § 5-18-22Modification, Amendment or Repeal of Chapter.
- Ala. Code § 5-18-23Maintenance of Listing of Licensees Doing Business in State; Public Access to Reports, Etc.
- Ala. Code § 5-18-3Definitions.
- Ala. Code § 5-18-4License - Required; Exemptions; Penalties for Violation of Section.1 cite
- Ala. Code § 5-18-5License - Application; Fees; Disposition of Fees.
- Ala. Code § 5-18-6License - Investigation of Application; Issuance or Denial of License.
- Ala. Code § 5-18-7License - Contents; Posting; Continuing Effect.
- Ala. Code § 5-18-8License - Place of Business of Licensee.
- Ala. Code § 5-18-9License - Revocation, Suspension, Etc.; Investigation of Complaints.
Enacted in other states
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