Code of Alabama - Title 5: Banks and Financial Institutions - Section 5-2A-81 - Revocation and suspension of licenses; injunctive relief as to violations of Small Loan Act

Section 5-2A-81 - Revocation and suspension of licenses; injunctive relief as to violations of Small Loan Act.

(a) Upon 10 days' written notice to a licensee, stating the contemplated action and grounds therefor, and after giving the licensee a reasonable opportunity to be heard, the bureau shall suspend or revoke any license issued under Chapter 18 of this title if it finds:

(1) That the licensee is in default in the payment of the annual license fee or has failed to comply with any rule, regulation or order of the Bureau of Loans promulgated by it under authority of Chapter 18 of this title; or

(2) That a fact or condition exists as to the licensee which would have justified the bureau in refusing originally a license to him if the fact or condition had existed at the time of the original application for such license by him.

If the bureau finds that there exists probable cause for the suspension or revocation of any license and that the enforcement of Chapter 18 of this title requires immediate suspension of such license pending a complete investigation, it may, upon three days' written notice, and after a hearing, enter an order suspending such license for a period not exceeding 30 days, during which time no loans may be made by the licensee. Upon completion of its investigation, the bureau may reinstate the license or revoke the same or order such further suspension thereof as the circumstances may warrant.

(b) The supervisor may, either before or after the suspension or revocation of any license, apply to any court of competent jurisdiction for an injunction or other order enjoining or prohibiting any person from violating any of the provisions of Chapter 18 of this title or any rules, regulations or orders of the bureau, and upon a proper showing the court shall issue such injunction or order as may be deemed proper.

(Acts 1945, No. 159, p. 200, §5; Acts 1951, No. 787, p. 1385; Code 1975, §5-2-81.)

Last modified: May 3, 2021