Code of Alabama - Title 5: Banks and Financial Institutions - Chapter 18A - Deferred Presentment Services Act

• Section 5-18A-1 Short title; purpose
  This chapter shall be known and may be cited as the "Deferred Presentment Services Act." The purpose of this chapter is to protect consumers who...
• Section 5-18A-2 Definitions
  As used in this chapter, the following terms shall have the following meanings: (1) CHECK. A debit authorization or a check signed by the maker...
• Section 5-18A-3 License - Required; applicability
  (a) On or after January 1, 2004, no person shall engage in the business of deferred presentment services without having first obtained a license from...
• Section 5-18A-4 License - Qualifications
  (a) Each applicant for a license shall satisfy all of the following requirements to qualify for a license: (1) Have a financial statement showing that...
• Section 5-18A-5 License - Application
  Each application for a license shall be in writing and under oath to the supervisor, in a form prescribed by the supervisor, and shall include...
• Section 5-18A-6 License - Fees; financial statement
  Each application for a license shall be accompanied by all of the following: (1) A nonrefundable license fee of five hundred dollars ($500) for each...
• Section 5-18A-7 License - Issuance; display; payment of fees; surrender
  (a) Upon the filing of an application in the form prescribed by the supervisor, accompanied by the fee and documents required pursuant to Section 5-18A-6,...
• Section 5-18A-8 License - Change of control
  The prior written approval of the supervisor shall be required for the continued operation of a deferred presentment services business whenever a change in control...
• Section 5-18A-9 Circumstances requiring written report
  Within 15 days of the occurrence of any one of the following events, a licensee shall file a written report with the supervisor describing the...
• Section 5-18A-10 Rules and regulations; judicial review
  (a) The supervisor may promulgate reasonable rules and regulations for the implementation, administration, execution, and enforcement of this chapter. (b) Prior to adoption, amendment, or...
• Section 5-18A-11 Maintenance of business records; notice of intent to conduct business in conjunction with other business; examination of place of business
  (a) Each licensee shall keep and use in its business any books, accounts, and records that the supervisor may require to carry into effect this...
• Section 5-18A-12 Transaction fees; renewal or extension; repayment; bad check charge
  (a) Subject to the following subsections, every licensee under this chapter may charge and collect a maximum fee on any deferred presentment transaction not to...
• Section 5-18A-13 Duties of licensee
  (a) A licensee may not knowingly enter into a deferred presentment transaction with a customer that has outstanding deferred presentment transactions from any lender at...
• Section 5-18A-14 Denial of application; hearing
  (a) If the supervisor determines that an applicant is not qualified to receive a license, the supervisor shall notify the applicant in writing that the...
• Section 5-18A-15 Suspension or revocation of license; hearing
  (a) The supervisor may, after notice and hearing, suspend or revoke any license if the supervisor finds that the licensee has knowingly or through lack...
• Section 5-18A-16 Violations of chapter
  If, after a hearing, the supervisor finds that a person has violated this chapter or any administrative regulation issued pursuant to this chapter, the supervisor...
• Section 5-18A-17 Consent orders; civil or criminal penalties; extraordinary circumstances
  (a) The supervisor may enter into consent orders at any time with any person to resolve any matter arising under this chapter. A consent order...
• Section 5-18A-18 Written complaint; investigation; compliance with subpoena
  (a) Any person aggrieved by the conduct of a licensee under this chapter in connection with the regulated activities of the licensee may file a...
• Section 5-18A-19 Public notice of provisions
  Every licensee shall conspicuously post a sign, as designed by the department, notifying the public of the pertinent provisions of this chapter and any consequences...
• Section 5-18A-20 Excessive charges
  Any person who willfully makes charges in excess of those permitted by Section 5-18A-12 or any person who willfully engages in the business of cashing...
• Section 5-18A-21 Disposition of funds
  All license fees and administrative penalties collected under this chapter shall be paid into the special fund provided by Section 5-2A-20, and used in the...
• Section 5-18A-22 Claims preceding effective date of chapter
  The provisions of this chapter shall not be construed to take away or negatively impact the customers' claims in pending lawsuits against persons operating deferred...

Last modified: May 3, 2021