Code of Alabama - Title 5: Banks and Financial Institutions - Chapter 25 - Mortgage Brokers Licensing Act

• Section 5-25-1 Short title
  This chapter shall be known and cited as the Mortgage Brokers Licensing Act.
• Section 5-25-2 Definitions
  For purposes of this chapter, the following terms shall have the following meanings: (1) BORROWER. A natural person who submits an application for a loan...
• Section 5-25-3 Persons excluded
  The following persons are not subject to the provisions of this chapter: (1) Any depository institution as defined in Section 3 of the Federal Deposit...
• Section 5-25-4 License to transact business as a mortgage broker
  (a) On and after January 1, 2002, no person shall transact business in this state directly or indirectly as a mortgage broker unless he or...
• Section 5-25-5 Application for license
  (a) An application for a license under this chapter shall be made in writing, under oath, and in the form as the department may prescribe....
• Section 5-25-6 Issuance of license
  (a) Upon receipt of a completed application for a license together with all items set forth in subsection (c) of Section 5-25-5, the department shall...
• Section 5-25-7 Expiration and renewal
  (a) All licenses issued pursuant to this chapter shall expire on December 31 of each year. Application for renewal shall be made annually on or...
• Section 5-25-8 License requirements
  (a) Each license issued under this chapter shall state the address of the licensee's principal place of business and the name of the licensee. (b)...
• Section 5-25-9 Maintenance and examination of records, etc
  (a) Any person required to be licensed under this chapter shall maintain in its offices or such other location as the department shall permit the...
• Section 5-25-10 Annual report
  (a) Each licensee shall annually, on or before May 1, file a written report with the department containing that information the department may require concerning...
• Section 5-25-11 Principal place of business; branch office
  A licensee may transact business from both a principal place of business and one or more branch offices provided each is licensed under this chapter....
• Section 5-25-12 Disclosure by licensee; prohibited activities
  (a) Licensees shall: (1) Prior to the collection of a mortgage broker fee from a borrower, disclose to the borrower in writing the nature of...
• Section 5-25-13 Rules and regulations
  (a) The department may promulgate those rules and regulations, not inconsistent with law, necessary for the enforcement of this chapter. (b) (1) Prior to the...
• Section 5-25-14 Denial, suspension, or revocation of license
  (a) The department may suspend or revoke a license on any ground on which it might refuse to issue an original license, or for a...
• Section 5-25-15 Appeal
  (a) Any interested party or intervener may appeal an order of the department to the Circuit Court of Montgomery County or to the circuit court...
• Section 5-25-16 Enforcement and penalties
  (a) Whenever it appears to the supervisor that any person required to be licensed or registered under this chapter has violated any law of this...
• Section 5-25-17 Violations of chapter
  Any person who willfully violates any of the provisions of this chapter shall be guilty of a misdemeanor and shall be punished by imprisonment for...
• Section 5-25-18 Disposition of funds
  All fees and administrative penalties collected shall be paid into the special fund provided by Section 5-2A-20 and used in the supervision and examination of

Last modified: May 3, 2021