Code of Alabama - Title 5: Banks and Financial Institutions - Chapter 26 - Alabama Secure and Fair Enforcement for Mortgage Licensing Act of 2009

• Section 5-26-1 Short title
  This chapter may be cited as the Alabama Secure and Fair Enforcement for Mortgage Licensing Act of 2009 or Alabama S.A.F.E. Mortgage Licensing Act of
• Section 5-26-2 Legislative findings
  The activities of mortgage loan originators and the origination or offering of financing for residential real property have a direct, valuable, and immediate impact upon...
• Section 5-26-3 Definitions
  For purposes of this chapter, the following definitions shall apply: (1) DEPOSITORY INSTITUTION. The term "depository institution" has the same meaning as in Section 3...
• Section 5-26-4 License and registration required
  (1) In general. An individual, unless specifically exempted from this chapter under subsection (2), shall not engage in the business of a mortgage loan originator...
• Section 5-26-5 State license and registration application and issuance
  (1) Application form. Applicants for a license shall apply in a form as prescribed by the supervisor. Each such form shall contain content as set...
• Section 5-26-6 Issuance of license
  The supervisor shall not issue a mortgage loan originator license unless the Supervisor makes at a minimum the following findings: (1) NO LICENSE REVOCATION. The...
• Section 5-26-7 Pre-licensing education of loan originators
  (1) Minimum educational requirements. In order to meet the pre-licensing education requirement referred to in Section 5-26-6(4) a person shall complete at least 20 hours...
• Section 5-26-8 Testing of loan originators
  (1) In general. In order to meet the written test requirement referred to in Section 5-26-6(5), an individual shall pass, in accordance with the standards...
• Section 5-26-9 Standards for license renewal
  (1) In general. The minimum standards for license renewal for mortgage loan originators shall include the following: (a) The mortgage loan originator continues to meet...
• Section 5-26-10 Continuing education for mortgage loan originators
  (1) In general. In order to meet the annual continuing education requirements referred to in Section 5-26-9(1)(b), a licensed mortgage loan originator shall complete at...
• Section 5-26-11 Authority to require license
  In addition to any other duties imposed upon the supervisor by law, the supervisor shall require mortgage loan originators to be licensed and registered through...
• Section 5-26-12 Nationwide Mortgage Licensing System and Registry information challenge process
  The supervisor shall establish a process whereby mortgage loan originators may challenge information entered into the Nationwide Mortgage Licensing System and Registry.
• Section 5-26-13 Enforcement authorities, violations, and penalties
  (1) In order to ensure the effective supervision and enforcement of this chapter the supervisor may: (a) Deny, suspend, revoke, condition, or decline to renew...
• Section 5-26-14 Surety bond required
  (1) Coverage, form and regulations. Each mortgage loan originator shall be covered by a surety bond in accordance with this section. In the event that...
• Section 5-26-15 Confidentiality
  In order to promote more effective regulation and reduce regulatory burden through supervisory information sharing: (1) PROTECTIONS. Except as otherwise provided in Public Law 110-289,...
• Section 5-26-16 Investigation and examination authority
  In addition to any authority allowed under this chapter the supervisor shall have the authority to conduct investigations and examinations as follows: (1) AUTHORITY TO...
• Section 5-26-17 Prohibited acts and practices
  It is a violation of this chapter for a person or individual subject to this chapter to: (1) Obtain property by intentional fraud or intentional...
• Section 5-26-18 Mortgage call reports
  Each person employing a mortgage loan originator licensed under this chapter shall submit to the Nationwide Mortgage Licensing System and Registry reports of condition, which...
• Section 5-26-19 Report to Nationwide Mortgage Licensing System and Registry
  Notwithstanding state privacy law, the supervisor is required to report regularly violations of this chapter as well as enforcement actions and other relevant information to...
• Section 5-26-20 Unique identifier shown
  The unique identifier of any person originating a residential mortgage loan shall be clearly shown on all residential mortgage loan application forms, solicitations, or advertisements,...

Last modified: May 3, 2021