Code of Alabama - Title 5: Banks and Financial Institutions - Chapter 2A - State Banking Department

• Article 1 General Provisions.
• Section 5-2A-1 Creation of department; duties generally
  There shall be a State Banking Department which shall administer the laws of this state which regulate or otherwise relate to corporations doing or carrying...
• Section 5-2A-2 Offices, venue
  The State Banking Department shall locate and maintain its principal office in the City of Montgomery, Alabama, from which place it shall perform its duties...
• Section 5-2A-3 Superintendent - Qualifications, appointment and term of office; filling of vacancies
  The State Banking Department shall be in the charge of the superintendent, who shall be the chief executive officer of the department. The superintendent shall...
• Section 5-2A-4 Superintendent - Oath and bond
  The superintendent, before entering upon the discharge of his duties, shall take and subscribe to the oath prescribed by the constitution and laws of this...
• Section 5-2A-5 Superintendent - Seal of office; recordation of executed papers
  The Secretary of State shall provide the superintendent with an official seal. Every paper executed by him as such superintendent, in pursuance of any authority...
• Section 5-2A-6 Superintendent - Removal; removal of member of Banking Board
  (a) The superintendent or any member of the Banking Board may be removed from office by a vote of two thirds of the members of...
• Section 5-2A-7 Superintendent - Expansion of banking powers; rules and regulations
  (a) The Legislature finds as fact and determines that the financial industry composed of those banks and savings and loan associations having their principal place...
• Section 5-2A-8 Superintendent - Promulgation and interpretation of regulations
  The superintendent may, with the concurrence of a majority of the members of the State Banking Board or as otherwise provided in this title, promulgate...
• Section 5-2A-9 Superintendent - Procedure for promulgation of regulations; emergency regulations; judicial review
  (a) Prior to the adoption, amendment, or repeal of any regulation, the superintendent shall: (1) Give at least 35 days' notice of the intended action....
• Section 5-2A-10 Superintendent - Make good any impairment of capital
  Whenever the superintendent shall have reason to believe that the capital of any bank is impaired, he may in his discretion require such bank to...
• Section 5-2A-11 Superintendent - Losses; bank to correct impairment of capital
  Whenever losses are sustained by a bank, such losses shall be charged on the books of the bank as losses so that the books of...
• Section 5-2A-12 Superintendent - Order to correct unsafe and unsound matters; penalties; procedure
  (a) For purposes of this section, a bank holding company is a holding company organized under the laws of Alabama or another state in the...
• Section 5-2A-13 Superintendent - Annual report to Governor; publication and distribution, etc
  The superintendent shall make from the reports of the department during the year an annual report to the Governor on the activities of the banking...
• Section 5-2A-14 Superintendent - Reports of criminal violations to grand juries
  The superintendent may submit to any grand jury any criminal violations of the banking laws known to him or her to have occurred pursuant to...
• Section 5-2A-15 Appointment, etc., of assistants and employees generally; bond of deputy superintendent
  (a) Subject to the provisions of Section 36-26-1, et seq., the superintendent may appoint or employ one or more deputy superintendents and such assistants, employees...
• Section 5-2A-16 Limitation of liability of superintendent, members of Banking Board, or employees
  Neither the superintendent, any member of the Banking Board nor any employee of the Banking Department shall be personally liable for any acts done in...
• Section 5-2A-17 Bank examiners - Oath; duties generally
  Every examiner shall, before entering upon the discharge of his duties, take and file with the superintendent an oath faithfully to discharge his duties as...
• Section 5-2A-18 Bank examiners - Commission
  The superintendent shall furnish to each examiner a commission under the signature of the superintendent and official seal of the State Banking Department, which commission...
• Section 5-2A-19 Bond of examiners and office assistants
  Before entering upon the duties of their respective offices, all examiners and office assistants shall execute to the State of Alabama a bond to be...
• Section 5-2A-20 Assessment of banks - When payable; amount; disposition of revenue
  Each bank shall on the call of the superintendent pay to the State Banking Department an assessment fee based on the total resources of the...
• Section 5-2A-21 Assessment of banks - Fees for failure to pay assessment; proceedings for collection of assessment
  Each bank failing to make payments of assessments on call made by the superintendent within 30 days after receiving notice from the superintendent of the...
• Section 5-2A-22 Independent audits; minimum standards; advisory committee; report in lieu of audit
  The board of directors of each state bank shall at least once in each calendar year have an audit made of its books and affairs,...
• Section 5-2A-23 Legal counsel
  The Attorney General without additional compensation shall render to the State Banking Department such legal services as the superintendent may request. The district attorney in...
• Section 5-2A-24 Examination of small loan companies; fees
  The Superintendent of Banks may at any reasonable time cause an examination to be made of any small loan company, finance company, and other individual...
• Article 2 Banking Board.
• Section 5-2A-40 Composition of Banking Board; chairman; appointment and terms of office of members
  There shall be a Banking Board, which shall consist of the superintendent, who shall be ex officio a member and chairman of the board, and...
• Section 5-2A-41 Meetings of board - Notice; executive session; confidentiality
  (a) A meeting of the Banking Board may be held on call of the superintendent or any three members of the Banking Board. The superintendent...
• Section 5-2A-42 Meetings of board - Place
  The Banking Board shall hold its meetings within the state; provided, however, the Banking Board may hold a meeting without the state only if so...
• Section 5-2A-43 Quorum
  A majority of members of the Banking Board shall constitute a quorum for the transaction of any business.
• Section 5-2A-44 Filling of vacancies; qualification of members
  If a vacancy shall occur in the appointed membership of the Banking Board, the vacancy shall be filled by appointment of the Governor, and the...
• Section 5-2A-45 Compensation of members
  No person appointed as a member of the Banking Board shall receive any compensation for this service; except, that each appointed member of said Banking...
• Article 3 Bureau of Savings and Loan.
• Section 5-2A-60 Composition
  The Bureau of Savings and Loan shall consist of: (1) A Savings and Loan Board; (2) A Commissioner of Savings and Loan, who shall be...
• Section 5-2A-61 Created; commissioner and deputy commissioner generally; examiners; disclosure of information by officers; seal of commissioner
  (a) There is hereby created a Savings and Loan Bureau which shall be a bureau of the State Banking Department. (b) The bureau shall be...
• Section 5-2A-62 Supervisory powers of commissioner generally; approvals, etc., by commissioner; permits required of savings and loan associations
  (a) The commissioner shall have general supervision over all associations and corporations which are subject to the provisions of Chapter 16 of this title. He...
• Section 5-2A-63 Savings and Loan Board; appeals from orders, etc., of commissioner or board
  (a) There is hereby created a Savings and Loan Board, consisting of the Savings and Loan Commissioner, who shall be the ex officio chairman of...
• Article 4 Bureau of Loans.
• Section 5-2A-80 Created; supervisor of bureau; inspections; records, reports, etc., not open to public
  To administer and enforce the provisions of chapter 18 of this title, there is hereby created in the State Banking Department the Bureau of Loans....
• 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...
• Section 5-2A-82 Appeals from acts of bureau or supervisor
  Any person aggrieved by any order or act of the bureau or the supervisor may, within 30 days from the entry of the order complained...
• Section 5-2A-83 Payment of salaries and expenses
  The salaries of the supervisor and employees of the Bureau of Loans and all other expenses incident to carrying out the duties of the supervisor...
• Article 5 Bureau of Credit Unions.
• Division 1 General Provisions.
• Section 5-2A-100 Created; appointment of supervisor and other employees; supervisor's oath and bond; investigations; records, reports, etc., open to public
  Repealed by Act 2014-317, §2, effective May 1, 2014.
• Section 5-2A-101 Qualifications of supervisor
  Repealed by Act 2014-317, §2, effective May 1, 2014.
• Section 5-2A-102 Supervision, inspection and examinations of credit unions
  Repealed by Act 2014-317, §2, effective May 1, 2014.
• Section 5-2A-103 Payment of operating expenses
  Repealed by Act 2014-317, §2, effective May 1, 2014.
• Division 2 Credit Union Board.

Last modified: May 3, 2021