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Permission is required.

The Alabama Consumer Credit Act, Ala. Code §§ 5-19-1 et seq. ("Mini-Code"), and the Alabama Consumer Credit Act Regulations, Ala. Admin. Code r. 155-2-2-.01 et seq. ("Mini-Code Regulations"), require a Mini-Code licensee to obtain written approval from the Alabama State Banking Department to establish or conduct any other business in the same physical premises as the licensed place of business. The Banking Department letter of permission or non-objection remains effective unless revoked, suspended or withdrawn. Ala. Admin. Code r. 155-2-2-.08.

The Mini-Code Regulations impose requirements on a licensee engaging in other business. The licensee must:

• conduct the other business without evading or violating the Mini-Code;
• maintain records of the other business separately and apart from Mini-Code licensed activity records, subject to review by the Banking Department; and
• maintain a copy of any written permission or non-objection letter issued by the Banking Department at each licensed location.

Ala. Admin. Code r. 155-2-2-.08.

July 2, 2020   Show Redlined Changes