Auto Indirect

Yes.

The Alabama Consumer Credit Act, Ala. Code §§ 5-19-1 et seq. ("Mini-Code"), requires a licensee to obtain permission from the Superintendent of Banks of the State Banking Department ("Superintendent") to transfer, assign or remove a license to another location. Ala. Code § 5-19-22(g).

The Alabama Consumer Credit Act Regulations, Ala. Admin. Code r. 155-2-2-.01 et seq. ("Mini-Code Regulations"), require:

• a licensee whose shares are not publicly traded to notify the State Banking Department in writing of any changes affecting ownership and submit any information required by the Superintendent of Banks; and
• any licensee to notify the Supervisor of the Bureau of Loans of the State Banking Department within 30 days of the closing of a licensed office and return the license to the State Banking Department.

Ala. Admin. Code r. 155-2-2-.04; Ala. Admin. Code r. 155-2-2-.01(7).

July 2, 2020   Show Redlined Changes