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Yes.

The Alabama Consumer Credit Act Regulations, Ala. Admin. Code r. 155-2-2-.01 et seq. ("Mini-Code Regulations"), require a licensee to maintain the required records at a licensed location, unless the Banking Department ("Department") gives prior written approval to maintain the records at a different location. Ala. Admin. Code r. 155-2-2-.10(1).

The Alabama Consumer Credit Act, Ala. Code §§ 5-19-1 et seq. ("Mini-Code"), provides that a licensee may maintain records outside of Alabama provided that the licensee will:

• make the records available to the Department at a convenient location in Alabama; or
• pay the Department's reasonable and necessary expenses to examine the records at the place where they are maintained.

The Department may designate representatives, including comparable officials of the state in which the records are located, to inspect the records. Ala. Code § 5-19-24(b).

May 26, 2020   Show Redlined Changes