Short Answer:
Yes, two years.
Explanation:
The Alabama Consumer Credit Act, Ala. Code §§ 5-19-1 et seq. ("Mini-Code"), requires a licensee to retain records at its licensed location for two years after the last entry on any transaction. Ala. Code § 5-19-24(a). The Alabama Consumer Credit Act Regulations, Ala. Admin. Code r. 155-2-2-.01 et seq. ("Mini-Code Regulations"), prohibit a licensee from selling, transferring, removing, or otherwise disposing of records sooner without the Banking Department's prior written approval. Ala. Admin. Code r. 155-2-2-.10(6).
Last Revision*:
May 26, 2020 Show Redlined Changes
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