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AL HB717
Bill
Status
4/19/2012
Primary Sponsor
Patricia Todd
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AI Summary
HB 717 Summary
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Removes the exemption from Alabama Small Loan Act license fees for persons who are licensed under both the Alabama Small Loan Act and the Alabama Consumer Credit Act.
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Persons licensed under the Alabama Small Loan Act making loans exceeding $1,000 must now be licensed under the Alabama Consumer Credit Act and pay both sets of license fees.
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Previously, payment of Alabama Consumer Credit Act license and examination fees served as a substitute for Alabama Small Loan Act fees when a licensee held both licenses; this exemption is eliminated.
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The bill becomes effective on the first day of the third month following passage and approval by the Governor.
Legislative Description
Alabama Consumer Credit Act, exemption from license fee removed for certain individuals, Sec. 5-19-22 am'd
Consumer Credit
Last Action
Read for the first time and referred to the House of Representatives committee on Financial Services
4/19/2012