HB416 Summary

• Amends Section 5-18A-15 of the Alabama Code to add violations of federal military lending laws as grounds for suspension or revocation of deferred presentment services licenses.

• Specifically includes 10 U.S.C. §987 and regulations adopted pursuant to that statute as violations that trigger potential license suspension or revocation.

• Establishes legislative findings that active military personnel, veterans, and military facilities are important to Alabama's well-being, safety, and economic development.

• Declares it is in the state's best interest to protect service members from abusive lending practices by deferred presentment service providers.

• Takes effect immediately upon passage and approval by the Governor.