SB446 Summary

• Increases the maximum amount that may be advanced in any deferred presentment transaction from $500 to $1,000.

• Limits the fee charged to licensees for accessing the State Banking Department maintained database to a maximum of $0.62 per use or access, which cannot be passed to borrowers as an additional fee.

• Establishes the Alabama Financial Education Endowment Fund within the State Treasury, administered by the department to support statewide financial education and consumer credit building activities including financial literacy programs, credit repair, financial coaching, and bank account enrollment initiatives.

• Directs the selected database provider to remit $0.15 per transaction from collected database fees to the department for deposit into the endowment fund, with the department authorized to allocate additional money if needed to operate fund programs.

• Becomes effective on the first day of the third month following passage and approval by the Governor.