SB399 Summary

• Lenders regulated or licensed by the Superintendent of the State Banking Department must require a copy of a valid, government-issued photo identification card from loan applicants for all loans offered over the Internet.

• The requirement applies to any lender under Title 5 of the Code of Alabama 1975 that offers any type of loan via the Internet.

• The Superintendent of the State Banking Department is authorized to promulgate rules to implement this requirement.

• The bill becomes effective on the first day of the third month following passage and approval by the Governor, or when it otherwise becomes law.