Financial Services

Uniform Disposition of Unclaimed Property; allow finders to contract and locate State Treasurer property, account for digital assets

Legal tender; authorizing the rounding of in-person cash transactions to the nearest five cents

Cryptocurrency; governmental entities authorized to use stablecoins as payment to vendors and contractors

Uniform Assignment for Benefit of Creditors Act; creates a voluntary state law process for distressed organizations to liquidate assets and distribute proceeds to creditors

Trusts; amend Alabama Principal and Income Act, permit trustee to adjust between principal and income

Property; to authorize limited liability company officers to take acknowledgments and proof of conveyances under certain circumstances

Labor and employment, independent contractors, establishment of portable benefit accounts.

Information Technology Auditors, qualifications for being hired to perform audits on state chartered financial institutions specified

Public Blockchain, creation of; inclusion of certain state expenditures.

Alabama Uniform Commercial Real Estate Receivership Act, created, process for appointment of receiver for disputes relating to commercial real estate provided

Motor vehicles; off-road vehicles, certificate of title required

Relating to public contracts; to prohibit governmental entities from entering into certain contracts with companies that boycott businesses because the business engages in certain sectors or does not meet certain environmental or corporate governance standards or does not facilitate certain activities; to provide that no company in the state shall be required by a governmental entity, nor penalized by a governmental entity for declining to engage in economic boycotts or other actions that further social, political, or ideological interests; to require the Attorney General to take actions to prevent federal laws or actions from penalizing, inflicting harm on, limiting commercial relations with, or changing or limiting the activities of companies or residents of the state based on the furtherance of economic boycott criteria; and to authorize the Attorney General to investigate and enforce this act; and to provide definitions.

Relating to the Uniform Commercial Code; to amend Section 7-1-201, to provide a definition for "central bank digital currency;" and to specify that the definition of "money" does not include central bank digital currency.

Relating to financial institutions; to amend Section 5-5A-43, Code of Alabama 1975, to prohibit financial institutions from disclosing certain customer financial records of firearms transactions with certain exceptions; to allow the Department of Finance to disqualify a financial institution from any selection process for state contracts for violation of this prohibition; and to provide civil penalties and criminal penalties for violation of the act.

Motor vehicle, financing and lease agreements, lease waiver agreements to pay deficiency balances at end of lease, motor vehicle value protection agreements to reduce deficiency balances, Secs. 8-37A-1 to 8-37A-6, inclusive, added; Sec. 8-37-2 am'd.

Corporations, stock, issuance in fractional shores reg., issuance of scrip in bearer form prohibited, Sec. 10A-2A-6.04 am'd.

Corporations, stock, issuance in fractional shores reg., issuance of scrip in bearer form prohibited, Sec. 10A-2A-6.04 am'd.

Residential Mortgage Satisfaction Act, recordation of satisfaction of non-resident mortgages, Sec. 35-10-27 repealed; Secs. 35-10-26, 35-10-30, 35-10-90, 35-10-91, 35-10-92, 35-10-94, 35-10-96 am'd.

Wallace-Folsom Savings Investment Plan Act, ACES Program, name of and name of Admin Fund and savings accounts changed to AL Comprehensive Education Savings Program, definitions clarified, Secs. 16-33C-3, 16-33C-10 am'd.

Trusts, Alabama Uniform Trust Code, reports of breaches of trust, further provided, procedure for release of trustee, provided, Sec. 19-3B-1306 added; Sec. 19-3B-1005 am'd.

Trusts, Alabama Uniform Trust Code, reports of breaches of trust, further provided, procedure for release of trustee, provided, Sec. 19-3B-1306 added; Sec. 19-3B-1005 am'd.

Wallace-Folsom Savings Investment Plan Act, ACES Program, name of and name of Admin Fund and savings accounts changed to AL Comprehensive Education Savings Program, definitions clarified, Secs. 16-33C-3, 16-33C-10 am'd.

Financial institutions, elderly or vulnerable adults, refusal or delay in execution of certain financial transactions authorized when financial exploitation may have occurred or attempted

Credit Unions, financial institution excise tax, taxable income, calculation, reserve for losses deleted, assessment and refunds further provided for tax years prior to 1-1-2020, Act 2019-284, 2019 Reg. Sess., am'd; Sec. 40-16-1.3 am'd.

Wallace-Folsom Savings Investment Plan Act, ACES Program, name of and name of Admin Fund and savings accounts changed to AL Comprehensive Education Savings Program, definitions clarified, Secs. 16-33C-3, 16-33C-10 am'd.

Virtual currency, exemption from ad valorem taxation provided, Sec. 40-9-1 am'd.

Taxation, ad valorem tax, virtual currency exempt from ad valorem tax, const. amend.

Residential Mortgage Satisfaction Act, recordation of satisfaction of non-resident mortgages, Sec. 35-10-27 repealed; Secs. 35-10-26, 35-10-30, 35-10-90, 35-10-91, 35-10-92, 35-10-94, 35-10-96 am'd.

Taxation, Dept. of Revenue authorized to enter into agreements with financial institutions to develop a financial institution data match program of delinquent taxpayers, Sec. 40-29-23.1 added.

Real estate sold for payment of taxes, recovery actions by owner and actions for possession by tax purchaser, further provided for, tax lien by tax purchaser, authorized, Act 2018-494, 2018 Reg. Sess., repealed; Secs. 40-10-82, 40-10-120 am'd.

Credit Unions, federal charter parity provision clarified, Credit Union Administration Board authorize to appoint National Credit Union Admin as conservator of a credit union, membership of supervising committees increased, reimbursement of bd and committee member travel costs, merger meeting notice requirement increased, definition of official revised, Secs. 5-17-4, 5-17-8, 5-17-10, 5-17-11, 5-17-22, 5-17-55 am'd.

Future Advance mortgages, provide that future indebtedness secures when mortgage created, Sec. 35-10-120 to 35-10-124, inclusive, added.

Banks, state regulated, service providers, Superintendent of Banks authorized to examine, Examination of Bank Service Providers Act, Secs. 5-3A-30 to 5-3A-35, inclusive, added

Credit Unions, regulation of; voting and notice requirements for board meetings, provided for, conversion of credit unions chartered in other states to Alabama state chartered credit union, provided for, access provided to certain third-party examination reports, executive session of boards, provided for, certain public disclosures, provided for, Secs. 5-17-22, 5-17-40, 5-17-45, 5-17-56, 5-17-60, am'd.

Wallace-Folsom Savings Investment Plan, certain contributions to savings accounts by guardians and conservators, authorized, Sec. 16-33C-25 am'd.

Deferred presentment transactions, term set at 30 days, Sec. 5-18A-13 amd.

Securities Commission, directors salary to be fixed by commission with approval of State Personnel Board, Sec. 8-6-56 am'd.

Debt, open-end credit accounts including credit card debt, statute of limitations at six years, Sec. 6-2-34 am'd.

Checks, deferred presentment, regulation by Banking Dept., renewals, repayment plans further authorized, licensees to notify customer of installment loans, Secs. 5-18A-2, 5-18A-3, 5-18A-12, 5-18A-13 am'd.

Consumer credit transactions, creditors, provision of credit life, disability or involuntary unemployment as joint coverage, Sec. 5-19-20 am'd.

Small loans under Ala. Small Loan Act, minimum and maximum amount of loans increased and corresponding interest rates, max term of loans, Secs. 5-18-4, 5-18-10, 5-18-13, 5-18-15 am'd.

Trusts, qualified trusts expanded to include certain benefits of qualified pension plans, stock bonus plans, and profit sharing plans, exclusion from federal bankruptcy laws, Sec. 19-3B-508 am'd.

Credit unions, periodic examinations by Credit Union Administration, time frame extended, Sec. 5-17-8 am'd.

Taxation, financial institutions excise tax, formula for apportioning income from business activity inside and outside state, loans and credit cards receivables included as property in this state, Sec. 40-16-4 am'd.

Banks and Banking, delinquency procedure regarding federal home loan banks, Sec. 27-32-27.1 added

Financial institution excise tax, allocation and apportionment formula prescribed by Dept. of Revenue, revised, Sec. 40-16-4 am'd.

Payday loans, deferred presentment services, expand licensure requirements, further regulate deferred presentment services, penalties for evading licensure requirements, Secs. 5-18A-3, 5-18A-6, 5-18A-12, 5-18A-13 am'd.

Individual taxpreparers, registration and regulation of by Dept. of Revenue, established, accountants and attorneys exempted, Alabama Taxpayer Protection and Assistance Act

Trusts, qualified trusts expanded to include certain benefits of qualified pension plans, stock bonus plans, and profit sharing plans to exclude from federal bankruptcy laws, Sec. 19-3B-508 am'd.

Loans, regulate motor vehicle title loan, Secs. 5-27-1 to 5-27-28, inclusive, added

Credit unions, modernize language regulating and provide parity with federal credit unions, Secs. 5-17-8.1, 5-17-60 added; Secs. 5-17-2, 5-17-4, 5-17-6, 5-17-7, 5-17-8, 5-17-10, 5-17-11, 5-17-12, 5-17-13, 5-17-19, 5-17-21, 5-17-22, 5-17-42, 5-17-45, 5-17-46, 5-17-47, 5-17-51, 5-17-52, 5-17-54, 5-17-55 am'd.

Payday loans, deferred presentment services, expand licensure requirements, further regulate deferred presentment services, penalties for evading licensure requirements, Secs. 5-18A-3, 5-18A-6, 5-18A-12, 5-18A-13 am'd.

Deferred Presentment Services Act repealed, short-term cash advance loans, prohibited, Secs. 5-18A-1 to 5-18A-22, inclusive, repealed

Deferred Presentment Services Act, amended to require licenses to use a database to ensure that a customer does not have any deferred presentment transaction over $500, Sec. 5-18A-13 am'd.

Consumer, regulate the lending of money, provide criminal penalties

Security for Alabama Funds Enhancement (SAFE) Act, qualified public depository, definition to include a National Credit Union Share Insurance Fund, Sec. 41-14A-2 am'd.

Mortgages, fee increase for recording of mortgages, deeds of trust, distribution of proceeds to Alabama Housing Trust Fund, Sec. 40-22-2 am'd.

Deferred presentment transactions, customer repayment period revised, extensions prohibited, collection of a bad check fee under certain conditions, use of database by licensees required, Sec. 5-18A-13 am'd.

Taxation, tax deduction for taxpayers who made contributions to a catastrophe savings account, increase in state tax deduction, technical corrections to remove ambiguities, Homeowner's Insurance Catastrophic Event Planning Act, Secs. 40-18-311, 40-18-312 am'd.

Credit Unions, Credit Union Administration, supervision and regulation of credit unions further provided for, fees, Secs. 5-17-3, 5-17-6, 5-17-7, 5-17-8, 5-17-11, 5-17-15, 5-17-16, 5-17-19, 5-17-22, 5-17-45, 5-17-56 am'd.; Secs. 5-17-25 to 5-17-28, inclusive, 5-17-49, 5-17-53, 5-2A-100 to 5-2A-103, inclusive, repealed

Liens, priority of liens, mechanics liens, procedure for termination of a notice of commencement by a contractor, Secs. 35-11-211 am'd.

Courts, district, small claims division, jurisdiction increased, filing fees remain as were before increased jurisdiction, Secs. 12-11-30, 12-12-31, 12-19-71, 12-19-72 am'd.

Deferred presentment transactions, customer repayment period revised, extensions prohibited, collection of a bad check fee under certain conditions, use of database by licensees required, Secs. 5-18A-2, 5-18A-12, 5-18A-13 am'd.

Alabama Pawnshop Act, additional information required to be maintained in record of transactions, Sec. 5-19A-5 am'd.

Deferred presentment services, define principal balance, common database, limits on interest that can be charged, violations, Secs. 5-18A-2, 5-18A-12, 5-18A-13, 5-18A-16 am'd.

Trusts, Principal and Income Act, apportionment between income and remainder beneficiaries, conversions of trust to unitrust provided for, Secs. 19-3A-102, 19-3A-103, 19-3A-104, 19-3A-409 am'd.; Secs. 19-3A-105, 19-3A-106, 19-3A-608 added

Minors, Uniform Transfers to Minors Act, transfers by person obligated to minor, aggregate limit deleted, transfers to adult family members or bank under certain conditions restricted, Sec. 35-5A-8 am'd.

Alcoholic beverages, annual license fee, payment date altered, increased penalty for failure to timely renew, fee for electronic processing, Sec. 28-3A-5 am'd.

Pawns, further regulate pawn transactions, Secs. 5-19A-2 am'd.; Secs. 5-19A-21, 5-19A-22, 5-19A-23, 5-19A-24, 5-19A-25 added

Tax sales, interest on redemptions, rate charged on money judgments, Secs. 40-10-75, 40-10-76, 40-10-77, 40-10-83, 40-10-121, 40-10-122 am'd.

Credit Unions, state, regulation by Alabama Credit Union Administration, Secs. 5-17-1 to 5-17-12, inclusive, 5-17-14 to 5-17-16, inclusive, 5-17-19, 5-17-22, 5-17-40, 5-17-41, 5-17-44, 5-17-45, 5-17-46, 5-17-48, 5-17-50 to 5-17-52, inclusive, 5-17-55, 5-17-56 am'd.; Secs. 5-17-25 to 5-17-28, inclusive, 5-17-49, 5-17-53, 5-2A-100 to 5-2A-103, inclusive, repealed

Alabama Title Loan Act, licensure by Banking Dept., bonds, fees, penalties

Title loan business, regulation and licensure, charges, fines, penalties, Alabama Title Pledge Act

Public authorities, Small Business Financing Authority, created within the Department of Economic and Community Affairs, incentives to small business, enrollment of certain loans with authority

Consumer credit reports, security freezes, procedure for placing, removing, and temporarily lifting, fees, notice, fines

Unclaimed Property, disposition by State Treasurer, provide clarification, require electronic reportings, allow surviving parent to claim abandoned property from child who dies intestate, Secs. 35-12-72, 35-12-76, 35-12-79, 35-12-82, 35-12-84, 35-12-86, 35-12-93 am'd

Homestead exemption, increased for protection against confiscation of a homestead for debts, Sec. 6-10-2 am'd.

Mortgages, Alabama Residential Mortgage Satisfaction Act, provides for timely payoff statements and timely recording of mortgage satisfaction, Secs. 35-10-26, 35-10-30 am'd

Alabama Consumer Credit Act, exemption from license fee removed for certain individuals, Sec. 5-19-22 am'd

Mortgages, Alabama Residential Mortgage Satisfaction Act, provides for timely payoff statements and timely recording of mortgage satisfaction, Secs. 35-10-26, 35-10-30 am'd

Pawnshops, manufactured home titles, land deeds and real estate not pledged goods, fees increased, regulation, confiscation of property by local law enforcement, Secs. 5-19A-2, 5-19A-7, 5-19A-8, 5-19A-11, 5-19A-15, 5-19A-19 am'd

Real property, period of redemption reduced, exceptions, apply to sales pursuant to an executive, judgment, or foreclosure on and after September 1, 2012, prohibition of pre-sale waiver of the right of redemption repealed, permanent improvements defined, Sec. 6-5-248, 6-5-250, 6-5-253, 6-5-254 am'd

State funds, investment of, expanding types of investments eligible for state depositories; Sec. 41-14-30 am'd

Crimes and offenses, crime of money laundering provided for and penalties

Crimes and offenses, crime of money laundering provided for and penalties

Mini-Code, consumer credit transactions, late charge increased under certain conditions, Sec. 5-19-4 am'd. (2011-20001)

Used motor vehicle dealer, licensing of, definition to include credit unions and licensees of State Banking Department, Sec. 40-12-390 am'd.

Banks and banking, Section 247 (Section 247, Recompiled Constitution of Alabama of 1901, as amended), am'd. to prohibit establishment of a bank except by general banking law, to provide for unlimited duration, to prohibit political subdivisions from owning stock or lending credit, and to provide for examination requirements; Sections 248, 249, 251, 252, 253, 254 (Recompiled Constitution of Alabama of 1901, as amended), repealed, const. amend.

Retirement accounts, Uniform Probate Code, Roth Individual Retirement Accounts, included as qualified trust for purposes of limitation on assignment and alienation, Sec. 19-3B-508 am'd.

Banks and banking, Section 247, (Recompiled Constitution of Alabama of 1901, as amended), am'd. to prohibit establishment of a bank except by general banking law, to provide for unlimited duration, to prohibit political subdivisions from owning stock or lending credit, and to provide for examination requirements; Sections 248, 249, 251, 252, 253, 254 (Recompiled Constitution of Alabama of 1901, as amended), repealed, const. amend.