Ala. Admin. Code r. 155-2-4-.06

Current through Register Vol. 43, No. 1, October 31, 2024

Section 155-2-4-.06 - Locations - Deferred Presentment Services Act

(1) Each location where deferred presentment loans are made shall be licensed. A "location" shall include any location at which:

(i) a deferred presentment loan application is provided, taken, or completed in person, or

(ii) where a potential customer obtains information about the terms and conditions of deferred presentment loans and includes the use of the internet, facsimile, telephone, kiosk, or other means. Transactions entered without benefit of a license under the Deferred Presentment Services Act shall be uncollectable and unenforceable.

(2) Location shall not include administrative offices at which only bookkeeping, billing, or accounting duties are performed for separate deferred presentment loan locations.

Ala. Admin. Code r. 155-2-4-.06

Effective October 1, 2013

Author: Scott Corscadden, Supervisor, Bureau of Loans

Statutory Authority:Code of Alabama 1975, 5-18A-10, § 5-18A-3 and § 5-18A-3.