Ala. Admin. Code r. 155-2-4-.08
Current through Register Vol. 43, No. 1, October 31, 2024
Section 155-2-4-.08 - Examination - Deferred Presentment Services Act(1) The Supervisor, or duly appointed representatives, shall conduct an examination of each licensee.(2) Each licensee shall ensure that all records are promptly and reasonably available to be examined and, if necessary, copied.(3) In case of failure to comply with the Supervisor's examination process, the Supervisor may initiate any authorized action, including the assessment of civil penalties and/or license revocation.(4) If the examination finds any violations of the Act or these regulations, the Supervisor may initiate any authorized action, including the assessment of civil penalties and/or license revocation.(5) In order to avoid the expense and time involved in formal legal proceedings, it is the policy of the Supervisor to afford parties who have engaged in unlawful acts and practices an opportunity to enter into stipulations, agreed settlements, or consent orders when it appears to the Supervisor that such procedure fully safeguards the public interest. The Supervisor reserves the right in all matters to withhold the privilege of an informal disposition(6) When an examination is conducted in the State of Alabama, the examination fee shall be $100 per day or a fraction thereof for each examiner and such fee shall be due and payable at the close of the examination.(7) When an examination is conducted outside the State of Alabama, the licensee shall pay the reasonable and necessary expenses for the Supervisor or his representative to examine their records at the place where the records are maintained.Ala. Admin. Code r. 155-2-4-.08
Author: Scott Corscadden, Supervisor, Bureau of Loans
Statutory Authority:Code of Alabama 1975, § 5-18A-10, § 5-18A-11, § 5-18A-15, § 5-18A-16, and § 5-18A-17