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Can you summarize 5 ALCA Chapter 23?
BANKS AND FINANCIAL INSTITUTIONS. > STATE SPONSORSHIP OF FINANCIAL INSTITUTION CREDIT CARD.
Short Summary
This legal document, found in the Code of Alabama under the section for Banks and Financial Institutions, governs the negotiation and implementation of the Alabama state-sponsored credit card program. The State Treasurer is authorized to adopt rules and regulations necessary for the program, including provisions for contacting financial institutions, negotiating the state’s fee, and collecting the fee. The net proceeds of the state fees are distributed to the Foundation for Local Schools and the Penny Trust Fund. Financial institutions participating in the program may request and receive member information from the state Comptroller for promotional purposes. The document also defines key terms such as ‘Treasurer,’ ‘financial institution,’ ‘financial institution credit card,’ and ‘sponsoring entity.’ Overall, the document outlines the authority and procedures for establishing and operating the state-sponsored credit card program in Alabama.
Whom does it apply to?
The State Treasurer, financial institutions, and individuals who are members of the Teachers' Retirement System, the Employees' Retirement System, the Judicial Retirement System, and purchasers of the 'Helping Schools' distinctive car tags.
What does it govern?
The negotiation and implementation of the Alabama state-sponsored credit card program by the State Treasurer.
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Alabama