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Can you summarize 5 ALCA Chapter 2A?
BANKS AND FINANCIAL INSTITUTIONS. > STATE BANKING DEPARTMENT.
Short Summary
The legal document reviewed pertains to the State Banking Department in Alabama and covers various aspects of the organization and operation of state banks, small loan companies, finance companies, and individuals or persons holding licenses from the State Banking Department. It outlines the responsibilities and powers of the superintendent, district attorneys, and auditors, as well as the requirements for audits, examinations, and reports. The document also addresses assessments, fees, and penalties, the appointment and removal of officials, the promulgation of regulations, and the submission of reports. It establishes the State Banking Department as the exclusive authority for administering the laws related to banking, savings and loan associations, and the loan business in Alabama. The document applies to various entities and individuals involved in the banking industry and provides guidelines and regulations for their operations. It does not apply to the State Banking Department and its bureaus and divisions, and it exempts banks and savings and loan associations with their principal place of business outside of Alabama from engaging in banking or savings and loan business in Alabama. Penalties are imposed for non-compliance with assessment payments and for disclosing nonpublic information from confidential hearings.
Whom does it apply to?
State banks, small loan companies, finance companies, individuals or persons holding licenses from the State Banking Department
What does it govern?
State Banking Department in Alabama, organization and operation of state banks, small loan companies, finance companies, and individuals or persons holding licenses from the State Banking Department
What are exemptions?
State Banking Department and its bureaus and divisions, banks and savings and loan associations with their principal place of business outside of Alabama
What are the Penalties?
Penalties for non-compliance with assessment payments and for disclosing nonpublic information from confidential hearings
Jurisdiction
Alabama