Can I collect credit card information from participants in Alabama? What are the requirements?

Based on the documents provided, it is legal and permissible for financial institutions to collect credit card information from participants in Alabama for the purpose of issuing credit cards and creating credit card accounts ^[1.1]. However, there are certain requirements that must be met in order to establish or acquire a credit card bank in Alabama. These requirements include, but are not limited to, having total initial capital accounts actually paid in of not less than $1,750,000, and at all times thereafter maintaining such minimum capital together with such additional capital accounts such that it shall have total capital not less than that capital generally required of Alabama banks supervised by the superintendent ^[1.1].

It is important to note that the use of credit card information collected from participants in Alabama is limited to informational or promotional purposes pertaining to Alabama state-sponsored credit card programs as provided by the Alabama Credit Card Act ^[3.1].

If you are not establishing or acquiring a credit card bank in Alabama and are simply collecting credit card information from participants, there are no specific requirements mentioned in the documents provided. However, it is important to comply with all applicable laws and regulations regarding the collection and use of personal information.

Source(s):

• [1.1] Establishment or acquisition of a credit card bank.
• [3.1] Disclosure of information.

Jurisdiction

Alabama

• Privacy