Ask Reggi Your Question Now
Can you summarize 5 ALCA Chapter 17?
BANKS AND FINANCIAL INSTITUTIONS. > CREDIT UNIONS.
Short Summary
The provided legal document content covers various aspects of credit unions in the state of Alabama. It includes provisions for merger and conversion procedures, voluntary dissolution, insurance and reserves, rates of interest and finance charges, loans to specific individuals, disposition of shares or deposit accounts of deceased individuals, capital and lien on shares and deposits, deposits made by minors or trust beneficiaries, powers and duties of the supervisory committee, loan approval process, election of officers and committees, reporting requirements and powers of the Administrator, payment of operating fees and assessments, membership requirements and expulsion, powers granted to credit unions, use of the term ‘credit union’ in names and advertising, and procedures for organizing and incorporating credit unions. These documents apply to credit unions organized under the laws of the State of Alabama, federally chartered credit unions, and state or federally chartered banks or thrifts. Specific penalties are mentioned for various offenses, including Class C felony and misdemeanor charges. No specific exemptions are mentioned in these documents.
Whom does it apply to?
Credit unions organized under the laws of the State of Alabama, federally chartered credit unions, and state or federally chartered banks or thrifts
What does it govern?
Various aspects of credit unions in the state of Alabama
What are exemptions?
No specific exemptions are mentioned in these documents
What are the Penalties?
Specific penalties are mentioned for various offenses, including Class C felony and misdemeanor charges
Jurisdiction
Alabama