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Can you summarize ALAC Chapter 830-X-7?
Alabama Securities Commission > SALE OF CHECKS ACT
Short Summary
The Sale of Checks Act governs the application and renewal process for obtaining a license to engage in the business of selling or issuing or dispensing checks or receiving money as agent for obligors for the purpose of paying such obligors’ bills or accounts. The Act requires applicants to use specific forms, such as the Application for license (Form SA), Surety Bond (Form SB), Deposit in Lieu of Surety Bond (Form SD), and Application for Renewal of License (Form SR), as adopted or amended by the Securities Commission. The statutory authority for this Act is the Code of Ala. 1975, 8-6-23, 8-7-5. The Act does not specify any exemptions or penalties for non-compliance or violation of its provisions.
Whom does it apply to?
Applicants for or renewals of a license to engage in the business of selling or issuing or dispensing checks or receiving money as agent for obligors for the purpose of paying such obligors' bills or accounts
What does it govern?
The Sale of Checks Act
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Not specified.
Jurisdiction
Alabama