SB70 Alabama 2011 Session
In Committee
Bill Summary
Sponsors
Session
Regular Session 2011
Title
Alabama Consumer Credit Act (Mini-Code), consumer credit transactions, late charge increased under certain conditions, Sec. 5-19-4 am'd.
Description
<p class="bill_description"> Under existing provisions of the Alabama
Consumer Credit Act, there are limits to the amount
of late charges that lenders may impose on the
amount of the scheduled payment in default 10 days
or more</p><p class="bill_description">
This bill would provide further for a
maximum late charge, based on Section 5-18-15.1,
Code of Alabama 1975, of the Alabama Small Loan
Act, that certain lenders may charge if the late
charge is stipulated in the contract</p><p class="bill_entitled_an_act"> To amend Section 5-19-4, Code of Alabama 1975,
relating to late charges under the Alabama Consumer Credit
Act, commonly referred to as the Mini-Code, to provide further
for a maximum late charge, based on Section 5-18-15.1, Code of
Alabama 1975, of the Alabama Small Loan Act, that certain
lenders may charge if the late charge is stipulated in the
contract.
</p>
Subjects
Banks and Banking
Bill Actions
| Action Date | Chamber | Action |
|---|---|---|
| June 1, 2011 | Pending third reading on day 8 Favorable from Banking and Insurance with 1 amendment | |
| June 1, 2011 | Indefinitely Postponed | |
| March 24, 2011 | Reported from Banking and Insurance as Favorable with 1 amendment | |
| March 1, 2011 | Read for the first time and referred to the Senate committee on Banking and Insurance |
Bill Text
Bill Documents
| Type | Link |
|---|---|
| Bill Text | SB70 Alabama 2011 Session - Introduced |