SB70 Alabama 2011 Session
Bill Summary
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
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
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.
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 |