HB406 Alabama 2014 Session

This bill would further license and regulate the title loan business

This bill would provide definitions

This bill would require licensure of title loan lenders and offices

This bill would provide for charges, interest, and fees concerning title loans

This bill would provide for fines, penalties, and enforcement for violations

Amendment 621 of the Constitution of Alabama of 1901, now appearing as Section 111.05 of the Official Recompilation of the Constitution of Alabama of 1901, as amended, prohibits a general law whose purpose or effect would be to require a new or increased expenditure of local funds from becoming effective with regard to a local governmental entity without enactment by a 2/3 vote unless: it comes within one of a number of specified exceptions; it is approved by the affected entity; or the Legislature appropriates funds, or provides a local source of revenue, to the entity for the purpose

The purpose or effect of this bill would be to require a new or increased expenditure of local funds within the meaning of the amendment. However, the bill does not require approval of a local governmental entity or enactment by a 2/3 vote to become effective because it comes within one of the specified exceptions contained in the amendment

Relating to title loans; to license and regulate the title loan business; to provide definitions; to require licensure of title loan lenders and offices and to provide for charges, interest, and fees concerning title loans; to provide for fines, penalties, and enforcement for violations; and in connection therewith would have as its purpose or effect the requirement of a new or increased expenditure of local funds within the meaning of Amendment 621 of the Constitution of Alabama of 1901, now appearing as Section 111.05 of the Official Recompilation of the Constitution of Alabama of 1901, as amended.