SB446 Alabama 2015 Session

Under existing law, the maximum amount that may be advanced in any deferred presentment transaction is $500

This bill would increase the maximum amount that may be advanced in any deferred presentment transaction

This bill would provide for a maximum fee that may be charged for each licensee accessing the statewide database

This bill would establish an account within the State Treasury to be known as the Alabama Financial Education Endowment Fund to support statewide financial education and consumer credit building activities and programs

To amend Sections 5-18A-12 and 5-18A-13 of the Code of Alabama 1975, relating to deferred presentment transactions; to increase the maximum amount that may be advanced in any deferred presentment transaction; to provide for a maximum fee that may be charged for a licensee to access the statewide database; and to add a new Section 5-18A-21.1 to the Code of Alabama 1975, to establish an account within the State Treasury to be known as the Alabama Financial Education Endowment Fund to support statewide financial education and consumer credit building activities and programs.