Under existing law, the Alabama Small Loan Act authorizes licensed lenders to make loans up to $1,000 subject to interest rates and charges provided by law.
This bill would authorize licensed lenders under the act to make loans up to $1500 and adjust the interest rates for loans based on the lending authority. This bill would also provide a minimum three-month term on loans and a maximum term of 18 months.
Delivered to Governor at 8:39 p.m. on May 17, 2017.
Assigned Act No. 2017-373.
Clerk of the House Certification
Signature Requested
Enrolled
Passed Second House
Motion to Read a Third Time and Pass adopted Roll Call 1216
Third Reading Passed
Read for the second time and placed on the calendar
Read for the first time and referred to the Senate committee on Banking and Insurance
Holmes (A) motion to Carry Over Until 25th leg day Time lost Roll Call 823
Motion to Read a Third Time and Pass adopted Roll Call 824
Holmes (A) motion to Carry Over Until 26th leg day lost Roll Call 822
Third Reading Passed
Read for the second time and placed on the calendar
Read for the first time and referred to the House of Representatives committee on Financial Services
Source: Alabama Legislature