SB249 Alabama 2017 Session
In Committee
Bill Summary
Sponsors
Session
Regular Session 2017
Title
Small loans under Ala. Small Loan Act, minimum and maximum amount of loans increased and corresponding interest rates, max term of loans, Secs. 5-18-4, 5-18-10, 5-18-13, 5-18-15 am'd.
Description
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
Relating to the Alabama Small Loan Act; to amend Sections 5-18-4, 5-18-10, 5-18-13, and 5-18-15, Code of Alabama 1975, to increase the lending authority and further provide for the interest rates; and to provide further for the minimum and maximum term of loans.
Subjects
Banks and Banking
Bill Actions
| Action Date | Chamber | Action |
|---|---|---|
| May 17, 2017 | S | Indefinitely Postponed |
| April 27, 2017 | S | Read for the second time and placed on the calendar |
| February 28, 2017 | S | Read for the first time and referred to the Senate committee on Banking and Insurance |
Bill Calendar
| Type | Date | Location | Description |
|---|---|---|---|
| Hearing | April 26, 2017 | ROOM 320 **BILL ADDED** at 11:30 | Senate B&I Hearing |
| Hearing | April 18, 2017 | Room 320 **BILL & PH ADDED** at 00:00 | Senate B&I Public Hearing |
Bill Text
Bill Documents
| Type | Link |
|---|---|
| Bill Text | SB249 Alabama 2017 Session - Introduced |