SB249 Alabama 2017 Session

Summary

Primary Sponsor

Gerald O. Dial

Republican

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.

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Subjects

Banks and Banking