Chapter 1A - State Banking Department
- Article 1 General Provisions.
- Section 5-2A-1 Creation of department; duties generally
There shall be a State Banking Department which shall administer the laws of this state which regulate or otherwise relate to corporations doing or ...
- Section 5-2A-2 Offices, venue
The State Banking Department shall locate and maintain its principal office in the City of Montgomery, Alabama, from which place it shall perform its ...
- Section 5-2A-3 Superintendent - Qualifications, appointment and term of office; filling of vacancies
The State Banking Department shall be in the charge of the superintendent, who shall be the chief executive officer of the department. The superintendent ...
- Section 5-2A-4 Superintendent - Oath and bond
The superintendent, before entering upon the discharge of his duties, shall take and subscribe to the oath prescribed by the constitution and laws of ...
- Section 5-2A-5 Superintendent - Seal of office; recordation of executed papers
The Secretary of State shall provide the superintendent with an official seal. Every paper executed by him as such superintendent, in pursuance of any ...
- Section 5-2A-6 Superintendent - Removal; removal of member of Banking Board
(a) The superintendent or any member of the Banking Board may be removed from office by a vote of two thirds of the members ...
- Section 5-2A-7 Superintendent - Expansion of banking powers; rules and regulations
(a) The Legislature finds as fact and determines that the financial industry composed of those banks and savings and loan associations having their principal ...
- Section 5-2A-8 Superintendent - Promulgation and interpretation of regulations
The superintendent may, with the concurrence of a majority of the members of the State Banking Board, promulgate such reasonable regulations, consistent with the ...
- Section 5-2A-9 Superintendent - Procedure for promulgation of regulations; emergency regulations; judicial review
(a) Prior to the adoption, amendment, or repeal of any regulation, the superintendent shall: (1) Give at least 35 days' notice of the intended ...
- Section 5-2A-10 Superintendent - Make good any impairment of capital
Whenever the superintendent shall have reason to believe that the capital of any bank is impaired, he may in his discretion require such bank ...
- Section 5-2A-11 Superintendent - Losses; bank to correct impairment of capital
Whenever losses are sustained by a bank, such losses shall be charged on the books of the bank as losses so that the books ...
- Section 5-2A-12 Superintendent - Order to correct unsafe and unsound matters; penalties; procedure
The superintendent may order a bank, the board of directors, any director or directors, and any officer or officers of any bank, individually or ...
- Section 5-2A-13 Superintendent - Annual report to Governor; publication and distribution, etc
The superintendent shall make from the reports of the department during the year an annual report to the Governor on the activities of the ...
- Section 5-2A-14 Superintendent - Reports of criminal violations to grand juries
The superintendent may submit to any grand jury any criminal violations of the banking laws known to him or her to have occurred pursuant ...
- Section 5-2A-15 Appointment, etc., of assistants and employees generally; bond of deputy superintendent
(a) Subject to the provisions of Section 36-26-1, et seq., the superintendent may appoint or employ one or more deputy superintendents and such assistants, ...
- Section 5-2A-16 Limitation of liability of superintendent, members of Banking Board, or employees
Neither the superintendent, any member of the Banking Board nor any employee of the Banking Department shall be personally liable for any acts done ...
- Section 5-2A-17 Bank examiners - Oath; duties generally
Every examiner shall, before entering upon the discharge of his duties, take and file with the superintendent an oath faithfully to discharge his duties ...
- Section 5-2A-18 Bank examiners - Commission
The superintendent shall furnish to each examiner a commission under the signature of the superintendent and official seal of the State Banking Department, which ...
- Section 5-2A-19 Bond of examiners and office assistants
Before entering upon the duties of their respective offices, all examiners and office assistants shall execute to the State of Alabama a bond to ...
- Section 5-2A-20 Assessment of banks - When payable; amount; disposition of revenue
Each bank shall on the call of the superintendent pay to the State Banking Department an assessment fee based on the total resources of ...
- Section 5-2A-21 Assessment of banks - Fees for failure to pay assessment; proceedings for collection of assessment
Each bank failing to make payments of assessments on call made by the superintendent within 30 days after receiving notice from the superintendent of ...
- Section 5-2A-22 Independent audits; minimum standards; advisory committee; report in lieu of audit
The board of directors of each state bank shall at least once in each calendar year have an audit made of its books and ...
- Section 5-2A-23 Legal counsel
The Attorney General without additional compensation shall render to the State Banking Department such legal services as the superintendent may request. The district attorney ...
- Section 5-2A-24 Examination of small loan companies; fees
The Superintendent of Banks may at any reasonable time cause an examination to be made of any small loan company, finance company, and other ...
- Article 2 Banking Board.
- Section 5-2A-40 Composition of Banking Board; chairman; appointment and terms of office of members
There shall be a Banking Board, which shall consist of the superintendent, who shall be ex officio a member and chairman of the board, ...
- Section 5-2A-41 Meetings of board - Notice; executive session; confidentiality
(a) A meeting of the Banking Board may be held on call of the superintendent or any three members of the Banking Board. The ...
- Section 5-2A-42 Meetings of board - Place
The Banking Board shall hold its meetings within the state; provided, however, the Banking Board may hold a meeting without the state only if ...
- Section 5-2A-43 Quorum
A majority of members of the Banking Board shall constitute a quorum for the transaction of any business. ...
- Section 5-2A-44 Filling of vacancies; qualification of members
If a vacancy shall occur in the appointed membership of the Banking Board, the vacancy shall be filled by appointment of the Governor, and ...
- Section 5-2A-45 Compensation of members
No person appointed as a member of the Banking Board shall receive any compensation for this service; except, that each appointed member of said ...
- Article 3 Bureau of Savings and Loan.
- Section 5-2A-60 Composition
The Bureau of Savings and Loan shall consist of: (1) A Savings and Loan Board; (2) A Commissioner of Savings and Loan, who shall ...
- Section 5-2A-61 Created; commissioner and deputy commissioner generally; examiners; disclosure of information by officers; seal of commissioner
(a) There is hereby created a Savings and Loan Bureau which shall be a bureau of the State Banking Department. (b) The bureau shall ...
- Section 5-2A-62 Supervisory powers of commissioner generally; approvals, etc., by commissioner; permits required of savings and loan associations
(a) The commissioner shall have general supervision over all associations and corporations which are subject to the provisions of Chapter 16 of this title. ...
- Section 5-2A-63 Savings and Loan Board; appeals from orders, etc., of commissioner or board
(a) There is hereby created a Savings and Loan Board, consisting of the Savings and Loan Commissioner, who shall be the ex officio chairman ...
- Article 4 Bureau of Loans.
- Section 5-2A-80 Created; supervisor of bureau; inspections; records, reports, etc., not open to public
To administer and enforce the provisions of chapter 18 of this title, there is hereby created in the State Banking Department the Bureau of ...
- Section 5-2A-81 Revocation and suspension of licenses; injunctive relief as to violations of Small Loan Act
(a) Upon 10 days' written notice to a licensee, stating the contemplated action and grounds therefor, and after giving the licensee a reasonable opportunity ...
- Section 5-2A-82 Appeals from acts of bureau or supervisor
Any person aggrieved by any order or act of the bureau or the supervisor may, within 30 days from the entry of the order ...
- Section 5-2A-83 Payment of salaries and expenses
The salaries of the supervisor and employees of the Bureau of Loans and all other expenses incident to carrying out the duties of the ...
- Article 5 Bureau of Credit Unions.
- Division 1 General Provisions.
- Section 5-2A-100 Created; appointment of supervisor and other employees; supervisor's oath and bond; investigations; records, reports, etc., open to public
(a) To administer, supervise and enforce the laws pertaining to credit unions in this state and in particular this article and Chapter 17 of ...
- Section 5-2A-101 Qualifications of supervisor
To be eligible for appointment as Supervisor of the Bureau of Credit Unions a person must be a citizen of Alabama and have had ...
- Section 5-2A-102 Supervision, inspection and examinations of credit unions
Every credit union carrying on a credit union business in the state other than federal credit unions shall be subject to the supervision and ...
- Section 5-2A-103 Payment of operating expenses
The expenses of operating the Bureau of Credit Unions shall be paid out of such taxes, fees, assessments, penalties and other revenues collected by ...
- Division 2 Credit Union Board.
