Ala. Admin. Code r. 155-2-4-.09
Current through Register Vol. 43, No. 1, October 31, 2024
Section 155-2-4-.09 - Database Service Provider - Deferred Presentment Service Act(1) In order to comply with the intent of the Act regarding the maximum loan amount for a single customer, the State Banking Department shall implement a common approved database with real-time access through an internet connection. Each licensee shall use the same approved third-party database service provider as determined by the State Banking Department.(2) The database service provider shall afford the State Banking Department access to the database information without charge in order to conduct continuous and random inquiries to measure compliance with the applicable provisions of the Act and regulations.(3) The database service provider shall establish and maintain minimum standards as to the database required by the State Banking Department. The database service provider must have "real time" capability to communicate with all licensees to determine compliance with the maximum loan amount for a single customer.(4) Licensees must submit accurate and timely information to the database service provider. Failure to do so may result in the assessment of civil money penalties and/or license revocation.(5) Licensees must cooperate with the approved database service provider to resolve customer disputes.Ala. Admin. Code r. 155-2-4-.09
Effective: January 1, 2014Author: Scott Corscadden, Supervisor, Bureau of Loans
Statutory Authority:Code of Alabama 1975, § 5-18A-10, § 5-18A-1 and § 5-18A-13