Alabama Consumer Finance Compliance Practices Study and Reference Manual
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This study, training, compliance, and reference tool has been developed and compiled with the objective of providing an overview relative to compliance activity in the consumer finance business including banks, consumer finance companies, etc. in a simple and easy to understand format. The manual can serve as a useful study and training tool for new employees such as the CSR, administrative and clerical personnel, and management trainee – as well as a continuing reference for consumer finance operations managers or department heads. The manual serves as a guide and road map for consumer finance lenders licensed and/or regulated under the Alabama Consumer Credit Act or Alabama Small Loan Act and to assist in the development and maintenance of a successful compliance program in the consumer finance operation.
The manual has been formatted to follow the items of review by examiners of the Bureau of Loans during regulatory examinations of licensees. The manual consists of 198 pages of informational materials and exhibits covering such topics as:
*Historical Background of Consumer Finance and Regulatory Compliance
*Selected Summary of Consumer Protection and Compliance Statutes and
Regulations – Both State and Federal
*Exhibits covering Revised Article 9 – Uniform Commercial Code – Alabama,
Lending Sections – Alabama Code, Department of Insurance Regulations, Etc.
*Distinguishing Compliance Characteristics Between the Alabama Consumer
Credit Act and Alabama Small Loan Act
*Bureau of Loans Examinations – Books, Logs, and Records
*Bureau of Loans Examinations – Authorized Finance Charges – Calculations
*Bureau of Loans – Compliance – Insurance
*Bureau of Loans – Examinations – Compliance – Refunds
*Bureau of Loans – Examinations – Compliance – Litigation and Repossessions
*Bureau of Loans – Written Interpretation Letters
*Bureau of Loans – “Non-Objection” Letters
*Compliance – Other