Alabama Statutes
§ 45-37A-51.260 — Loans to Participants
Alabama § 45-37A-51.260
JurisdictionAlabama
Title 45Local Laws
Ch. 37AJefferson County Municipalities
Art. 5Birmingham
Part 2Employees
Subpart 7Participant Loans
This text of Alabama § 45-37A-51.260 (Loans to Participants) is published on Counsel Stack Legal Research, covering Alabama primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.
Bluebook
Ala. Code § 45-37A-51.260 (2026).
Text
The board shall have the right to lend to any employee member from the fund such an amount of money as will not cause the aggregate of indebtedness of the employee member to the fund immediately after such loan to exceed 50 percent of the amount of contribution returnable to him or her or to those claiming under him or her, were he or she to become separated from the service immediately after such loan. Interest on such loan shall be charged at the rate of six to seven percent per annum as determined by the board annually.
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Legislative History
(Act 2006-339, p. 851, Art. VII, §1.)
Nearby Sections
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Reserved§ 45-1-130
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Reserved§ 45-1-20
Licensing and Regulation; ViolationsCite This Page — Counsel Stack
Bluebook (online)
Alabama § 45-37A-51.260, Counsel Stack Legal Research, https://law.counselstack.com/statute/al/45-37A-51.260.