§ 5-18-13 — Advertising; Schedule of Charges

Alabama § 5-18-13

• Jurisdiction: Alabama
• Title 5: Banks and Financial Institutions
• Ch. 18: Small Loans

Text

(a) Advertising, etc. No licensee or other person subject to this chapter shall advertise, display, distribute, or broadcast or cause to permit to be advertised, displayed, distributed, or broadcast in any manner whatsoever any false, misleading, or deceptive statement or representation with regard to the rates, terms, or conditions for loans in the amount or of the value of less than one thousand five hundred dollars ($1,500). The supervisor may require that charges or rates of charge, if stated by a licensee, be stated fully and clearly in such manner as he or she may deem necessary to prevent misunderstanding thereof by prospective borrowers. The supervisor may permit or require licensees to refer in their advertising to the fact that their business is under state supervision, subject to conditions imposed by him or her to prevent an erroneous impression as to the scope or degree of protections provided by this chapter.
(b) Schedule of charges. Each licensee shall conspicuously display in each licensed place of business a full and accurate schedule of the rates of charge upon all classes of loans currently to be made by him or her.

Legislative History

(Acts 1959, No. 374, p. 966, §12; Acts 1979, No. 79-327, p. 490, §1; Act 2002-305, p. 863, §1; Act 2004-290, p. 407, §1; Act 2017-373, §1.)