§ 5-25-8 — License Requirements

Alabama § 5-25-8

• Jurisdiction: Alabama
• Title 5: Banks and Financial Institutions
• Ch. 25: Mortgage Brokers Licensing Act

Text

(a) Each license issued under this chapter shall state the address of the licensee’s principal place of business and the name of the licensee.
(b) A licensee shall post the license in a conspicuous place in each place of business of the licensee.
(c) A license may not be transferred or assigned.
(d) No licensee shall transact business under any name other than that designated in the license.
(e) Each licensee shall notify the department in writing of any change in the address of its principal place of business or of any change in the address of any licensed location 15 days prior to such change, and any change of officers, directors, or principal of the licensee, not later than 30 business days after the change is effective.
(f) Within 15 days of the occurrence of any one of the following events, a licensee shall file a written report with the supervisor describing the event and its expected impact on the activities of the licensee in this state:
(1) The filing for bankruptcy or reorganization by the licensee.
(2) The institution of revocation or suspension proceedings against the licensee by any state or governmental authority.
(3) Any felony indictment of the licensee or any of its directors, executive officers, or principals.
(4) Any felony conviction of the licensee or any of its directors, executive officers, or principals.

Legislative History

(Act 2001-692, p. 1439, §8; Act 2009-624, p. 1891, §1.)