Ala. Admin. Code r. 155-2-4-.11

Current through Register Vol. 43, No. 1, October 31, 2024

Section 155-2-4-.11 - Joint Bank Accounts - Deferred Presentment Services Act

(1) Each party on a joint bank account may write checks in an amount not to exceed an aggregate of five hundred dollars ($500) per party. However, a separate deferred presentment agreement must accompany each check.

(2) A licensee may not require joint account holders to take either joint or separate loans and a joint account holder's decision to obtain a separate loan must be voluntary.

Effective October 1, 2013

Author: Scott Corscadden, Supervisor, Bureau of Loans

Statutory Authority:Code of Alabama 1975, § 5-18A-10 and § 5-18A-13