Title 5 — Title 5
0 chapters · 627 sections in this title.
Ala. Code § 5-23-1 Definitions
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The following terms shall have the meanings ascribed to them unless the context clearly indicates otherwise: (1) TREASURER. The State Treasurer of Alabama. (2) FINANCIAL INSTITUTION. Any bank, savings and loans association or credit union operating in Alabama which is chartered u…
Ala. Code § 5-23-2 State Participation in Financial Institution Credit Card Program; Contact
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with Financial Institutions. The State Treasurer is hereby authorized to participate in a financial institution credit card program for the benefit of the state. Within 180 days of April 19, 1990, the Treasurer shall contact as many financial institutions as, in the Treasurer’s d…
Ala. Code § 5-23-3 Negotiation of State’s Fee; Contracts with Financial Institutions; Use of
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State Seal and Insignia. (a) If the Treasurer determines that the state may be a sponsoring entity for a financial institution credit card, he shall negotiate and contract for the most favorable rate of return for the state’s fee by a credit card issuer. The state may not offer a…
Ala. Code § 5-23-4 Proceeds
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The net proceeds of the state fees shall be transmitted to the state Comptroller and distributed as follows: (1) Seventy-five percent to the Foundation for Local Schools as provided in Chapter 26C of Title 16, to be allocated to the credit of local school systems. (2) Twenty-five…
Ala. Code § 5-23-5 Rules and Regulations
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The State Treasurer is authorized to adopt such rules and regulations as may be necessary to implement the Alabama state-sponsored credit card program. The rules may include, without limitation, provisions governing the procedures for contacting financial institutions to determin…
Ala. Code § 5-23-6 Disclosure of Information
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It shall be legal and permissible for the financial institution to request and receive from the state Comptroller a listing of all members of the Teachers’ Retirement System, the Employees’ Retirement System, and the Judicial Retirement System, including the names and addresses o…