Title 8

A qualified individual that, in good faith and exercising reasonable care, complies with Section 8-6-174 shall be immune from any administrative or civil liability that might otherwise arise from such disclosure. (Act 2016-141, §6.)

(a) A broker-dealer or investment adviser may delay a disbursement from an account of a vulnerable adult or an account on which a vulnerable adult is a beneficiary if: (1) The broker-dealer, investment adviser, or qualified individual reasonably believes, after initiating an inte…

A broker-dealer or investment adviser that, in good faith and exercising reasonable care, complies with Section 8-6-176 shall be immune from any administrative or civil liability that might otherwise arise from such delay in a disbursement in accordance with this section. (Act 20…

A broker-dealer or investment adviser shall provide access to or copies of records that are relevant to the suspected or attempted financial exploitation of a vulnerable adult to agencies charged with administering state adult protective services laws and to law enforcement, eith…

The commission, from time to time, may make, amend, and rescind such rules pursuant to the Alabama Administrative Procedure Act and prescribe such forms as are necessary and desirable to carry out the provisions of this article. No rules or forms may be made or prescribed unless …

This article shall be known and may be cited as the Elderly and Vulnerable Adult Financial Protection Act of 2021. (Act 2021-78, §1.)

The Legislature finds that instances of financial exploitation are on the rise in Alabama and elsewhere, particularly among elderly and vulnerable adults. The Legislature recognizes that while financial institutions are uniquely positioned to potentially uncover instances of fina…

As used in this article, unless the context requires otherwise, the following terms have the following meanings: (1) ACCOUNT. Funds or assets held by a financial service provider, including, but not limited to, a deposit account, checking account, money market account, savings ac…

(a)(1) If a financial service provider has reasonable cause to suspect that financial exploitation may have occurred, may have been attempted, or is being attempted, the financial service provider may, but is not required to, refuse or delay the execution of a financial transacti…

(a) A financial service provider may offer to a customer who is an elderly or vulnerable adult the opportunity to submit and periodically update a list of individuals or entities that the elderly or vulnerable adult authorizes the financial service provider to contact when the fi…

(a) All laws or parts of laws which conflict with this article are repealed. Notwithstanding the previous sentence, nothing in this article shall be construed as altering or amending Article 7, commencing with Section 8-6-170, of Chapter 6, the Protection of Vulnerable Adults fro…

This chapter may be cited as the Alabama Monetary Transmission Act. (Act 2017-389, §2.)

A licensee under this chapter shall maintain a net worth of at least twenty-five thousand dollars ($25,000) determined in accordance with generally accepted accounting principles. (Act 2017-389, §2.)

(a) A contract between a licensee and an authorized delegate shall require the authorized delegate to operate in full compliance with this chapter. (b) The licensee shall establish, furnish, and enforce policies and procedures sufficient to ensure that its authorized delegates co…

(a) The commission may conduct an annual examination of a licensee or of any of its authorized delegates. (b) The commission may examine a licensee or its authorized delegate, at any time, if the commission has reason to believe that the licensee or authorized delegate is engagin…

(a) A licensee shall file a report to the commission within 15 business days of any material change in information provided in a licensee’s application. (b) A licensee shall file a report with the commission within five business days after the licensee has reason to know of the o…

(a) A licensee shall maintain all of the following records for determining its compliance with this chapter: (1) A record of each payment instrument or stored-value obligation sold. (2) A general ledger posted at least monthly containing all assets, liabilities, capital, income, …

(a) The commission, by order, may suspend or revoke a license or order a licensee to revoke the designation of an authorized delegate, with or without prior notice, if the commission finds that such an order is in the best interest of the public, and any of the following circumst…

A person may not provide monetary transmission services on behalf of a person required to be licensed who is not licensed under this chapter. The commission, by rule or order, may further define unauthorized activities. (Act 2017-389, §2.)

(a) If the commission determines that any person has engaged in or is about to engage in any act or practice constituting a violation of this chapter or a rule adopted or an order issued under this chapter, the commission, in its discretion, may do any of the following: (1) Issue…

The commission may enter into a consent order at any time with a person to resolve a matter arising under this chapter or a rule adopted or order issued under this chapter. A consent order must be signed by the person to whom it is issued or by the person’s authorized representat…

(a) The commission may assess a civil penalty against a person that violates this chapter or a rule adopted or an order issued under this chapter in an amount not to exceed one thousand dollars ($1,000) per day for each day the violation is outstanding. (b) In addition to the ass…

For purposes of this chapter, the following terms shall have the following meanings: (1) AGENT or AUTHORIZED DELEGATE. Any person designated or employed by a licensee under this chapter to provide monetary transmission services on behalf of the licensee. (2) APPLICANT. Any person…

(a) A person that intentionally makes a false statement, misrepresentation, or false certification in a record filed or required to be maintained under this chapter or that intentionally makes a false entry or omits a material entry in such a record, upon conviction, shall be gui…

(a) Except as otherwise provided in subsection (b), all information or reports obtained by the commission from the applicant, licensee, or authorized delegate and all information contained in or related to examination, investigation, operation, or condition reports prepared by, o…

The commission may consult and cooperate with other federal and state agencies in enforcing and administering this chapter. The commission may jointly pursue examinations and take other official action that it is otherwise empowered to take. (Act 2017-389, §2.)

(a) The commission may do any of the following: (1) Make such public or private investigations within or outside of this state as it deems necessary to determine whether: Any license under this chapter should be granted, denied, suspended, or revoked; any person has violated or i…

(a) Any person aggrieved by an order issued under this chapter shall be entitled to a hearing, as authorized for contested cases, pursuant to the Administrative Procedure Act, Chapter 22 of Title 41, if the aggrieved person, within 28 days after delivery of the order, submits a w…

In any proceeding under this chapter, the burden of proving an exemption or an exception from a definition is upon the person claiming it. (Act 2017-389, §2.)

The commission from time to time, may make, amend, and rescind rules and prescribe forms as are necessary and desirable to carry out this chapter. No rules or forms may be made or prescribed unless the commission finds that the action is necessary or appropriate in the public int…

(a) The commission may issue interpretative opinions and no-action letters upon request from interested persons. Such opinions or no-action letters shall be limited in scope and may not be requested to provide legal advice to any person. No opinion or no-action letter shall be is…

(a) This section shall be known and may be cited as the Cryptocurrency Kiosk Fraud Prevention Act. (b) For purposes of this section, the following terms have the following meanings: (1) BLOCKCHAIN ANALYTICS. Analysis of data from blockchains or publicly distributed ledgers, inclu…

This chapter does not apply to any of the following: (1) The United States or a department, agency, or instrumentality thereof. (2) The transmission of money by the United States Postal Service or by a contractor on behalf of the United States Postal Service. (3) A state, county,…

Sections 8-7A-5 to 8-7A-15, inclusive, shall not apply to any of the following persons: (1) A person that provides clearance or settlement services pursuant to a registration as a clearing agency or an exemption from such registration granted under the federal securities laws. (2…

(a) A person may not engage in the business of money transmission or advertise, solicit, or hold itself out as providing money transmission unless the person meets one of the following requirements: (1) Is licensed under this chapter. (2) Is an authorized delegate of a person lic…

(a) A person applying for a license under this chapter shall do so in a form and in a medium prescribed by the commission. The application shall contain all of the following information: (1) The legal name, the residential address of the applicant if the applicant is an individua…

(a) A licensee shall maintain a surety bond, letter of credit, or other similar security in an amount, determined by rule or order of the commission, sufficient to secure faithful performance of the obligations of the licensee with respect to money transmission in Alabama. (b) Se…

(a) When an application is filed under this chapter, the commission shall investigate the applicant’s financial condition and responsibility, financial and business experience, character, and general fitness. The commission may conduct an on-site investigation of the applicant, t…

(a) All licenses under this chapter shall expire on March 31 of the calendar year. (b) A licensee under this chapter shall pay an annual renewal fee no later than March 15. The renewal fee shall be established by rule of the commission and shall not be less than five hundred doll…

(a) This chapter shall be known and may be cited as the Financial Innovation and Market Expansion Act. (b) The intent of this chapter is to implement Section 4(c) of the federal Guiding and Establishing National Innovation for U.S. Stablecoins Act, 12 U.S.C. § 5903(c), governing …

(a) If the commission determines that any person has engaged in or is about to engage in any act or practice constituting a violation of this chapter or a rule adopted or an order issued under this chapter, the commission may do any of the following: (1) Issue an order, with or w…

(a) Any person aggrieved by an order or denial issued under this chapter shall be entitled to a hearing, as authorized for contested cases, pursuant to the Alabama Administrative Procedure Act, Chapter 22 of Title 41, if the aggrieved person, within 28 days after delivery of the …

The commission may enter into a consent order at any time with a person to resolve a matter arising under this chapter or a rule adopted or order issued under this chapter. A consent order must be signed by the person to whom it is issued or by the person’s authorized representat…

(a) It is unlawful for any person, in connection with the offer, sale, or purchase of any stablecoin, directly or indirectly, to knowingly: (1) Employ any device, scheme, or artifice to defraud a person; (2) Make any untrue statement of a material fact or to omit to state a mater…

(a) The commission may assess a civil penalty against a person that violates this chapter or a rule adopted or an order issued under this chapter in an amount not to exceed one hundred thousand dollars ($100,000) per day for each day the violation is outstanding, plus the state’s…

(a) Except as otherwise provided in subsection (b), all information or reports obtained by the commission from the applicant, licensee, or authorized delegate and all information contained in or related to examination, investigation, operation, or condition reports prepared by, o…