Title 8 — Title 8

(a) With the approval of the Securities Commission and subject to the provisions of the Merit System law, the director thereof may designate a deputy director, who shall possess qualifications fixed by the commission with the approval of the personnel department, and who shall pe…

(a) The Director of the Securities Commission shall prepare in writing a manual of necessary employee positions for the commission, including job classifications, personnel qualifications, duties, maximum and minimum salary schedules, and other personnel information for approval …

(a) Before assuming office, the Director of the Securities Commission shall give a bond in the sum of $50,000, payable to the State of Alabama, to be approved by the Attorney General of Alabama and filed in the office of the Secretary of State. Such bond shall be conditioned that…

Coordination. (a) Any security for which a registration statement has been filed under the Securities Act of 1933 in connection with the same offering may be registered by coordination. (b) A registration statement under this section shall contain the following information and be…

The Securities Commission and the director thereof shall maintain offices in the capital city of the state, and all records of the commission shall be kept at these offices. History: (Acts 1969, No. 740, p. 1315, §11.)

(a) Any security may be registered by qualification. (b) A registration statement under this section shall contain the following information and be accompanied by the following documents in addition to payment of the registration fee prescribed in Section 8-6-8 and, if required u…

Precedent; Bond; Notice of Action; Fees; Quarterly Reports and Financial Statements; Discharge from Supervision. (a) A registration statement on securities may be filed by the issuer, any other person on whose behalf the offering is to be made, or a registered dealer. Any documen…

Registration. The Securities Commission shall issue an order denying effectiveness to, or suspending or revoking the effectiveness of, any registration statement in the sale of securities if it finds that the order is in the public interest and that: (1) The registration statemen…

This article may be cited as the Securities Ownership by Minors Act. History: (Acts 1961, No. 1010, p. 1585, §5.)

In this article, unless the context otherwise requires, the following terms shall have the meanings ascribed to them by this section: (1) BANK. A bank, trust company, national banking association, savings bank, or industrial bank. (2) BROKER. A person, including a bank, lawfully …

Capacity to Exercise Security Rights; Presumption That Holder Not Minor. (a) A bank, broker, issuer, third-party or transfer agent incurs no liability by reason of his treating a minor as having capacity to transfer a security, to receive or to empower others to receive dividends…

Notice of Minority Given. A minor who has transferred a security, received or empowered others to receive dividends, interest, principal, or other payments or distributions, voted or given consent in person or by proxy or made an election or exercised rights relating to the secur…

A minor may receive in his own right dividends or other moneys in respect to any securities standing in his name on the books of a corporation, bank, or business trust, and such receipt shall constitute a valid and sufficient release and discharge of the corporation, bank, or bus…

Nothing in this article shall be construed to repeal or in any way affect Sections 10- 6-1 through 10-6-4. History: (Acts 1961, No. 1010, p. 1585, §7.)

Repealed by Act 2017-389, §1, effective August 1, 2017. History: (Acts 1961, Ex. Sess., No. 177, p. 2142, §1.)

Repealed by Act 2017-389, §1, effective August 1, 2017. History: (Acts 1961, Ex. Sess., No. 177, p. 2142, §10.)

Bond or Deposit. Repealed by Act 2017-389, §1, effective August 1, 2017. History: (Acts 1961, Ex. Sess., No. 177, p. 2142, §11.)

Repealed by Act 2017-389, §1, effective August 1, 2017. History: (Acts 1961, Ex. Sess., No. 177, p. 2142, §12.)

Repealed by Act 2017-389, §1, effective August 1, 2017. History: (Acts 1960, Ex. Sess., No. 177, p. 2142, §13.)

Repealed by Act 2017-389, §1, effective August 1, 2017. History: (Acts 1961, Ex. Sess., No. 177, p. 2142, §14.)

Repealed by Act 2017-389, §1, effective August 1, 2017. History: (Acts 1961, Ex. Sess., No. 177, p. 2142, §15.)

Repealed by Act 2017-389, §1, effective August 1, 2017. History: (Acts 1961, Ex. Sess., No. 177, p. 2142, §2.)

Repealed by Act 2017-389, §1, effective August 1, 2017. History: (Acts 1961, Ex. Sess., No. 177, p. 2142, §3.)

Repealed by Act 2017-389, §1, effective August 1, 2017. History: (Acts 1961, Ex. Sess., No. 177, p. 2142, §4.)

Repealed by Act 2017-389, §1, effective August 1, 2017. History: (Acts 1961, Ex. Sess., No. 177, p. 2142, §5.)

Repealed by Act 2017-389, §1, effective August 1, 2017. History: (Acts 1961, Ex. Sess., No. 177, p. 2142, §6; Acts 1991, No. 91-320, p. 584, §2.)

Securities; List of Offices, Etc. Repealed by Act 2017-389, §1, effective August 1, 2017. History: (Acts 1961, Ex. Sess., No. 177, p. 2142, §7.)

Repealed by Act 2017-389, §1, effective August 1, 2017. History: (Acts 1961, Ex. Sess., No. 177, p. 2142, §8.)

Repealed by Act 2017-389, §1, effective August 1, 2017. History: (Acts 1961, Ex. Sess., No. 177, p. 2142, §9.)

This chapter may be cited as the Alabama Monetary Transmission Act. History: (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. History: (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. History: (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. History: (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…

Appeals from Action of Commission. (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…

In any proceeding under this chapter, the burden of proving an exemption or an exception from a definition is upon the person claiming it. History: (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…