(a) The provisions of this chapter, except the provisions of subdivision (1) of Section 5-19-1 and Section 5-19-3, shall not apply (i) to any consumer credit transaction or other transaction involving an interest in real property or the sale, lease, or mortgage of an interest in real property where the creditor is exempt from licensing under this chapter, (ii) where the credit transaction is not a consumer transaction, (iii) where the credit transaction is by a trust institution as defined in Section 5-12A-1(1), in its capacity as a fiduciary under any plan or agreement qualified under 26 U.S.C. 401(a) or defined by 5 U.S.C. 8437, 26 U.S.C. 403(b), or 26 U.S.C. 457, or a trust exempt under 26 U.S.C. 501, or (iv) to any municipal pension system created under the laws of the State of Alabama. The provisions of this chapter shall not apply where the credit transaction is a policy loan made by a life insurance company licensed by this state or any other state.
(b) This chapter shall not be construed to amend or repeal, without limitation, Sections 5-18-1 through 5-18-24, inclusive, Section 8-8-6, Section 8-8-4, Section 8-8-5, Sections 8-8-1.1, 8-8-14, 8-8-15, or Sections 5-20-2 through 5-20-10, inclusive.
(c) This chapter shall not apply to any lawful, bona fide pawnbroking business.
(d) This chapter shall not apply to any insurance agent or agency licensed in Alabama that elects to charge a collection fee on unpaid balances for insurance premiums under Section 27-12-17. An election shall be made by stating such on the premium finance contract.
(Acts 1971, No. 2052, p. 3290, §25; Acts 1989, No. 89-541, p. 1132, §1; Acts 1994, No. 94-118, p. 146, §1; Acts 1996, No. 96-576, p. 887, §2; Act 2002-307, p. 873, §1; Act 2009-625, p. 1900, §1.)
Notes of Decisions
United Companies Lending v. McGehee, 686 So. 2d 1171 (Ala. 1996).
· cites it 28× “This fact supports a construction that only mortgagees whose offices in Alabama are approved by HUD are exempted by § 5-19-31 from the provisions of the Mini-Code.”
Ex Parte Watley, 708 So. 2d 890 (Ala. 1997).
· cites it 4× “Even though § 8-8-5 allows the interest rate to be as high as the market will bear and as high as the doctrine of unconscionability will allow, § 5-19-4(g) prevents a creditor from charging an excessive portion of that rate as "points" and thereby making the "interest"…”
Willis v. Quality Mortg. USA, Inc., 5 F. Supp. 2d 1306 (M.D. Ala. 1998).
· cites it 4× “…real estate transactions. When the State Legislature renumbered the *1311 Alabama Code, § 340 of the 1958 Code became § 5-19-31 of the 1975 Code; § 316 became § 5-19-1; and § 317 became § 5-19-3. The substance of those sections did not change when they were renumbered. Thus,…”
First Nat'l Bank of Jasper v. Robinson (In Re Robinson), 240 B.R. 70 (Bankr. N.D. Ala. 1999).
· cites it 4× “Ala. Code § 5-19-31 makes the State Consumer Garnishment Limitation inapplicable “(i) to any consumer credit transaction or other transaction involving an interest in real property or the sale, lease, or mortgage of an interest in real property .”
Watley v. Transamerica Fin. Servs., Inc., 708 So. 2d 890 (Ala. 1997).
· cites it 4× “Even though § 8-8-5 allows the interest rate to be as high as the market will bear and as high as the doctrine of uneonscionability will allow, § 5-19-4(g) prevents a creditor from charging an excessive portion of that rate as “points” and thereby making the “interest”…”
United Companies Lending Corp. v. Autrey, 723 So. 2d 617 (Ala. 1998).
· cites it 2× “1997); and I fervently believe 1) that United Companies Lending Corporation is an approved mortgagee under the provisions of the National Housing Act and that it is exempt under Ala.Code 1975, § 5-19-31, from the provisions of Alabama's Mini-Code; and 2) that Ala.”
Divine v. the Peoples Bank, 579 So. 2d 638 (Ala. Civ. App. 1991).
“The Mini-Code, § 5-19-1 through § 5-19-31, was enacted by the legislature to provide a comprehensive consumer finance law.”
— Ala. Code § 5-19-31(a) — 2 cases
United Companies Lending v. McGehee, 686 So. 2d 1171 (Ala. 1996).
“This fact supports a construction that only mortgagees whose offices in Alabama are approved by HUD are exempted by § 5-19-31 from the provisions of the Mini-Code.”
Willis v. Quality Mortg. USA, Inc., 5 F. Supp. 2d 1306 (M.D. Ala. 1998).
“…real estate transactions. When the State Legislature renumbered the *1311 Alabama Code, § 340 of the 1958 Code became § 5-19-31 of the 1975 Code; § 316 became § 5-19-1; and § 317 became § 5-19-3. The substance of those sections did not change when they were renumbered. Thus,…”
— Ala. Code § 5-19-31(b) — 2 cases
Ex Parte Watley, 708 So. 2d 890 (Ala. 1997).
“Even though § 8-8-5 allows the interest rate to be as high as the market will bear and as high as the doctrine of unconscionability will allow, § 5-19-4(g) prevents a creditor from charging an excessive portion of that rate as "points" and thereby making the "interest"…”
Watley v. Transamerica Fin. Servs., Inc., 708 So. 2d 890 (Ala. 1997).
“Even though § 8-8-5 allows the interest rate to be as high as the market will bear and as high as the doctrine of uneonscionability will allow, § 5-19-4(g) prevents a creditor from charging an excessive portion of that rate as “points” and thereby making the “interest”…”
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