Within 15 days of the occurrence of any one of the following events, a licensee shall file a written report with the supervisor describing the event and its expected impact on the activities of the licensee in this state:

(1) The filing for bankruptcy or reorganization by the licensee.

Terms Used In Alabama Code 5-18A-9

  • Bankruptcy: Refers to statutes and judicial proceedings involving persons or businesses that cannot pay their debts and seek the assistance of the court in getting a fresh start. Under the protection of the bankruptcy court, debtors may discharge their debts, perhaps by paying a portion of each debt. Bankruptcy judges preside over these proceedings.
  • Conviction: A judgement of guilt against a criminal defendant.
  • following: means next after. See Alabama Code 1-1-1
  • Indictment: The formal charge issued by a grand jury stating that there is enough evidence that the defendant committed the crime to justify having a trial; it is used primarily for felonies.
  • state: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Alabama Code 1-1-1
(2) The institution of revocation or suspension proceedings against the licensee by any state or governmental authority and subsequently the outcome of such proceeding.
(3) The denial of a license to engage in the deferred presentment services business by any state or governmental authority.
(4) Any felony indictment of the licensee or any of its directors, officers, or principals.
(5) Any felony conviction of the licensee or any of its directors, officers, or principals.
(6) All other events as the supervisor may determine and identify by regulation.
  Previous section
Next section  
 Chapter 18A Contents