§ 27-40-1 Definitions
§ 27-40-2 Exemptions from chapter
§ 27-40-3 Licenses – Required; fees; information to be furnished commissioner
§ 27-40-4 Licenses – Investigation and qualifications of applicant; issuance
§ 27-40-5 Licenses – Suspension or revocation
§ 27-40-6 Books and records
§ 27-40-7 Promulgation and enforcement of rules and regulations
§ 27-40-8 Contents and style of premium finance agreement
§ 27-40-9 Service charges; prepayment of obligation
§ 27-40-10 Delinquency and cancellation charges
§ 27-40-11 Procedure for cancellation of insurance contract upon default
§ 27-40-12 Return of gross unearned premiums upon cancellation of contract
§ 27-40-13 Filing of agreement
§ 27-40-14 Exclusive jurisdiction of Department of Insurance
§ 27-40-15 Premium financed to be sent to insurance company, agent, or surplus lines broker; issuance of drafts, etc.; duties with respect to cancellation
§ 27-40-16 Payment of rebates or inducements prohibited; purchase of premium finance agreement
§ 27-40-17 Notification of existence of premium finance agreement
§ 27-40-18 Delivery of copy of premium finance agreement to insured

Terms Used In Alabama Code > Title 27 > Chapter 40

  • Annual percentage rate: The cost of credit at a yearly rate. It is calculated in a standard way, taking the average compound interest rate over the term of the loan so borrowers can compare loans. Lenders are required by law to disclose a card account's APR. Source: FDIC
  • Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
  • circuit: means judicial circuit. See Alabama Code 1-1-1
  • Common law: The legal system that originated in England and is now in use in the United States. It is based on judicial decisions rather than legislative action.
  • Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
  • Conviction: A judgement of guilt against a criminal defendant.
  • custody: Any of the following:

    a. See Alabama Code 14-11-30

  • employee: An employee or contractual employee of any governmental agency of the state, county, or municipality that has by statute, ordinance, or court order the responsibility for the care, control, or supervision of pretrial or sentenced persons in a penal system or detention facility. See Alabama Code 14-11-30
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • Felony: A crime carrying a penalty of more than a year in prison.
  • Finance charge: The total cost of credit a customer must pay on a consumer loan, including interest. The Truth in Lending Act requires disclosure of the finance charge. Source: OCC
  • Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
  • Fraud: Intentional deception resulting in injury to another.
  • Interrogatories: Written questions asked by one party of an opposing party, who must answer them in writing under oath; a discovery device in a lawsuit.
  • Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
  • Misdemeanor: Usually a petty offense, a less serious crime than a felony, punishable by less than a year of confinement.
  • Mortgagee: The person to whom property is mortgaged and who has loaned the money.
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • Power of attorney: A written instrument which authorizes one person to act as another's agent or attorney. The power of attorney may be for a definite, specific act, or it may be general in nature. The terms of the written power of attorney may specify when it will expire. If not, the power of attorney usually expires when the person granting it dies. Source: OCC
  • Probation: A sentencing alternative to imprisonment in which the court releases convicted defendants under supervision as long as certain conditions are observed.
  • SEXUAL CONDUCT: Any of the following acts:

    a. See Alabama Code 14-11-30

  • Statute: A law passed by a legislature.
  • Venue: The geographical location in which a case is tried.