2021 Code of Alabama
Title 8 - Commercial Law and Consumer Protection.
Chapter 37 - Guaranteed Asset Protection Waivers.
Section 8-37-8 - (Effective January 1, 2018) Enforcement.
(Effective January 1, 2018) Enforcement.
(a) The Superintendent of Banks may take action which is necessary or appropriate to enforce the provisions of this chapter and to protect GAP waiver holders in this state. After proper notice and opportunity for hearing, the superintendent may do both of the following:
(1) Order the creditor, administrator, or any other person not in compliance with this chapter to cease and desist from further GAP waiver-related operations which are in violation of this chapter.
(2) Impose a penalty of not more than five hundred dollars ($500) per violation and no more than ten thousand dollars ($10,000) in the aggregate for all violations of similar nature. For purposes of this chapter, a violation shall be considered to be of a similar nature if the violation consists of the same or similar course of conduct, action, or practice, irrespective of the number of times the action, conduct, or practice which is determined to be a violation of the chapter occurred.
(b) If requested by a retail seller, the Superintendent of Banks may determine that the insurance policy required by subsection (d) of Section 8-37-3 is not required for a retail seller that does not assign any of its finance agreements to any entity other than an affiliate and if the affiliated assignee agrees that the insurance policy is waived and the finance agreements will not be further assigned. The superintendent may require the evidence and assurances that the superintendent determines is needed to make that determination.
(Act 2017-392, §1.)