AMENDMENT 154 RATIFIED
Nonresidents Making Mortgage Loans Through Licensed Mortgage Loan Brokers.
Section 1. Any corporation which is not organized under the laws of this state and has no place of business in this state may take and hold mortgages on real property located within this state, deposit the proceeds thereof in a bank account, or bank accounts, in this state, collect the debts secured thereby and may appoint a custodian or collection agent, who must be duly licensed under the laws of this state, to engage in the business of mortgage loan broker, to hold for such non-resident such securities, collect such debts, manage any property acquired by foreclosure thereof, sell and dispose of any property acquired by foreclosure thereof and enforce the provisions of such mortgages and no such foreign corporation shall be deemed to be doing business in this state solely by reason of doing any or all of the acts designated herein; provided, however, that any custodian or agent appointed under the provisions of this amendment by any such foreign corporation shall pay all applicable municipal license taxes and shall pay an occupational license tax as mortgage loan broker to the state of Alabama of one hundred dollars ($100.00) for the first year that such broker represents each such foreign corporation and five dollars ($5.00) annually for representing each such foreign corporation thereafter. Any foreign corporation which engages in any of the acts prescribed in this section may sue or be sued in this state in relation to any such mortgages held by it, or real property, securities or debts acquired by it and service of process may be perfected upon such foreign corporation by service upon any resident licensed mortgage loan broker appointed as custodian or agent by such corporation in this state.
Section 2. No foreign corporation, which does no other acts in this state than those provided in section 1 hereof, shall be required to pay any franchise tax, qualification fee, permit fee, nor shall it be required in any other way to qualify to do business in this state.
Section 3. This amendment shall be self-executing, but the legislature may, by general act, make provision for enforcement thereof and provide penalties for the violation thereof.