Bureau of Loans (Non-Depository)
The Bureau of Loans (hereinafter “the BOL”) was established in 1945. The BOL was
originally charged with the responsibility for the administration and enforcement
of the Alabama Small Loan Act. Since that time, the Alabama legislature has expanded
the consumer protection role of the BOL through various Acts. The BOL now administers
and enforces the Alabama Small Loan Act, the Alabama Consumer Credit Act, the Alabama
Pawn Shop Act, the Alabama Mortgage Brokers Licensing Act, the Alabama Deferred
Presentment Services Act and the Alabama SAFE Act.
The BOL may at any reasonable time examine the records of any small loan company,
finance company, and other individuals or persons holding any license from the State
Banking Department at the licensee’s place of business to determine compliance with
the laws of Alabama.