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.