Address:
Center for Commerce
Suite 680
401 Adams Avenue
Montgomery, Alabama 36130-1201
Tel: 
334/242-3452
Fax: 334/242-3500
Website: www.banking.alabama.gov
They are charged with regulatory supervision of:
- Chartered thrift institutions,
- Chartered commercial banks,
- Chartered credit unions,
- Chartered savings and loans*, and
- All financial organizations making loans within the state.
*No state-chartered savings and loan associations currently operate in Alabama.
The Department currently supervises 130 commercial banks and 3 trusts with total assets of more than $200 billion.
State Banking Board
The Banking Board consists of the banking superintendent, who is the chairman of the board, and six persons appointed by the Governor, by and with the consent of the Senate. Four of the six members must have banking or bank regulatory background and three of the six must be actively engaged in the business of banking within the state at the time of appointment. The Superintendent along with the Banking Board establishes general operating rules and regulations for the department as permitted by state laws and statutes.
Mortgage Brokers:
No person shall transact business in the state directly or indirectly as a mortgage broker unless they are licensed as a mortgage broker by the state banking department. In addition a licensee is required for each location where the business of the mortgage broker is transacted.
Small Loan Act:
It was the intent of the Legislature in enacting the Small Loan Act law to:
- Bring under public supervision those engaged in the business of making such loans;
- To eliminate practices that facilitate abuse of borrowers;
- To establish a system of regulation for the purpose of insuring honest and efficient small loan service and of stimulating competitive reductions in charges;
- To allow lenders who meet the conditions of this chapter a rate of charge sufficiently high to permit a business profit; and
- To provide the administrative machinery necessary for effective enforcement.
Consumer Credit Act:
The goal of the legislation was to apply to substantially all consumer credit transactions in Alabama. It was adopted to assure the availability of consumer credit and certainty of consumer credit transactions.