It is a violation of this chapter for a person or individual subject to this chapter to: (1) Obtain property by intentional fraud or intentional misrepresentation;(2) Solicit or enter into a contract with a borrower that provides in substance that the person or individual subject to this chapter may earn a fee or commission through 'best efforts' to obtain a loan even though no loan is actually obtained for the borrower;(3) Conduct any business covered by this chapter without holding a valid license if required under this chapter;(4) Fail to make disclosures as required by this chapter;(5) Fail to comply with this chapter or rules or regulations promulgated under this chapter;(6) Collect, charge, or attempt to collect or charge any fee prohibited by this chapter; or(7) Fail to account for monies belonging to a party to a residential mortgage loan transaction, as required by law or regulation.(Act 2009-627, p. 1907, §17.)
Alabama Legal Code
Section 5-26-17 - Prohibited Acts and Practices
Source: https://alison.legislature.state.al.us/code-of-alabama?section=5-26-17· Version 2026