Alabama § 11-10-2 - Amount of Loans; Interest, Maturity, Renewal, Etc.; Disposition of Proceeds.
Full text of Alabama Code of Alabama § 11-10-2 — Amount of Loans; Interest, Maturity, Renewal, Etc.; Disposition of Proceeds., with citation guidance and answers to common questions.
§ 11-10-2. Amount of Loans; Interest, Maturity, Renewal, Etc.; Disposition of Proceeds.
Such loans shall not be in an amount greater than $400,000.00 per year and may bear interest not to exceed 12 percent per annum.
All such loans shall mature not later than February 1 of the year following that in which the loan is made and may be renewed only upon payment of all interest then due, together with not less than 10 percent of the principal then outstanding.
No proceeds from any loans made under the provisions of this chapter shall be used for any purpose other than that for which the general funds of the county may now be used.
Source: official Alabama text · Last verified 2026-08-27
Frequently Asked Questions About Alabama § 11-10-2
What does Code of Alabama § 11-10-2 cover?
Section 11-10-2 ("Amount of Loans; Interest, Maturity, Renewal, Etc.; Disposition of Proceeds.") is part of the Code of Alabama, the codified statutory law of Alabama. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Alabama § 11-10-2?
A common citation format is "Code of Alabama § 11-10-2" (Alabama). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Alabama law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Alabama official source linked on this page or consult a licensed Alabama attorney.
How does Alabama § 11-10-2 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Alabama can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Alabama.