Alabama § 45-37A-51.261 - Repayment of Loan.
Full text of Alabama Code of Alabama § 45-37A-51.261 — Repayment of Loan., with citation guidance and answers to common questions.
§ 45-37A-51.261. Repayment of Loan.
Any loan made to a participant from the fund pursuant to Section 45-37A-51.260 shall be repayable in either monthly or quarterly installments over a period not to exceed 36 months from the date of issuance of such loan as the board in its discretion may require and at an interest rate of six to seven percent per annum as determined by the board, annually.
Source: official Alabama text · Last verified 2026-08-27
Frequently Asked Questions About Alabama § 45-37A-51.261
What does Code of Alabama § 45-37A-51.261 cover?
Section 45-37A-51.261 ("Repayment of Loan.") 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 § 45-37A-51.261?
A common citation format is "Code of Alabama § 45-37A-51.261" (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 § 45-37A-51.261 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.