Alabama § 5-19-7 - Right to Refinance Amount of Certain Scheduled Payments.
Full text of Alabama Code of Alabama § 5-19-7 — Right to Refinance Amount of Certain Scheduled Payments., with citation guidance and answers to common questions.
§ 5-19-7. Right to Refinance Amount of Certain Scheduled Payments.
With respect to a consumer credit transaction, if any scheduled payment is more than one and one-half times as large as the average of earlier scheduled payments, the debtor has the right to refinance the amount of that payment at the time it is due without penalty. The terms of the refinancing shall be no less favorable than the terms of the original transaction. The provisions of this section do not apply if the debtor’s payment schedule has been adjusted to conform with the seasonal or irregular income of the debtor, or if a consumer credit transaction is repayable in a single principal payment irrespective of the scheduled interest payments.
Source: official Alabama text · Last verified 2026-08-27
Frequently Asked Questions About Alabama § 5-19-7
What does Code of Alabama § 5-19-7 cover?
Section 5-19-7 ("Right to Refinance Amount of Certain Scheduled Payments.") 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 § 5-19-7?
A common citation format is "Code of Alabama § 5-19-7" (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 § 5-19-7 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.