Section 41-9-85.2 Notice to Securities Commission of Payment, Etc., of Profits from a Crime.

(a) A person that knowingly contracts for, pays for, or agrees to pay to a convicted individual profits from the crime or to the representative of the individual, shall give written notice to the Securities Commission of the payment or obligation to pay as soon as practicable after discovering that the payment or intended payment constitutes profits from a crime or funds of a convicted individual. (b)(1) A superintendent, sheriff, municipal official, or other correctional official shall also give written notice to the Securities Commission of any payment or obligation to pay subject to the notice requirements of subsection (a) if he or she receives or will receive funds, the combined or aggregate value of which exceeds five thousand dollars ($5,000), on behalf of a convicted individual who is serving a sentence with the Alabama Department of Corrections or is otherwise confined at a local correctional facility and deposits or will deposit the funds into an inmate or prisoner account to the credit of the individual. (2) Whenever the state or a political subdivision of the state makes a payment or has an obligation to pay funds of a convicted individual and the value, combined value, or aggregate value of the funds exceeds or will exceed five thousand dollars ($5,000), the state or political subdivision of the state shall also give written notice to the Securities Commission. (3) In all other instances where the payment or obligation to pay involves funds of a convicted individual and the value, combined value, or aggregate value of the funds exceeds or will exceed five thousand dollars ($5,000), the convicted individual who receives or will receive the funds, or the representative of the individual, shall give written notice to the Securities Commission.