Alabama Administrative Code
Title 892 - STATE TREASURER'S OFFICE
Chapter 892-1-1 - THE LINKED DEPOSIT PROGRAM
Section 892-1-1-.03 - Collection Of Principal For Small Business Deposits
Universal Citation: AL Admin Code R 892-1-1-.03
Current through Register Vol. 42, No. 11, August 30, 2024
The Treasurer shall collect principal payments quarterly.
(1) Principal reductions shall be reported to the Treasurer by method of quarterly statement. Interest is calculated on a 30/360 day basis and shall be reported no later than the 25th. The Treasurer shall collect principal reductions by (Automated Clearing House) ACH transaction on the last day of the month of the calendar quarter.
Author: Lucy Baxley
Statutory Authority: Code of Ala. 1975, §§ 5-21-7, 5-21-9.
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