Alabama Administrative Code
Title 892 - STATE TREASURER'S OFFICE
Chapter 892-1-1 - THE LINKED DEPOSIT PROGRAM
Section 892-1-1-.04 - Collection Of Prepayments For Agricultural Linked Deposit
Universal Citation: AL Admin Code R 892-1-1-.04
Current through Register Vol. 43, No. 02, November 27, 2024
Lending institutions shall remit principal reductions and accrued interest due on agricultural deposits during the month in which the prepayment occurs.
(1) Principal and interest is due at maturity if no prepayment is reported. Interest is calculated on a 30/360 day basis and shall be reported no later than the 25th and collected by (Automated Clearing House) ACH transaction on the last day of the month in which the deposit matures.
Author: Lucy Baxley
Statutory Authority: Code of Ala. 1975, §§ 5-21-7, 5-21-9.
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