Minnesota Administrative Rules
Agency 120 - Commerce Department
Chapter 2675 - FINANCIAL INSTITUTIONS
INVESTMENTS
Part 2675.1150 - PURCHASE OF ASSET AT A PREMIUM OR DISCOUNT

Universal Citation: MN Rules 2675.1150

Current through Register Vol. 49, No. 13, September 23, 2024

When assets are purchased at a premium or discount, a bank:

A. shall charge off the premium when the asset is placed on the books; or, provide for the regular amortization of the premium pursuant to generally accepted accounting principles; and

B. may provide for the regular accretion of the discount pursuant to generally accepted accounting principles.

Statutory Authority: MS s 46.01

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