Rules & Regulations of the State of Tennessee
Title 0780 - Commerce and Insurance
Subtitle 0780-01 - Insurance Division
Chapter 0780-01-27 - Operation of State Chartered Building and Loan Associations
Section 0780-01-27-.19 - WASH SALE OR REFINANCING

If any loan shall be sold, and shall be repurchased within one year, any profit on the sale, and discount on the repurchase, shall be taken into income ratably over the remaining term of the loan. If an existing loan shall be refinanced, whether during or at the end of the term of the existing loan, all remaining Initial Loan Charges shall be taken into income ratably over the term of the loan. If an existing loan shall be extended, any charge by the association for the extension shall be taken into income ratably over the new term of the loan.

Authority: T.C.A. §45-1303.