§ 892-1-1-.02. Collection Of Interest For Small Business Deposit
The Treasurer shall collect interest from the lending institutions on a monthly basis.
(1) The Treasurer shall collect interest on deposits by (Automated Clearing House) ACH transaction on the last day of each month. Interest shall be calculated on a 30/360 day basis.
Author: Lucy Baxley(New Rule: Filed February 21, 1996; effective March 27, 1996.)
Statutory Authority: Code of Ala. 1975, §§ 5-21-7, 5-21-9.
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