Section 892-1-1-.02 - Collection Of Interest For Small Business Deposit (Alabama Administrative Code)

§ 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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