§ 892-1-1-.03. Collection Of Principal For Small Business Deposits
The Treasurer shall collect principal payments quarterly.
(1) Principal reductions shall be reported to the Treasurer by method of quarterly statement. Interest is calculated on a 30/360 day basis and shall be reported no later than the 25th. The Treasurer shall collect principal reductions by (Automated Clearing House) ACH transaction on the last day of the month of the calendar quarter.
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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