Section 892-1-1-.04 - Collection Of Prepayments For Agricultural Linked Deposit (Alabama Administrative Code)

§ 892-1-1-.04. Collection Of Prepayments For Agricultural Linked Deposit

Lending institutions shall remit principal reductions and accrued interest due on agricultural deposits during the month in which the prepayment occurs.

(1) Principal and interest is due at maturity if no prepayment is reported. Interest is calculated on a 30/360 day basis and shall be reported no later than the 25th and collected by (Automated Clearing House) ACH transaction on the last day of the month in which the deposit matures.

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.

Disclaimer: Although Lawrina works hard to ensure the information on this page is accurate and timely, we take no responsibility for deviations from the official text. Section 892-1-1-.04 Collection Of Prepayments For Agricultural Linked Deposit may have been updated since our last review. Please refer to official resources for the most accurate information.

We use Cookies to make Your experience on the Portal greater. To learn more about Cookies we use, please read Our Cookie Policy. Do you allow us to use Cookie?
Learn more Accept Cookies

Free webinar on November 2! Lawyer’s mental health: how to stay calm under stress.

X