Ala. Admin. Code r. 892-1-1-.02

Current through Register Vol. 43, No. 1, October 31, 2024

Section 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

Ala. Admin. Code r. 892-1-1-.02

New Rule: Filed February 21, 1996; effective March 27, 1996.

Statutory Authority:Code of Ala. 1975, §§ 5-21-7, 5-21-9.