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

1. (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

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

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