Mo. Code Regs. Ann. tit. 20, § 1140-15.011
Accounting for Deferred Losses and Gains on the Sale or Other Disposition of Mortgage Loans, Mortgage-Related Securities and Certain Debt Securities
Effective Aug 28, 2006sections 369.129, 369.249 and 369.299, RSMo 1994.* This rule originally filed as 4 CSR 260-3.011. This rule previously filed as 4 CSR 140-15.011. Original rule filed June 12, 1981, effective Sept. 11, 1981. Emergency amendment filed Oct. 23, 1981, effective Nov. 2, 1981, expired Jan. 13, 1982. Amended: Filed Oct. 23, 1981, effective Feb. 11, 1982. Rescinded and readopted: Filed Nov. 4, 1986, effective Jan. 30, 1987. Changed to 4 CSR 140-15.011, effective July 6, 1994. Amended: Filed Nov. 8, 1994, effective March 30, 1995. Moved to 20 CSR 1140- 15.011, effective Aug. 28, 2006. *Original authority: 369.129, RSMo 1971, amended 1982, 1994 and 369.249 and 369.299, RSMo 1971, amended 1994Division of Finance
PURPOSE: This regulation authorizes deferred losses and gains on certain loans to the extent permitted by federal laws and regulations.
- (1) Associations, to the extent permitted by federal laws and regulations, may elect to defer and amortize all gains and losses on any sale or other disposition of the following: mortgage loans; redeemable ground-rent leases; mortgage-related securities; preferred stock that, at the time of issuance of that preferred stock, provides for redemption on a fixed date in a fixed dollar amount or for redemption pursuant to a fixed schedule of periodic payments and has a remaining term to maturity of at least five (5) years; and debt securities that do not qualify as liquid assets because of their maturities or that have remaining terms to maturity of at least five
- (5) years.
- (2) The gains and losses referred to in section
- (1) shall be net of related income taxes computed in accordance with generally accepted accounting principles and shall not include 20 CSR 1140-15
any gains or losses related to the disposition of scheduled items, including loans to facilitate sales of foreclosed property.
- (3) This regulation shall be considered a blanket concurrence for state law purposes for the use of this accounting treatment.
AUTHORITY: sections 369.129, 369.249 and 369.299, RSMo 1994.* This rule originally filed as 4 CSR 260-3.011. This rule previously filed as 4 CSR 140-15.011. Original rule filed June 12, 1981, effective Sept. 11, 1981. Emergency amendment filed Oct. 23, 1981, effective Nov. 2, 1981, expired Jan. 13, 1982. Amended: Filed Oct. 23, 1981, effective Feb. 11, 1982. Rescinded and readopted: Filed Nov. 4, 1986, effective Jan. 30, 1987. Changed to 4 CSR 140-15.011, effective July 6, 1994. Amended: Filed Nov. 8, 1994, effective March 30, 1995. Moved to 20 CSR 1140- 15.011, effective Aug. 28, 2006. *Original authority: 369.129, RSMo 1971, amended 1982, 1994 and 369.249 and 369.299, RSMo 1971, amended 1994.