An institution shall charge off all debts:

1. (1) On which interest is past due and unpaid for 12 months, unless the debt is fully secured and in process of collection;
2. (2) That an examiner has classified as a loss; or
3. (3) Upon the instruction of the Director of the Department of Consumer and Business Services.

[1997 c.631 §195; 2015 c.244 §72]