Minnesota Administrative Rules

2675.3150 INTEREST EARNED BUT NOT COLLECTED.

When interest on loans is calculated and added to the loan balance, and if all or part of such interest is not paid, such amount must be set up as "interest earned but not collected" at time of adjusting the loan balance and can only be transferred to interest received after being actually paid by the borrower.

Statutory Authority:

MS s 51A.42

Published Electronically:

September 14, 2007