Minnesota Administrative Rules

2675.1150 PURCHASE OF ASSET AT A PREMIUM OR DISCOUNT.

When assets are purchased at a premium or discount, a bank:

A.

shall charge off the premium when the asset is placed on the books; or, provide for the regular amortization of the premium pursuant to generally accepted accounting principles; and

B.

may provide for the regular accretion of the discount pursuant to generally accepted accounting principles.

Statutory Authority:

MS s 46.01

History:

9 SR 1689

Published Electronically:

September 14, 2007