1301:9-2-27 Interest rebate.

The board of directors may authorize the payment of an interest rebate on loan accounts upon such reasonable terms as are consistent with the following provisions:

(A) The board of directors shall authorize the method of computation, payment and qualifications for participation in such rebate; and

(B) Any rebate of interest shall be recorded as a reduction of the loan interest for the accounting period to which it applies.

R.C. 119.032 review dates: 03/17/2006 and 11/15/2010

Promulgated Under: 119.03

Statutory Authority: 1733.41

Rule Amplifies: 1733.04

Prior Effective Dates: 8/3/93