Tenn. Comp. R. & Regs. 0780-01-27-.14 - CURRENT INCOME FROM INITIAL LOAN CHARGES
If an association collects Initial Loan Charges on any loan, it may take into income in the year in which collected an amount from Initial Loan Charges not exceeding 3% of the face value of the loan on which such charges have been collected.
Notes
Authority: T.C.A. ยง45-1303.
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