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Chapter 2675

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Component 2675.6143

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Subpart 1.

Installment loans.

A note due on an installment that is monthly should be planned for delinquency. Your whole principal stability is considered delinquent if any percentage of an installment continues to be unpaid 60 times following the scheduled payment date. Delinquent loans needs to be shown by categories coded as follows:

60 times to 180 times, rule A;

181 times to 364 times, rule B; and

365 times or maybe more, rule C.

Subp. 2.

Solitary re payment loans.

A single repayment loan is considered delinquent the very next day after maturity and needs to be coded overdue from that date in accordance with the routine in subpart 1.