N.D. Admin. Code 13-03-06-03

Current through Supplement No. 395, January, 2025

Section 13-03-06-03 - Calculation

The adequacy of the allowance for loan and lease loss account as required under North Dakota Century Code section 6-06-21 will be based upon generally accepted accounting principles and incorporate the credit union's credit risk rating system as outlined in section 13-03-06-05. The commissioner may require a credit union to put aside additional reserves when funding levels are deemed to be unsafe or unsound as set forth in North Dakota Century Code section 6-06-08.4.

N.D. Admin Code 13-03-06-03

Effective January 1, 1981; amended effective June 1, 2002; January 1, 2007; January 1, 2013.

Amended by Administrative Rules Supplement 371, January 2019, effective 1/1/2019.

General Authority: NDCC 6-01-04

Law Implemented: NDCC 6-06-08.4, 6-06-21