Mo. Code Regs. tit. 20 § 1140-15.011

Current through Register Vol. 49, No. 24, December 16, 2024

Section 20 CSR 1140-15.011 - Accounting for Deferred Losses and Gains on the Sale or Other Disposition of Mortgage Loans, Mortgage-Related Securities and Certain Debt Securities

PURPOSE: This regulation authorizes deferred losses and gains on certain loans to the extent permitted by federal laws and regulations.

(1) Associations, to the extent permitted by federal laws and regulations, may elect to defer and amortize all gains and losses on any sale or other disposition of the following: mortgage loans; redeemable ground-rent leases; mortgage-related securities; preferred stock that, at the time of issuance of that preferred stock, provides for redemption on a fixed date in a fixed dollar amount or for redemption pursuant to a fixed schedule of periodic payments and has a remaining term to maturity of at least five (5) years; and debt securities that do not qualify as liquid assets because of their maturities or that have remaining terms to maturity of at least five (5) years.

(2) The gains and losses referred to in section (1) shall be net of related income taxes computed in accordance with generally accepted accounting principles and shall not include any gains or losses related to the disposition of scheduled items, including loans to facilitate sales of foreclosed property.

(3) This regulation shall be considered a blanket concurrence for state law purposes for the use of this accounting treatment.

20 CSR 1140-15.011

AUTHORITY: sections 369.129, 369.249 and 369.299, RSMo 1994.* This rule originally filed as 4 CSR 260-3.011. This rule previously filed as 4 CSR 140-15.011. Original rule filed June 12, 1981, effective Sept. 11, 1981. Emergency amendment filed Oct. 23, 1981, effective Nov. 2, 1981, expired Jan. 13, 1982. Amended: Filed Oct. 23, 1981, effective Feb. 11, 1982. Rescinded and readopted: Filed Nov. 4, 1986, effective Jan. 30, 1987. Changed to 4 CSR 140-15.011, effective July 6, 1994. Amended: Filed Nov. 8, 1994, effective March 30, 1995. Moved to 20 CSR 1140-15.011, effective Aug. 28, 2006.

*Original authority: 369.129, RSMo 1971, amended 1982, 1994 and 369.249 and 369.299, RSMo 1971, amended 1994.