An institution shall charge off all debts:

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(1) On which interest is past due and unpaid for 12 months, unless the debt is fully secured and in process of collection;

(2) That an examiner has classified as a loss; or

(3) Upon the instruction of the Director of the Department of Consumer and Business Services. [1997 c.631 § 195; 2015 c.244 § 72]