(1) Each agency that provides credit must include a credit policy in its Finance Manual.
(2) A credit policy must specify-
(a) the types of revenue it applies to
(b) the limits on the value of credit per transaction and per person or entity;
(c) the criteria for approving credit and the officers who can approve credit;
(d) the type of security, if any, required to prevent bad debts;
(e) the settlement (payment)period of any credit sale; and
(f)
the interest to be charged on arrears.
(Financial Instructions 2005 s(33))