State Rate Sheet
Definition - What does State Rate Sheet mean?
State rate sheets are used when selling either services or products. A state rate sheet is a simple document containing details about charges and rates of the services or products. In some cases, it contains interest rates that lenders deliver to brokers or loan officers in relation to the guidelines of the state.
Insuranceopedia explains State Rate Sheet
State rate sheet contains list of rates of different goods and services. Individuals can easily know the rates. Rate sheets help prevent frauds from fake prices and the sheets cannot be easily changes not until the state or any higher authority approves of it.
In a financial perspective, rate sheets are distributed by banks to auto dealerships declaring the amount that the bank will pay the dealership for every incremental interest rate the dealership can convince the customer to pay. This provides encouragement and monetary incentive to dealers. The rate sheet states how much amount of money the bank pays for every interest rate.