| (D) the full name, title, telephone number, facsimile telephone number, and mailing address of the credit union's primary contact; (E) the credit union's payee identification number; and (F) the other information that the comptroller deems necessary. (3) Electronic funds transfers. The comptroller may not certify a credit union unless: (A) it submits to the comptroller a request for deducted amounts to be paid by the comptroller through electronic funds transfers under rules and procedures adopted by the comptroller; (B) it submits to each institution of higher education that will be paying deducted amounts directly to the credit union a request for those amounts to be paid through electronic funds transfers; and
(C) all those requests are approved. (4) Notifications. (A) The comptroller shall mail a notice to a credit union about the comptroller's approval or disapproval of the credit union's request for certification. The notice must be mailed not later than the 30th calendar day after the comptroller receives the request if the request is complete in all respects. If the 30th calendar day is not a workday, then the first workday following the 30th calendar day is the deadline. (B) The comptroller shall maintain a list of participating credit unions. The comptroller shall periodically circulate the list to all state agencies and furnish a copy of the list to a state agency upon request. (5) Effective date of certification. The first deduction to a participating credit union may be made from salary or wages paid on the first workday of the second month following the month in which the
comptroller certifies the credit union. (6) Termination of certification. (A) A participating credit union may terminate its participation in the deduction program authorized by this section only by terminating its certification. (B) A participating credit union may terminate its certification by providing written notice of termination to the comptroller. However, the credit union may not provide that notice before the credit union has provided written notice of termination to each state employee from whose salary or wages a deduction to the credit union is occurring. (C) A participating credit union's termination of its certification is effective beginning with the salary or wages paid on the first workday of the third month following the month in which the comptroller receives the credit union's proper notice of termination. (g) Payments of deducted amounts.
(1) Payments by the comptroller through electronic funds transfers. (A) If feasible, the comptroller shall pay deducted amounts to a participating credit union by electronic funds transfer. (B) If the comptroller pays deducted amounts to a participating credit union by electronic funds transfer, then the comptroller may: (i) make one transfer to the credit union and require it to distribute the transferred funds to state employees' accounts according to subsection (h) of this section; or (ii) make one transfer to the credit union account of each state employee. (2) Payments through warrants issued by the comptroller. (A) If it is infeasible for the comptroller to pay deducted amounts to a participating credit union by electronic funds transfer, then the comptroller shall: (i) pay the amounts by warrant;
(ii) make the warrant payable to the credit union; (iii) require the credit union to distribute the deducted amounts to state employees' accounts according to subsection (h) of this section; and (iv) make the warrant available for pick up by the state agency whose employees' deducted amounts are being paid by the warrant. (B) A state agency shall hand deliver or use an overnight delivery service to deliver a warrant picked up under subparagraph (A) of this paragraph to the payee of the warrant. (i) If the warrant relates to salary or wages that are paid on the first workday of a month, then the agency shall: (I) release the warrant to an overnight delivery service not later than the second workday of the month for delivery to the payee of the warrant; or (II) hand deliver the warrant to the payee of the warrant not later than the third
workday of the month. (ii) If the warrant relates to salary or wages that are paid on a day other than the first workday of a month, then the agency shall: (I) release the warrant to an overnight delivery service not later than the second workday after the agency receives the warrant for delivery to the payee of the warrant; or (II) hand deliver the warrant to the payee of the warrant not later than the third workday after the agency receives the warrant. (3) Payments by institutions of higher education. (A) This paragraph applies only to deductions from salaries or wages that the comptroller does not pay directly to state employees of institutions of higher education. (B) If feasible, an institution of higher education shall pay deducted amounts to a participating credit union by electronic funds transfer. (C) If an institution of higher
education pays deducted amounts to a participating credit union by electronic funds transfer, then the institution may: (i) make one transfer to the credit union and require it to distribute the transferred funds to state employees' accounts according to subsection (h) of this section; or (ii) make one transfer to the credit union account of each state employee. (D) If it is infeasible for an institution of higher education to pay deducted amounts to a participating credit union by electronic funds transfer, then the institution shall: (i) pay the amounts by check; (ii) make the check payable to the credit union; and (iii) require the credit union to distribute the deducted amounts to state employees' accounts according to subsection (h) of this section. (E) An institution of higher education shall hand deliver or use an overnight
delivery service to deliver a check issued under subparagraph (D) of this paragraph to the payee of the check. (i) If the check relates to salary or wages that are paid on the first workday of a month, then the institution shall: (I) release the check to an overnight delivery service not later than the second workday of the month for delivery to the payee of the check; or (II) hand deliver the check to the payee of the check not later than the third workday of the month. (ii) If the check relates to salary or wages that are paid on a day other than the first workday of a month, then the institution shall: (I) release the check to an overnight delivery service not later than the second workday after the date printed on the check for delivery to the payee of the check; or (II) hand deliver the check to the payee of the check not later than the third workday after the
date printed on the check. (h) Distributions of deducted amounts. (1) Applicability of this subsection. This subsection applies to deducted amounts only if they are paid to a participating credit union under subsection (g)(1)(B)(i), (g)(2), (g)(3)(C)(i), or (g)(3)(D) of this section. (2) Requirement. A participating credit union shall distribute the amount deducted from a state employee's salary or wages to the proper account of the employee at the credit union. (3) Deadline for distributions. (A) This subparagraph applies only if a participating credit union receives a payment of deducted amounts through an electronic funds transfer. The credit union shall distribute them according to paragraph (2) of this subsection not later than the first workday after the credit union receives the detail report for the deducted amounts. (B) This subparagraph applies only if
a participating credit union receives a payment of deducted amounts through a warrant or check. The credit union shall distribute them according to paragraph (2) of this subsection not later than the first workday after the credit union receives the warrant or check. (4) Distribution of interest earned. This paragraph applies only to the interest that accrues while an employee's deducted amounts are in a credit union account awaiting distribution to the employee's account at the credit union. The interest shall be paid to the employee's account unless the credit union determines the payment would violate federal or state law or an agreement between the credit union and the employee. (i) Charging administrative fees to cover costs incurred to make deductions. (1) Requirement. (A) This subparagraph applies to a state employee whose salary or wages are paid through a warrant issued or an
electronic funds transfer initiated by the comptroller. The comptroller may not charge the employee an administrative fee to cover the cost of making the deduction. Cont'd... |
