A. ASRS may enter into agreements with financial institutions that conduct business in this state to develop and operate a data match system to assist ASRS in the collection of monies owed. The data match system shall use automated data exchange procedures to the maximum extent possible.

B. The data exchanges shall include the name, address of record, social security number and any other identifying information for each person who maintains an account at the institution and who owes money as identified by ASRS by name and social security number.

C. ASRS or its agent may disclose a debtor’s financial record under this section only in order to enforce the collection of the money the debtor owes to ASRS.

D. ASRS may pay a reasonable fee to a financial institution for conducting a data match. The fee shall not exceed the actual costs incurred by the financial institution.

E. For the purposes of this section "financial institutions" means state and federally chartered banks, trust companies, federal and state savings and loan associations, federal and state credit unions, consumer lenders, international banking facilities and financial institution holding companies, insurance companies, benefit associations, safe deposit companies, money market mutual funds and similar institutions authorized to do business in this state and any party affiliated with these financial institutions.