On and after the date on which the Superintendent determines that the Financial Information System for California (Fi$Cal Project) has been implemented within the department, at the request of a contractor, for a contract executed by the department pursuant to Section 8233, the department shall request the Controller to make a payment via direct deposit by electronic funds transfer through the Fi$Cal Project into the contractor’s account at the financial institution of the contractor’s choice.

(Added by renumbering Section 8262.3 by Stats. 2021, Ch. 116, Sec. 69. (AB 131) Effective July 23, 2021.)

Terms Used In California Education Code 8236

  • Contract: A legal written agreement that becomes binding when signed.
  • Electronic funds transfer: The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.) Source: OCC
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