Missouri Laws 33.155 – Employees’ compensation, direct deposit, electronic transfer of funds — ..
Current as of: 2023 | Check for updates
|
Other versions
1. The commissioner of administration and the state treasurer may establish an electronic funds transfer system to transfer directly into payees’ accounts in financial institutions in payment of any account allowed against the state.
2. A single transfer may contain payments to multiple payees.
Terms Used In Missouri Laws 33.155
- 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
- State: when applied to any of the United States, includes the District of Columbia and the territories, and the words "United States" includes such district and territories. See Missouri Laws 1.020
3. The commissioner of administration and the state treasurer, by joint rules, shall establish the standards and procedures for administering the system.