Section 650.110  Definitions

As used in this Part:

            "Credit payment" means an order for the payment of money issued by the Comptroller under this Part to pay a recurring payment.  A credit payment may be contained in any form of communication, other than voice, which is registered upon magnetic tape, disc and or any other medium designed to capture and contain in durable form conventional signals used for the electronic communication of messages.

            "Financial Institution" means any bank, savings bank, savings and loan association or similar institution, or Federal or State chartered credit union which is capable of receiving credit entries pursuant to this Part.

            "Originating Depository Financial Institution" means the financial institution selected by the Comptroller to transmit recurring payments though the automated clearing house system to the recipients' financial institutions.  The Originating Depository Financial Institution will be selected in accordance with the Comptroller's Purchasing Rules.

            "Paying State Agency" means any entity of State government with authority to direct the Comptroller to make payments under this Part.

            "Payment Date" means the date specified for a credit payment.  Such date is the date on which the funds specified in the credit payment are to be available for withdrawal from the recipient's account with the financial institution specified by such recipient.  If the payment date is not a business day for the financial institution receiving a credit payment, or for the Federal Reserve Bank from which it received such payment, then the next succeeding business day for both shall be deemed to be the payment date.

            "Recipient" means a person entitled to receive credit payments under this Part.

            "Recurring Payment" means any benefit, annuity or other payment made by the Comptroller at regular intervals.

            "Standard Authorization Form" means the form prescribed by the Comptroller, which must be utilized by recipients to authorize credit payments under this Part.