Section 735.500  Settlement Account

Funding from the E-Pay Program activity will be distributed by the processor into settlement accounts at the participant's settlement banks, except that where a participant incurs charges for services provided by a third party and ancillary to the E-Pay Program, the participant may direct the processor to distribute relevant fees for services to the third-party service provider. The Treasurer may give public agencies the option of using their own settlement banks, a settlement bank selected by the Treasurer via a competitive procurement process, or the processor's settlement bank.  The participant's settlement bank must, at minimum, be authorized to do business in Illinois as an Illinois bank or a national bank with a presence in Illinois.  In addition, the participant's settlement bank must be insured by the Federal Deposit Insurance Corporation or the National Credit Union Share Insurance Fund, be a member of the Automated Clearing House network, and qualify as a depository for public funds pursuant to either the Public Funds Investment Act [30 ILCS 235] or the Deposit of State Moneys Act [15 ILCS 520].

(Source:  Amended at 46 Ill. Reg. 19013, effective November 10, 2022)