Md. Code Regs. 25.03.02.01

Current through Register Vol. 51, No. 12, June 14, 2024

Section 25.03.02.01 - General

A. Findings. Pursuant to the requirements of the State Finance and Procurement Article, § 7-227.1, Annotated Code of Maryland, the Treasurer has determined that the following alternative methods of funds transfer are means generally recognized and accepted by the banking industry for disbursing funds:

(1) The transfer of funds by use of the Automated Clearing House (ACH) payments system; and

(2) The transfer of funds by the wire transfer payments system.

B. Authorizations. In accordance with the determination set forth in §A of this regulation, the Treasurer authorizes the use of the alternative methods of funds transfer as follows:

(1) Use of either the ACH payments system or the wire transfer payments system to transfer funds generally between State accounts;

(2) Use of the ACH payments system to make repetitive, routine payments as identified in Regulation .02 of this chapter; and

(3) Use of the wire transfer payments system to make specific payments when payment is due on an absolute date and time or when time of payment is otherwise of the essence.

Md. Code Regs. 25.03.02.01