Md. Code Regs. 22.01.06.02

Current through Register Vol. 51, No. 22, November 1, 2024

Section 22.01.06.02 - Electronic Fund Transfer

A. Except as provided in Regulation .04 of this chapter, the Retirement Agency shall pay the allowance of a payee by electronic fund transfer to the institution designated by the payee as provided in this regulation.

B. A payee shall properly complete the electronic fund transfer sign-up form provided by the Retirement Agency and file it with the Retirement Agency.

C. The Retirement Agency shall accept the electronic fund transfer sign-up form filed by a payee if:

(1) The form has been properly completed in accordance with the form's instructions;

(2) The institution named by the payee on the form participates in the Automated Clearing House Network;

(3) Not more than five payees share the same account number at the institution; and

(4) The Retirement Agency deems the form acceptable.

D. The Executive Director, or the Executive Director's designee, may waive the requirement of §C(3) of this regulation upon written request by a payee and for good cause shown. Determination of a waiver request is not a contested case under State Government Article, § 10-202, Annotated Code of Maryland, for which a hearing is required under COMAR 22.03.04.

E. At any time while receiving an allowance, a payee may change the designated institution by properly completing a new electronic fund transfer sign-up form and submitting the form to the Retirement Agency.

F. The last electronic fund transfer sign-up form filed by a payee and accepted by the Retirement Agency shall control the electronic fund transfer of the payee's monthly allowance.

Md. Code Regs. 22.01.06.02

Regulation .02 recodified from Regulations .03 effective 42:23 Md. R. 1435, eff.11/23/2015; amended and recodified from .01 effective 46:20 Md. R. 843, eff. 10/7/2019