Illinois Administrative Code
Title 23 - EDUCATION AND CULTURAL RESOURCES
Part 155 - ELECTRONIC TRANSFER OF FUNDS
Section 155.30 - Initiation of Electronic Fund Transfers
Current through Register Vol. 48, No. 12, March 22, 2024
a) To initiate electronic transfer of payments, the participant shall provide the following information to the State Superintendent of Education on an authorization form prescribed by the State Superintendent and approved by the Comptroller.
b) A copy of a deposit slip or voided check for the account into which funds are to be electronically transferred must be attached to the authorization form required under subsection (a) of this Section. If no deposit slip or voided check is available, the participant shall submit a signed statement from the financial organization verifying that the account belongs to the participant and that the information supplied is correct.
c) Each participant shall make all necessary arrangements with the designated financial organization for the receipt of electronic fund transfers, including at least:
d) Each participant shall designate only one financial organization and one account number to which funds shall be electronically transferred.
e) Within 30 days after receipt of a completed authorization form from a participant, the State Superintendent of Education will request the Comptroller to establish the electronic transfer of funds for the participant by submission of a pre-note or zero fund transfer, i.e., a practice exercise in which no funds are transmitted.
f) After a pre-note transfer from the Comptroller is attempted and the time period allowed for completion of the pre-note transfer has expired, all payments to the participant for programs administered by the State Board of Education will be directed electronically unless the Comptroller receives notice from the financial institution that the pre-note transfer has failed or as may be otherwise required by law.
g) Upon receipt of notice that a pre-note transfer has failed, the Comptroller shall notify the State Superintendent of Education. The State Superintendent shall take the actions necessary to identify the reason for the pre-note transfer's failure and to facilitate the electronic payment to the participant.