Current through Register 1531, September 27, 2024
(1) All I/I and
C/C funds in the possession of the Department shall be maintained on the
Department's FAS. The Department may, with the approval of the Deputy
Commissioner of Administration, and upon request of an I/I or C/C, release
funds from a FA to facilitate the I/I's or CC's reentry process. I/I and C/C
funds intended to be utilized for reentry purposes may be so designated within
the I/I's or C/C's FA, if necessary. All previously purchased I/I or C/C
savings bonds shall be held by Support Services.
(2) Pursuant to M.G.L. c. 124, § 1(u),
I/Is and C/Cs shall be assessed reasonable fees for the maintenance and
administration of FAs and for stop payment requests. The Commissioner shall
establish the amount of the fee assessed. Fees shall be deducted from the I/I's
or C/C ' s Personal FA that meet the criteria established in 103 CMR
405.06(2)(a) and (b).
(a) A fee shall be
assessed if the FA has activity during the month to be charged that is a
Qualifying Transaction. An FA will have a maximum of one maintenance and
administration fee charge per month, regardless of the number of Qualifying
Transactions that may occur. This fee may be collected from either Unearned
Funds or Earned Funds. The fee will be assessed on the FAS at the first
Qualifying Transaction in that month. Collected fees shall be directly posted
to the centralized M&A Account.
(b) A fee shall be assessed for each check
for which a stop payment request is executed. This fee may be collected from
either Unearned Funds or Earned Funds.
(3) The method of fee collection and the
disposition of the generated revenue are detailed below.
(a) Fees for executed stop payment requests
shall be collected at the time the stop payment is approved and the institution
is given permission to void the check.
(b) FA activity fees shall be assessed
monthly.
(c) All assessments shall
be accomplished via a transfer of funds from the FA to a
centralized account. I/Is and C/Cs shall be provided receipts for all collected
fees.
(d) A FA account shall be
allowed to have a negative balance for the purpose of collecting a maintenance
and administration fee. If, however, an I/I or C/C is subsequently released
from Department custody with a negative balance as a result of the release
transaction, said FA shall be reimbursed from the M&A Account.
(e) Support Services shall facilitate the
sending of the revenue to the General Fund of the Commonwealth.
