Sec. 8. (a) An approved transaction must be paid to the retailer not later than the end of the second business day in which a financial institution is open for business to the public following the approval of the transaction.

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Terms Used In Indiana Code 12-13-14-8

  • financial institution: means a bank, trust company, savings institution, credit union, or any other organization:

    Indiana Code 12-13-14-1

  • retailer: means a person that, in the ordinary course of business:

    Indiana Code 12-13-14-1

     (b) Failure by the contractor to pay the retailer in accordance with subsection (a) will result in penalty payments being paid by the contractor to the retailer.

     (c) If there is a system failure, off-line transactions will be authorized and guaranteed up to an amount to be determined by the division. The retailer must comply with the division’s rules for off-line transactions.

As added by P.L.15-1996, SEC.2.

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