Sec. 16.5. (a) As used in this section, “electronic funds transfer” means any transfer of funds, other than a transaction originated by check, draft, or similar paper instrument, that is initiated through an electronic terminal, telephone, or computer or magnetic tape for the purpose of ordering, instructing, or authorizing a financial institution to debit or credit an account.
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Terms Used In Indiana Code 36-12-3-16.5
- Electronic funds transfer: The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.) Source: OCC
(c) A public library that pays a claim by electronic funds transfer shall comply with all other requirements for the payment of claims by the public library.
As added by P.L.113-2010, SEC.162.
