(1) If a check, warrant or demand for payment by electronic funds transfer is presented to the State Treasurer for payment and at the time of presentment the account or fund from which payment should be drawn has insufficient moneys to pay in full the amount presented, the State Treasurer may transfer the overdraft amount from other moneys deposited in the State Treasury by the state agency from whose account or fund the payment is required. The State Treasurer may charge interest at a rate determined by the State Treasurer on any negative account or fund balance that results from the overdraft. The interest shall be paid to the account or fund from which moneys were transferred to pay the overdraft. The State Treasurer may also charge fees for the transfer, in amounts determined by the State Treasurer.

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Terms Used In Oregon Statutes 293.171

  • 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
  • State Treasury: includes those financial assets the lawful custody of which are vested in the State Treasurer and the office of the State Treasurer relating to the custody of those financial assets. See Oregon Statutes 174.100

(2) The authority given the State Treasurer in this section is in addition to, and not in lieu of, authority given the treasurer in ORS § 293.205 to 293.225.

(3) As used in this section, ‘state agency’ means any board, commission, department, institution, branch or agency, the costs of which are paid in whole or in part from funds held in the State Treasury. [2003 c.81 § 10]

 

293.171 was enacted into law by the Legislative Assembly but was not added to or made a part of ORS Chapter 293 or any series therein by legislative action. See Preface to Oregon Revised Statutes for further explanation.

 

[2002 s.s.1 c.1 § 3; repealed by 2007 c.783 § 234]

 

[2002 s.s.1 c.1 § 4; 2007 c.783 § 13; renumbered 286A.050 in 2007]

 

[2002 s.s.1 c.1 § 5; 2007 c.783 § 14; renumbered 286A.055 in 2007]

 

(Petty Cash)