Rhode Island General Laws 46-25-57. Sale of rights to uncollected assessments and user fees that are due and payable
The executive director, with the approval of the chairperson of the commission and the director of the department of administration, is authorized to sell to a bank or other financial institution the rights of the commission to receive assessment and user fees which are due and payable as of the end of the commissioner’s fiscal year and are uncollected at the time of the sale. Terms and conditions of the sale shall be determined by the executive director, with the approval of the chairperson and the director of the department of administration. Any agreement between the commission and a bank or other financial institution, executed under this section, shall be filed with the secretary of state, but need not be filed or recorded under the Uniform Commercial Code. The executive director shall act as the sole collecting agency for the bank or financial institution, and shall exercise the rights under this chapter as to collection, enforcement of liens, and sale for nonpayment with respect to the assessments and user fees.
History of Section.
P.L. 1986, ch. 349, § 2.
Terms Used In Rhode Island General Laws 46-25-57
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Uniform Commercial Code: A set of statutes enacted by the various states to provide consistency among the states' commercial laws. It includes negotiable instruments, sales, stock transfers, trust and warehouse receipts, and bills of lading. Source: OCC
- User fees: Fees charged to users of goods or services provided by the government. In levying or authorizing these fees, the legislature determines whether the revenue should go into the treasury or should be available to the agency providing the goods or services.