N.J. Admin. Code § 5:30-9.10

Current through Register Vol. 56, No. 21, November 4, 2024

Section 5:30-9.10 - Payment of electronic receipt fees

(a) Service charges or fees charged to the local unit for electronic receipt transactions shall be paid in one of the following ways:

1. Charged against a suitable appropriation in the local unit's annual budget. The appropriation may be a sub-account of an Other Expense line item.

2. Transactions that include fees that are offset by surcharges or convenience fees collected pursuant to 5:30-9.9 which shall be paid through a trust funds transaction pursuant to 5:30-9.9(d).

3. When included in a contract, as a cost charged against the local unit's banking service compensating balance account.

(b) Local units are authorized to permit a processor to routinely debit the bank account to which deposits are made, or other agreed upon account, in payment of fees and service charges for electronic receipt transactions. When such transfers are made, the processor shall provide a written statement itemizing the charges. The local unit's chief financial officer or designee shall complete and attach it to a voucher, and certify that the payment was correct and was paid. Statements shall be provided anytime prior to, or within 48 hours after the execution of the debit.

N.J. Admin. Code § 5:30-9.10