claims of any kind, such payment may be made by credit to an
account in a bank, credit union or other financial institution
authorized to accept deposits or payments designated by the
recipient of such payment if the recipient has requested such
method of payment in writing.]
Section 1. Definitions.
The following words and phrases when used in this act shall
have the meanings given to them in this section unless the
context clearly indicates otherwise:
"ATM." AN AUTOMATED TELLER MACHINE.
"Financial institution." A bank , OR savings association AS
THOSE TERMS ARE DEFINED IN SECTION 1813 OF THE FEDERAL DEPOSIT
INSURANCE ACT (63 STAT. 873, 12 U.S.C. § 1813), or credit union
ELIGIBLE FOR INSURANCE OF MEMBER ACCOUNTS UNDER THE FEDERAL
CREDIT UNION ACT (48 STAT. 1216, 12 U.S.C. § 1751 ET SEQ.) .
"Payroll card account." An account that is directly or
indirectly established through an employer, to which transfers
of the employee's wages, salary, commissions or other
compensation are made.
Section 2. The act is amended by adding a section to read:
Section 1.1. Electronic funds transfers.
For the purposes of any statute, rule or regulation requiring
any payment to be made in lawful money or by check, whether for
wages, salaries, commissions or other claims of any kind, the
payment may be made by credit to an account in a financial
institution, including a payroll card account, authorized to
accept deposits or payments if the recipient has authorized the
method of payment in writing or electronically .
Section 3. Section 2 of the act is amended to read:
[Section 2. Every such request, as described in section 1,
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