ORS 293.171
State agency overdrafts
- interest
(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.(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 (Definitions for ORS 293.205 to 293.225) to 293.225 (Construction of ORS 293.205 to 293.220).(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]
Source:
Section 293.171 — State agency overdrafts; interest, https://www.oregonlegislature.gov/bills_laws/ors/ors293.html.
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