Financial institution data match system
(1) Financial institutions shall participate in a data match system established by the Department of Revenue, utilizing automated data exchanges to the maximum extent possible.
(2) Using the data match system, not more than once per calendar quarter, each financial institution shall conduct a data match with the department that compares a list of delinquent debtors, identified by name and Social Security number or other taxpayer identification number, against a list of persons who hold accounts at the financial institution to enable the department to identify which, if any, delinquent debtors hold accounts at the financial institution. A financial institution is not required to seek or obtain any information about delinquent debtors beyond any information that is provided to the financial institution by the department.
(3) Each calendar quarter, the department shall pay a fee to each financial institution for conducting the data match provided for in this section. In the first quarter that the department pays a fee under this subsection to a financial institution, the fee may not exceed the lesser of $2,500 or the actual costs incurred by the financial institution in that calendar quarter for conducting the data match. In subsequent calendar quarters, the fee may not exceed the lesser of $150 or the actual costs incurred by the financial institution in that calendar quarter for conducting the data match.
(4)(a) The department may add a fee to the amount of the liquidated and delinquent debt of any delinquent debtor.
(b) The department may not add a fee under this subsection unless the department has provided notice to the delinquent debtor of the existence of the debt and of the maximum amount of the fee that may be added under this subsection to the debt.
(c) A fee added under this subsection may not exceed the total data match costs incurred by the department in the calendar quarter in which the fee is assessed, divided by the average number of delinquent debtors as calculated over the preceding four calendar quarters.
(d) As used in this subsection, “data match costs” means the sum of:
(A) Amounts payable to financial institutions under subsection (3) of this section; and
(B) Amounts payable to vendors or contractors pursuant to agreements that are reasonably necessary for the functioning of the data match system.
(5) The department may temporarily exempt a financial institution from participation in the data match system under this section if:
(a) The department determines that the participation of the financial institution in the data match system would not be cost-effective for the department;
(b) The department determines that the financial institution’s participation in the data match system would be unduly burdensome for the financial institution; or
(c) The financial institution provides the department with written notice from its supervisory banking authority that it has been determined to be undercapitalized, significantly undercapitalized, or critically undercapitalized, as those terms are defined under 12 C.F.R. 325.103(b) or 12 C.F.R. 702.102(a).
(6) Financial institutions, institution-affiliated parties as defined in the Federal Deposit Insurance Act (12 U.S.C. 1813(u)) and institution-affiliated parties as defined in the Federal Credit Union Act (12 U.S.C. 1786(r)) are not liable under state law to any person:
(a) For any disclosure of information to the department under this section;
(b) For encumbering or surrendering any assets held by the financial institution in response to a notice of lien or levy issued by the department; or
(c) For any other action taken in good faith to comply with the requirements of this section. [2017 c.644 §2]
Note: See note under 305.081 (Definitions).
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