§ 46-25-57 - Sale of rights to uncollected assessments and user fees that are due and payable.
SECTION 46-25-57
§ 46-25-57 Sale of rights to uncollectedassessments and user fees that are due and payable. – The executive director, with the approval of the chairperson of the commissionand the director of the department of administration, is authorized to sell toa bank or other financial institution the rights of the commission to receiveassessment and user fees which are due and payable as of the end of thecommissioner's fiscal year and are uncollected at the time of the sale. Termsand conditions of the sale shall be determined by the executive director, withthe approval of the chairperson and the director of the department ofadministration. Any agreement between the commission and a bank or otherfinancial institution, executed under this section, shall be filed with thesecretary of state, but need not be filed or recorded under the UniformCommercial Code. The executive director shall act as the sole collecting agencyfor the bank or financial institution, and shall exercise the rights under thischapter as to collection, enforcement of liens, and sale for nonpayment withrespect to the assessments and user fees.