7-1-609 - Payroll deduction savings -- Direct deposit of wages.
7-1-609. Payroll deduction savings -- Direct deposit of wages.
A depository institution may contract with an employer with respect to the:
(1) solicitation, collection, and receipt of savings by payroll deduction to be credited to adesignated account of an employer's employee who voluntarily elects to participate; or
(2) direct deposit by electronic or other medium of wages or salary paid by the employerto the account of the employee in a depository institution upon the employee's designation inwriting of the depository institution as the recipient of the deposits.
Amended by Chapter 90, 1996 General Session