SB73 Summary

• Amends Section 41-4-50 of the Code of Alabama 1975 to require electronic disbursement of certain state warrants through the State Treasury.

• Establishes that all warrants issued by the Division of Control and Accounts for amounts of $2,500 or more payable to business entities, vendors, and providers of professional services must be electronically disbursed.

• Allows warrants of any amount to be transferred or deposited electronically to financial institutions capable of handling electronic transfers if the original payee provides written approval.

• Requires the State Comptroller to maintain files on all written approvals and separate records on all authorized electronic fund transfers for auditing and reconciliation purposes.

• Becomes effective on July 1, 2010.