59-1-1711. Depository institution to release portion of amount subject to levy.
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Effective 1/1/2017
59-1-1711. Depository institution to release portion of amount subject to levy.
(1)Subject to the other provisions of this section, a depository institution shall release the portion of the amount subject to a levy under this part that the commission may receive in accordance with Section 59-1-1710 from the depository institution.
(2)On the first business day after the day on which the commission provides the notice described in Subsection 59-1-1710(3) to the depository institution, the depository institution shall release the lesser of the following:
(a)the portion of the amount the commission may receive in accordance with Section 59-1-1710 from the depository institution; or
(b)the balance of the delinquent taxpayer's account on the first business day after the day on which the commission provides the notice described in Subsection 59-1-1710(3) to the depository institution minus:
(i)the $10 reimbursement to the depository institution described in Section 59-1-1713 ; and
(ii)the fees that an account holder agreed to pay the depository institution to process a writ of garnishment in a deposit agreement.
Enacted by Chapter 326 , 2016 General Session