7-1-609. Payroll deduction savings -- Direct deposit of wages.
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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 a designated 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 employer to the account of the employee in a depository institution upon the employee's designation in writing of the depository institution as the recipient of the deposits.
Amended by Chapter 90 , 1996 General Session