SECTION 15.33. Determination of Settlement Date

(a) Persons choosing ACH debit/direct entry as the TexNet payment option for EFT may either accept the settlement date offered by the TexNet data collection system or enter a settlement date up to 30 days in the future.

(1) If the person accepts the settlement date offered by the TexNet data collection system, it will debit the person's bank account on that date.

(2) If the person chooses to enter a settlement date up to 30 days in the future, the person's bank account will be debited on the designated settlement date.

(b) For persons choosing ACH debit/indirect entry as the TexNet payment option for EFT, the settlement date will be the date designated in accordance with the instructions established by the state agency and approved by the comptroller.

(c) Persons choosing ACH credit with addenda as the TexNet payment option for EFT transfer must initiate payment through the person's bank before the settlement date and the funds must be in the comptroller's bank on the settlement date.

(d) A person who misses a payment deadline may use wire transfer to transmit the payment as set out in §15.41 of this title (relating to Missed Payment Deadline Procedures).

Source Note: The provisions of this §15.33 adopted to be effective May 2, 2013, 38 TexReg 2641; amended to be effective February 18, 2019, 44 TexReg 711