Agreements with financial institutions

Agreements with financial institutions. (1) Process for entering into agreements with financial institutions. (a) The department or its designee shall enter into agreements with financial institutions to operate a financial record matching program using an automated data exchange to the extent feasible to identify the accounts of delinquent payers. In the agreement, the financial institution shall agree to provide information on the accounts maintained at the institution in a standard format prescribed by the department, and shall indicate all of the following: 1. The financial institution matching option in s. 49.853 (3) , Stats., or the state matching option in s. 49.853 (4) , Stats., as the method for participating in the financial record matching program. 2. The media for transmitting data to the department or receiving data from the department. (b) The financial institution shall sign the agreement and return the agreement to the department within 20 business days of receipt of the agreement. (c) When a financial institution returns to the department an agreement that has met the conditions in par. (a) , the department shall sign the agreement and provide the financial institution with a copy of the agreement. (d) In order for a financial institution to change the conditions specified in par. (a) , it shall contact the department at least 60 days prior to the beginning of the next quarterly record match. (2) Reimbursement for participation in the financial record matching program. In accordance with s. 49.853 (2) , Stats., the department shall reimburse a financial institution $125 per quarter for participating in the financial record matching program in accordance with s. 49.853 (3) or (4) , Stats., and the terms of the agreement under sub. (1) .