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Indiana Code Title 6. Taxation § 6-8.1-18-4

Current as of January 02, 2024 | Updated by Findlaw Staff

Sec. 4. Notwithstanding section 3(b)(2) of this chapter, a payroll service provider shall be permitted to retain any income generated on client funds while held in a payroll service provider's legal possession pending remittance to authorized payees if the client agreement expressly permits it and the payroll service provider:

(1) complies with the National Automated Clearing House Association rules;

(2) maintains bank and custodial accounts for client funds that are segregated from any operating funds of the payroll service provider;  and

(3) either:

(A) is a publicly held company (subject to Securities and Exchange Commission reporting, public company accounting standards, and audit requirements);

(B) is subject to federal or Indiana financial regulatory oversight related to the handling of client funds;

(C) is subject to review by partner financial institutions at least annually;  or

(D) conducts annual SOC 1 or SOC 2 reports of security and integrity controls.

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Cite this article: FindLaw.com - Indiana Code Title 6. Taxation § 6-8.1-18-4 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-6-taxation/in-code-sect-6-8-1-18-4/

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