COMPT-DIRECT DEPOSIT

Amends the State Comptroller Act. Provides that all State payments for an employee's payroll, a retiree's pension, or an employee's expense reimbursement must be made through direct deposit. Provides that all State payments to a vendor that exceed a certain allowable limit of paper warrants in a fiscal year, by the same agency, must be made through direct deposit. Provides that, if a State agency fails to meet the direct deposit requirements, the Comptroller may charge the employee, retiree, or vendor a processing fee of $2.50 per paper warrant. Amends the State Prompt Payment Act. Provides that an individual interest penalty for a late payment owed by the State amounting to $5 or less shall not be paid by the State. Provides that the Comptroller may require all interest penalty payments to be made through direct deposit. Effective immediately.