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Part 2. Section VI (Loan Repayment Process) is amended as follows: <br />Loans repayments must be through (choose one): <br />o Payroll deduction only. <br />(p1642(2) =2) <br />❑ ACH debit only. <br />(p1642(2)=0) <br />x Employee may choose either payroll deduction or ACH debit. <br />(p1642/2 =I) <br />If payroll deduction repayment is allowed, the Employer will receive notice of payroll <br />deduction start-up requirements via reports posted on the EZLink site. An employee will <br />appear on a "start-up" list when ICMA -RC receives notice that the loan check has been <br />cleared for payment. The list will show the employee's name and the repayment amount. <br />Payroll deduction should begin within two payroll cycles following the <br />employee's appearance on the start -up list. <br />Repayments through payroll deduction will be sent via check or wire by <br />the Employer to ICMA -RC on the following cycle (choose one): <br />❑ Weekly <br />❑ Bi- weekly <br />❑ Semi - monthly <br />❑ Monthly <br />If ACH debit repayment is allowed, debits from the employee's designated bank <br />account will begin approximately one month following the date the loan check has been <br />cleared for payment. Debits normally will be made on a monthly basis. <br />Note: In the case of loan refinances, repayments will begin approximately 14 days from <br />the date the loan check is issued. <br />4 <br />