(1) The state treasurer may negotiate and enter into one or more contractual master agreements with providers of alternative forms of payment in accordance with law. To ensure that state governmental entities accept alternative forms of payment in the most consumer-oriented,uniform, and cost-effective manner possible, any state governmental entity that wishes to accept one or more alternative forms of payment shall do so by joining in any master agreements entered into by the state treasurer with respect to such alternative forms of payment. However, the existence of a master agreement covering a particular alternative form of payment shall not require any state governmental entity to accept such alternative form of payment.

(2) The state treasurer shall enter into no more than one master agreement covering any particular alternative form of payment. Any provider of alternative forms of payment that wishes to have one or more state governmental entities accept the alternative forms of payment that it provides shall be a party to any master agreements covering such alternative forms of payment and shall be subject to the same terms and conditions as all other providers of alternative forms of payment that are parties to such agreements. However, this subsection (2) shall not require the state treasurer to include any particular provider of alternative forms of payment as a party to any master agreement.

(3) Notwithstanding the provisions of subsection (1) of this section, the following state governmental entities may accept alternative forms of payment without joining a master agreement entered into by the state treasurer:

(a) Judicial or legislative state governmental entities that are not part of the executive branch of state government; and

(b) State governmental entities that, on or before August 4, 1999, were accepting one or more alternative forms of payment for the payment of moneys payable to the state and had one or more contracts with one or more providers of alternative forms of payment that enabled the state governmental entity to accept such alternative forms of payment.

(4) No later than sixty days following the end of any given fiscal year, the state treasurer shall report to the joint budget committee the total amount of:

(a) Gross payments payable to the state that were made to state governmental entities by alternative forms of payment pursuant to master agreements during such fiscal year; and

(b) Net revenues remitted to state governmental entities by providers of alternative forms of payment pursuant to master agreements during such fiscal year.

(5) The state treasurer may promulgate rules governing master agreements, including but not limited to rules governing the negotiation and administration of such agreements. The state treasurer shall promulgate such rules in accordance with article 4 of this title.