(1) The commissioner shall develop, maintain and operate an automated data match system for the purpose of identifying and seizing the financial assets of obligors as identified by the department.

(2) The commissioner may provide financial institutions a quarterly, electronic inquiry file containing names and identifying information of obligors. Within thirty (30) days of receipt of the inquiry file, the financial institution agreeing to use the data match system shall match the file against its own records for the purpose of identifying whether an account for an obligor is held by the financial institution and notify the department of its findings. When a match is identified, the financial institution shall provide the department the names and identifying numbers on record for the accounts, account numbers, and the account balances as of the date of response back to the department.

(3) A financial institution may request an extension of time to file the information required. Extensions of time are not automatically granted and the reporting institution must demonstrate good cause for requesting the extension. An extension of time for filing the required information may be granted if the request for extension is filed with the commissioner by the date on which the reports are due.

(4) Upon receiving the information from the financial institution and pursuant to the provisions of Section 27-3-33, the commissioner shall review such account information to determine if the department should serve a levy to the financial institution. The levy shall be served either by mail or by delivery by an agent of the commissioner. Not more than twenty-five (25) levies per day shall be served on a financial institution that participated in the data match system. The levy shall require the financial institution to encumber or surrender assets held by the institution on behalf of the obligor. For a financial institution participating in the data match program, the answer shall be made at any time within thirty (30) days after the service of the levy in the form and manner determined by the commissioner. Any amount encumbered and forwarded by the financial institution under this chapter shall not exceed the amount of the warrant.

(5) The financial institution agreeing to use the data match system shall be held to account for only the funds on deposit between the time of service of the levy and the time of its answer, and shall have no obligation to account for additional deposits accruing after the time of its answer to the department. The financial institution may serve its answer within a reasonable time not to exceed thirty (30) days and shall not be held to account for any indebtedness that arises subsequent to service of its answer or property that may come into its hands subsequent to the service of the levy.

(6) The commissioner may develop and provide a system wherein the levy may be delivered and responded to electronically by a financial institution, and the response may include, but shall not require, the electronic transfer of funds.

(7) The commissioner shall adopt a regulation establishing the procedures and requirements for conducting automated data matches with financial institutions pursuant to this chapter as soon as practicable after July 1, 2017.