(2) Such state official each month shall pay such amount so deducted to a single central depository or clearinghouse facility designated by participating credit unions for credit union payments, savings and loans for savings and loan payments, banks for bank payments, to receive payments on their behalf.
(3) Upon receipt of the request in writing of such officer or employee to do so, such state official shall cease making such deductions and payments.
(4) As used in this section, "financial institution" means a financial institution as defined in ORS 706.008 or any other entity authorized to hold or invest individual retirement accounts under section 408, Internal Revenue Code of 1954, in effect on January 1, 1987. [1971 c.71 §2; 1979 c.718 §2; 1985 c.355 §2; 1997 c.631 §444]
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