1. (1) The commission shall provide, within three business days after a depository institution provides the commission information described in Section 59-1-1706, a notice of levy to the depository institution by electronic means:

   1. (a) stating that the commission levies an amount equal to the liability of a delinquent taxpayer that is an account holder at the depository institution; and
   2. (b) identifying the account subject to levy.

2. (2) A levy described in Subsection (1) is valid until the earlier of:

   1. (a) the day on which the commission releases the levy;
   2. (b) the day on which the delinquent taxpayer satisfies the liability; or
   3. (c) the day on which the depository institution releases, in accordance with Section 59-1-1711, the amounts deposited into the account of the delinquent taxpayer.

3. (3) The commission shall provide notice to a depository institution by electronic means:

   1. (a) if the commission releases a levy, no later than one business day after the day on which the commission releases the levy; or
   2. (b) if a delinquent taxpayer satisfies the liability, no later than one business day after the day on which the delinquent taxpayer satisfies the liability.

Enacted by Chapter 326, 2016 General Session