For the purposes of this chapter: "Banking goods or services" refers to the goods and services required by a spending unit and provided by a financial institution to facilitate a spending unit's collection or acceptance of state funds, either directly by the spending unit or through a third-party vendor or other entity. "Financial institution" means a bank, national banking association, non-bank financial institution, a bank and trust company, a trust company, a savingus and loan association, a building and loan association, a mutual savings bank, or a savings bank. The term also includes any entity when that entity is processing financial transactions for a spending unit or offering financial goods or services to a spending unit that are traditionally performed by a financial institution, including, but not limited to, check disbursement services, depository services, payment card processing services, or electronic funds transfers. "Spending unit" means a department, agency,s board, commission, or institution of the state government for which an appropriation is requested, or to which an appropriation is made by the Legislature. i "State funds" refers to moneys accepted or collected on behalf of the state or those moneys designated by the Legislature or the State Treasurer as state funds, according to §12-1-2(e) of this code.
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