Except as provided in Regulation .04 of this chapter, the Retirement Agency shall pay the allowance of a payee by electronic fund transfer to the institution designated by the payee as provided in this regulation. A payee shall properly complete the electronic fund transfer sign-up form provided by the Retirement Agency and file it with the Retirement Agency. The Retirement Agency shall accept the electronic fund transfer sign-up form filed by a payee if: The form has been properly completed in accordance with the form’s instructions; The institution named by the payee on the form participates in the Automated Clearing House Network; Not more than five payees share the same account number at the institution; and The Retirement Agency deems the form acceptable. The Executive Director, or the Executive Director’s designee, may waive the requirement of §C(3) of this regulation upon written request by a payee and for good cause shown. Determination of a waiver request is not a contested case under State Government Article, §10-202, Annotated Code of Maryland, for which a hearing is required under COMAR 22.03.04. At any time while receiving an allowance, a payee may change the designated institution by properly completing a new electronic fund transfer sign-up form and submitting the form to the Retirement Agency. The last electronic fund transfer sign-up form filed by a payee and accepted by the Retirement Agency shall control the electronic fund transfer of the payee’s monthly allowance.