General Assembly Raised Bill No. 373
February Session, 2014 LCO No. 1944
*01944_______BA_*
Referred to Committee on BANKS
Introduced by:
(BA)
General Assembly
Raised Bill No. 373
February Session, 2014
LCO No. 1944
*01944_______BA_*
Referred to Committee on BANKS
Introduced by:
(BA)
AN ACT CONCERNING THE UNIFORM COMMERCIAL CODE AND THE ELECTRONIC FUND TRANSFER ACT.
Be it enacted by the Senate and House of Representatives in General Assembly convened:
Section 1. Section 42a-4A-108 of the general statutes is repealed and the following is substituted in lieu thereof (Effective October 1, 2014):
[This] (a) Except as provided in subsection (b) of this section, this article does not apply to a funds transfer any part of which is governed by the Electronic Fund Transfer Act, [of 1978 (Title XX, Public Law 95-630, 92 Stat. 3728, 15 USC Section 1693 et seq.)] 15 USC 1693, et seq., as amended from time to time.
(b) This article applies to a funds transfer that is a remittance transfer, as defined in the Electronic Fund Transfer Act, 15 USC 1693o-1, as amended from time to time, unless the remittance is an electronic fund transfer, as defined in the Electronic Fund Transfer Act, 15 USC 1693a, as amended from time to time.
(c) In the event of an inconsistency between an applicable provision of this article and an applicable provision of the Electronic Fund Transfer Act in a funds transfer to which this article applies, the provision of the Electronic Fund Transfer Act shall govern to the extent of the inconsistency.
This act shall take effect as follows and shall amend the following sections:
Section 1 October 1, 2014 42a-4A-108
This act shall take effect as follows and shall amend the following sections:
Section 1
October 1, 2014
42a-4A-108
Statement of Purpose:
To clarify the interaction of Article 4A of the Uniform Commercial Code and the Electronic Fund Transfer Act, as recommended by the National Conference of Commissioners on Uniform State Laws.
[Proposed deletions are enclosed in brackets. Proposed additions are indicated by underline, except that when the entire text of a bill or resolution or a section of a bill or resolution is new, it is not underlined.]