Connecticut Senate Bill SB00360

Connecticut 2017 Regular Session

• Introduced: 1/19/17
• Refer: 1/19/17

Caption

An Act Concerning The Uniform Commercial Code And The Electronic Fund Transfer Act.

Impact

The implications of this bill are significant for the banking and finance industry within the state. By aligning state laws with the updated UCC provisions, the bill is set to provide a more structured legal framework for financial institutions managing remittance transfers. This can potentially lead to an improved regulatory environment, fostering greater confidence among consumers and businesses engaging in these transactions.

Summary

SB00360 aims to amend section 42a-4a-108 of the General Statutes to ensure that Article 4A of the Uniform Commercial Code (UCC) applies to remittance transfers that do not fall under the definition of an electronic funds transfer as outlined by the federal Electronic Fund Transfer Act. This change is based on adopting the 2012 amendments to the UCC, which clarify the applicability of state regulations in relation to certain types of money transfers, enhancing legal clarity within financial transactions.

Contention

There may be points of contention regarding the broader implications of this regulatory change. Financial institutions might express concerns over compliance complexities or increased regulatory burdens, while consumer advocacy groups might support the bill for enhancing protection and clarity in financial transactions. The balance between protecting consumers and ensuring regulatory efficiency could be a key topic for discussion among legislators and community stakeholders.