AL HB399

Amends Section 7-4A-108 of the Code of Alabama 1975 to clarify the relationship between Article 4A of the Uniform Commercial Code and the federal Electronic Fund Transfer Act of 1978.

Specifies that Article 4A of the Uniform Commercial Code applies to remittance transfers as defined in the Electronic Fund Transfer Act (15 U.S.C. Sec. 1693o-1), unless the remittance transfer qualifies as an electronic fund transfer under the federal Act.

Establishes that when Article 4A applies to a funds transfer, any inconsistency between Article 4A provisions and Electronic Fund Transfer Act provisions will be resolved in favor of the federal Electronic Fund Transfer Act.

Becomes effective on the first day of the third month following passage and approval by the Governor, or upon otherwise becoming law.