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HI HB135
Bill
Status
1/18/2013
Primary Sponsor
Angus McKelvey
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AI Summary
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Clarifies the relationship between Article 4A of the Uniform Commercial Code and the federal Electronic Fund Transfer Act
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Article 4A governs transfers between commercial parties but does not apply to transfers governed by the federal Electronic Fund Transfer Act
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Amendments to the federal Electronic Fund Transfer Act effective February 7, 2013, place certain consumer international wire transfers called "remittance transfers" under federal jurisdiction regardless of whether they qualify as electronic funds transfers
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Closes the gap in governing law for remittance transfers that are not classified as electronic funds transfers
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Supported by the Department of Commerce and Consumer Affairs and the Commission to Promote Uniform Legislation
Legislative Description
Uniform Commercial Code Article 4A; Electronic Fund Transfer Act
Last Action
Passed Second Reading and referred to the committee(s) on FIN with none voting aye with reservations; none voting no (0) and Cachola, Har, McDermott excused (3).
2/8/2013