HI SB511

Clarifies the application of the federal Electronic Fund Transfer Act and Article 4A of the Uniform Commercial Code to wire transfers, specifically remittance transfers.

Addresses uncertainty created by recent amendments to the federal Electronic Fund Transfer Act regarding how Article 4A applies to certain types of international wire transfers.

Closes a potential gap in the application of federal and state law by aligning the Uniform Commercial Code with federal Electronic Fund Transfer Act requirements.

Received support from the Department of Commerce and Consumer Affairs, the Commission to Promote Uniform Legislation, and Hawaii Financial Services Association.