MI HB5119

Amends Michigan's Uniform Commercial Code (1962 PA 174) to clarify when Article 4A applies to funds transfers involving electronic fund transfers and remittance transfers

Excludes funds transfers governed by the federal Electronic Fund Transfer Act from Article 4A, except for remittance transfers as defined under 15 USC 1693o-1

Applies Article 4A to remittance transfers unless they qualify as electronic fund transfers under 15 USC 1693a

Establishes that the federal Electronic Fund Transfer Act takes precedence over Article 4A provisions in case of conflict

Became effective immediately upon filing with the Secretary of State on April 10, 2014