MI SB0550

Amends section 4A108 of the Uniform Commercial Code (MCL 440.4608) to clarify the applicability of Article 4A to funds transfers governed by the Electronic Fund Transfer Act.

Removes specific reference to the Electronic Fund Transfer Act of 1978 (Public Law 95-630) and instead references the act by its general statutory citation (15 USC 1693 to 1693r).

Adds a new subsection establishing that Article 4A applies to remittance transfers as defined in 15 USC 1693o-1, unless those transfers are also electronic fund transfers as defined in 15 USC 1693a.

Provides that when inconsistencies arise between Article 4A provisions and the Electronic Fund Transfer Act provisions in applicable funds transfers, the Electronic Fund Transfer Act governs to the extent of the inconsistency.

Defines "electronic fund transfer act" as the act codified in 15 USC 1693 to 1693r for purposes of this section.