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MN HF365
Bill
Status
3/18/2013
Primary Sponsor
Mike Freiberg
Click for details
AI Summary
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Amends Minnesota Statutes section 336.4A-108 to clarify the relationship between state Uniform Commercial Code Article 4A and the federal Electronic Fund Transfer Act
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Article 4A of the Uniform Commercial Code does not apply to any funds transfer governed by the federal Electronic Fund Transfer Act (15 U.S.C. § 1693 et seq.)
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Article 4A applies to remittance transfers defined under the Electronic Fund Transfer Act (15 U.S.C. § 1693o-1) only if they are not electronic fund transfers as defined in 15 U.S.C. § 1693a
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In case of conflict between Article 4A and the Electronic Fund Transfer Act, the federal law provision governs
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Effective the day following final enactment
Legislative Description
Electronic fund transfers regulated, and providing that Uniform Commercial Code article 4A does not apply to a remittance transfer that is not an electronic funds transfer under the federal Electronic Fund Transfer Act.
Last Action
Secretary of State Chapter 6 03/14/2013
3/18/2013