MN SF336

Amends Minnesota Statutes section 336.4A-108 to clarify when Article 4A of the Uniform Commercial Code applies to remittance transfers under federal law.

Establishes that Article 4A does not apply to funds transfers governed by the Electronic Fund Transfer Act (15 U.S.C. § 1693 et seq.), except for remittance transfers that are not electronic fund transfers.

Provides that Article 4A applies to remittance transfers (as defined in 15 U.S.C. § 1693o-1) only when they are not electronic fund transfers under 15 U.S.C. § 1693a.

Specifies that when both Article 4A and the Electronic Fund Transfer Act apply to the same transaction, the Electronic Fund Transfer Act governs in case of any inconsistency.

Effective the day following final enactment.