NY S07493

Amends Section 4-A-108 of the Uniform Commercial Code to clarify the relationship between Article 4-A and the federal Electronic Fund Transfer Act (EFTA).

Establishes that Article 4-A generally does not apply to funds transfers governed by the Electronic Fund Transfer Act of 1978 (15 U.S.C. § 1693 et seq.).

Makes Article 4-A applicable to remittance transfers as defined under EFTA (15 U.S.C. § 1693o-1), except when the remittance transfer qualifies as an electronic fund transfer under EFTA (15 U.S.C. § 1693a).

Provides that when Article 4-A applies to a funds transfer, provisions of the EFTA take precedence in the event of any inconsistency between the two laws.

Takes effect immediately upon enactment.