HF 365

as introduced - 88th Legislature (2013 - 2014) Posted on 02/06/2013 03:21pm

A bill for an act
relating to commerce; regulating electronic fund transfers; providing that article
4A of the Uniform Commercial Code does not apply to a remittance transfer that
is not an electronic funds transfer under the federal Electronic Fund Transfer Act;
amending Minnesota Statutes 2012, section 336.4A-108.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

Minnesota Statutes 2012, section 336.4A-108, is amended to read:

336.4A-108 deleted text begin EXCLUSION OF CONSUMER TRANSACTIONS GOVERNED
BY FEDERAL LAW deleted text end new text begin RELATIONSHIP TO ELECTRONIC FUND TRANSFER
ACT new text end .

new text begin (a) Except as provided in subsection (b), new text end this article does not apply to a funds
transfer any part of which is governed by the Electronic Fund Transfer Act of 1978 (Title
XX, Public Law 95-630, 92 Stat. 3728, United States Code, title 15, section 1693 et seq.)
as amended from time to time.

new text begin (b) This article applies to a funds transfer that is a remittance transfer as defined
in the Electronic Fund Transfer Act, United States Code, title 15, section 1693o-1, as
amended from time to time, unless the remittance transfer is an electronic fund transfer as
defined in the Electronic Fund Transfer Act, United States Code, title 15, section 1693a,
as amended from time to time.
new text end

new text begin (c) In a funds transfer to which this article applies, in the event of an inconsistency
between an applicable provision of this article and an applicable provision of the
Electronic Fund Transfer Act, the provision of the Electronic Fund Transfer Act governs
to the extent of the inconsistency.
new text end