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2013 -- S 0506 | |
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LC01527 | |
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STATE OF RHODE ISLAND | |
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IN GENERAL ASSEMBLY | |
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JANUARY SESSION, A.D. 2013 | |
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____________ | |
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A N A C T | |
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RELATING TO UNIFORM COMMERCIAL CODE -- FUNDS TRANSFERS | |
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Introduced By: Senator Roger Picard | |
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Date Introduced: February 28, 2013 | |
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Referred To: Senate Corporations | |
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It is enacted by the General Assembly as follows: | |
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SECTION 1. Section 6A-4.1-108 of the General Laws in Chapter 6A-4.1 entitled "Funds |
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Transfers" is hereby amended to read as follows: |
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6A-4.1-108. Exclusion of consumer transactions governed by federal law. -- (a) |
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Except as provided in subsection (b), this |
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which is governed by the Electronic Fund Transfer Act of 1978 (Title XX, public law 95-630, 92 |
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Stat. 3728, 15 U.S.C. section 1693 et seq.) as amended from time to time. |
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(b) This chapter applies to a funds transfer that is a remittance transfer as defined in the |
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Electronic Fund Transfer Act (15 USC Sec. 1693o-1), as amended from time to time, unless the |
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remittance transfer is an electronic fund transfer as defined in the Electronic Fund Transfer Act |
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(15 USC Sec. 1693a), as amended from time to time. |
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(c) In a funds transfer to which this chapter applies, in the event of an inconsistency |
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between an applicable provision of this chapter and an applicable provision of the Electronic |
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Fund Transfer Act, the provision of the Electronic Fund Transfer Act governs to the extent of the |
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inconsistency. |
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SECTION 2. This act shall take effect upon passage. |
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EXPLANATION | |
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BY THE LEGISLATIVE COUNCIL | |
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OF | |
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A N A C T | |
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RELATING TO UNIFORM COMMERCIAL CODE -- FUNDS TRANSFERS | |
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This act would amend the Rhode Island Uniform Commercial Code in order to provide |
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that it be applied to remittance transfers that are not deemed electronic funds transfers under the |
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Federal Electronic Funds Transfer Act. |
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This act would take effect upon passage. |
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