Bill Text: MI HB5119 | 2013-2014 | 97th Legislature | Chaptered

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Bill Title: Commercial code; bank deposits and collections; application of article 4a to certain fund transfers; revise. Amends sec. 4A108 of 1962 PA 174 (MCL 440.4608).

Spectrum: Partisan Bill (Republican 3-0)

Status: (Passed) 2014-04-17 - Assigned Pa 105'14 With Immediate Effect [HB5119 Detail]

Download: Michigan-2013-HB5119-Chaptered.html

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Act No. 105

Public Acts of 2014

Approved by the Governor

April 7, 2014

Filed with the Secretary of State

April 10, 2014

EFFECTIVE DATE: April 10, 2014

STATE OF MICHIGAN

97TH LEGISLATURE

REGULAR SESSION OF 2014

Introduced by Reps. VerHeulen, Cotter and Callton

ENROLLED HOUSE BILL No. 5119

AN ACT to amend 1962 PA 174, entitled “An act to enact the uniform commercial code, relating to certain commercial transactions in or regarding personal property and contracts and other documents concerning them, including sales, commercial paper, bank deposits and collections, letters of credit, bulk transfers, warehouse receipts, bills of lading, other documents of title, investment securities, leases, and secured transactions, including certain sales of accounts, chattel paper and contract rights; to provide for public notice to third parties in certain circumstances; to regulate procedure, evidence and damages in certain court actions involving such transactions, contracts or documents; to make uniform the law with respect thereto; to make an appropriation; to provide penalties; and to repeal certain acts and parts of acts,” by amending section 4A108 (MCL 440.4608), as added by 1992 PA 100.

The People of the State of Michigan enact:

Sec. 4A108. (1) Except as provided in subsection (2), this article does not apply to a funds transfer any part of which is governed by the electronic fund transfer act.

(2) This article applies to a funds transfer that is a remittance transfer as defined in 15 USC 1693o-1, unless the remittance transfer is an electronic fund transfer as defined in 15 USC 1693a.

(3) 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.

(4) As used in this section, “electronic fund transfer act” means the electronic fund transfer act, 15 USC 1693 to 1693r.

This act is ordered to take immediate effect.

Clerk of the House of Representatives

Secretary of the Senate

Approved

Governor