DE HB364 | 2015-2016 | 148th General Assembly


Completed Legislative Action
Spectrum: Bipartisan Bill
Status: Passed on August 10 2016 - 100% progression
Action: 2016-08-10 - Signed by Governor
Text: Latest bill text (Draft #1) [HTML]


The Electronic Funds Transfer Act (“EFTA”) was originally drafted to govern only consumer wire transfers. As a result, 4A-108 of Title 6 of the Delaware Code excluded fund transfers governed by EFTA from the scope of Article 4A of Title 6 (“Article 4A”). However, in 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act amended EFTA (“Dodd-Frank amendments”) to bring remittance transfers that are electronic fund transfers within its scope. Therefore, under 4A-108 of Title 6, even a remittance transfer that is not an electronic fund transfer, such as a commercial remittance transfer, is currently outside the scope of Article 4A. Consequently, there are no statutory rules governing remittance transfers that may involve mistaken addresses or payees, duties of intermediaries, and other issues beyond the initial sending of the transfer. This Act fills the gap created by the Dodd-Frank amendments by bringing under Article 4A remittance transfers that are not electronic fund transfers under EFTA, to the extent there is not an inconsistency between Article 4A and EFTA.

Tracking Information

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An Act To Amend Title 6 Of The Delaware Code Relating To Funds Transfers.


Roll Calls

2016-07-01 - Senate - Senate Third Reading (Y: 20 N: 0 NV: 0 Abs: 1) [PASS]


2016-08-10HouseSigned by Governor
2016-07-01SenatePassed by Senate. Votes: Passed 20 YES 0 NO 0 NOT VOTING 1 ABSENT 0 VACANT
2016-06-08SenateReported Out of Committee (BANKING AND BUSINESS) in Senate with 4 On Its Merits
2016-05-18SenateAssigned to Banking and Business Committee in Senate
2016-05-17HousePassed by House of Representatives. Votes: Passed 39 YES 0 NO 0 NOT VOTING 2 ABSENT 0 VACANT
2016-05-11HouseReported Out of Committee (ECONOMIC DEVELOPMENT/BANKING/INSURANCE/COMMERCE) in House with 8 On Its Merits
2016-05-05HouseIntroduced and Assigned to Economic Development/Banking/Insurance/Commerce Committee in House

Delaware State Sources

Bill Comments