Bill Text: MI SB0550 | 2013-2014 | 97th Legislature | Engrossed

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Bill Title: Commercial code; bank deposits and collections; application of article 4a of the uniform commercial code; revise. Amends sec. 4A108 of 1962 PA 174 (MCL 440.4608).

Spectrum: Partisan Bill (Republican 1-0)

Status: (Engrossed - Dead) 2013-10-29 - Referred To Committee On Financial Services [SB0550 Detail]

Download: Michigan-2013-SB0550-Engrossed.html

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SB-0550, As Passed Senate, October 24, 2013

 

 

 

 

 

 

 

 

 

 

 

 

 

SENATE BILL No. 550

 

 

September 25, 2013, Introduced by Senator BOOHER and referred to the Committee on Banking and Financial Institutions.

 

 

 

     A bill to amend 1962 PA 174, entitled

 

"Uniform commercial code,"

 

by amending section 4A108 (MCL 440.4608), as added by 1992 PA 100.

 

THE PEOPLE OF THE STATE OF MICHIGAN ENACT:

 

     Sec. 4A108. (1) This 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. of 1978, Title XX,

 

Public Law 95-630, 92 Stat. 3728, 15 U.S.C. 1693.

 

     (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.