Bill Text: MN HF365 | 2013-2014 | 88th Legislature | Engrossed
Bill Title: Electronic fund transfers regulated, and providing that Uniform Commercial Code article 4A does not apply to a remittance transfer that is not an electronic funds transfer under the federal Electronic Fund Transfer Act.
Spectrum: Bipartisan Bill
Status: (Passed) 2013-03-18 - Secretary of State Chapter 6 03/14/2013 [HF365 Detail]
Download: Minnesota-2013-HF365-Engrossed.html
1.2relating to commerce; regulating electronic fund transfers; providing that article
1.34A of the Uniform Commercial Code does not apply to a remittance transfer that
1.4is not an electronic funds transfer under the federal Electronic Fund Transfer Act;
1.5amending Minnesota Statutes 2012, section 336.4A-108.
1.6BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.7 Section 1. Minnesota Statutes 2012, section 336.4A-108, is amended to read:
1.8336.4A-108EXCLUSION OF CONSUMER TRANSACTIONS GOVERNED
1.9BY FEDERAL LAW RELATIONSHIP TO ELECTRONIC FUND TRANSFER
1.10ACT.
1.11(a) Except as provided in subsection (b), this article does not apply to a funds
1.12transfer any part of which is governed by the Electronic Fund Transfer Act of 1978 (Title
1.13XX, Public Law 95-630, 92 Stat. 3728, United States Code, title 15, section 1693 et seq.)
1.14as amended from time to time.
1.15(b) This article applies to a funds transfer that is a remittance transfer as defined
1.16in the Electronic Fund Transfer Act, United States Code, title 15, section 1693o-1, as
1.17amended from time to time, unless the remittance transfer is an electronic fund transfer as
1.18defined in the Electronic Fund Transfer Act, United States Code, title 15, section 1693a,
1.19as amended from time to time.
1.20(c) In a funds transfer to which this article applies, in the event of an inconsistency
1.21between an applicable provision of this article and an applicable provision of the
1.22Electronic Fund Transfer Act, the provision of the Electronic Fund Transfer Act governs
1.23to the extent of the inconsistency.
1.24EFFECTIVE DATE.This section is effective the day following final enactment.
1.34A of the Uniform Commercial Code does not apply to a remittance transfer that
1.4is not an electronic funds transfer under the federal Electronic Fund Transfer Act;
1.5amending Minnesota Statutes 2012, section 336.4A-108.
1.6BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:
1.7 Section 1. Minnesota Statutes 2012, section 336.4A-108, is amended to read:
1.8336.4A-108
1.9
1.10ACT.
1.11(a) Except as provided in subsection (b), this article does not apply to a funds
1.12transfer any part of which is governed by the Electronic Fund Transfer Act of 1978 (Title
1.13XX, Public Law 95-630, 92 Stat. 3728, United States Code, title 15, section 1693 et seq.)
1.14as amended from time to time.
1.15(b) This article applies to a funds transfer that is a remittance transfer as defined
1.16in the Electronic Fund Transfer Act, United States Code, title 15, section 1693o-1, as
1.17amended from time to time, unless the remittance transfer is an electronic fund transfer as
1.18defined in the Electronic Fund Transfer Act, United States Code, title 15, section 1693a,
1.19as amended from time to time.
1.20(c) In a funds transfer to which this article applies, in the event of an inconsistency
1.21between an applicable provision of this article and an applicable provision of the
1.22Electronic Fund Transfer Act, the provision of the Electronic Fund Transfer Act governs
1.23to the extent of the inconsistency.
1.24EFFECTIVE DATE.This section is effective the day following final enactment.
