Bill Text: NY A10591 | 2011-2012 | General Assembly | Introduced

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Bill Title: Relates to the federal electronic fund transfer act; clarifies the relationship between such act and article 4-A of the UCC.

Spectrum: Partisan Bill (Democrat 3-0)

Status: (Passed) 2012-08-17 - signed chap.399 [A10591 Detail]

Download: New_York-2011-A10591-Introduced.html

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                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________
                                         10591
                                 I N  A S S E M B L Y
                                     June 7, 2012
                                      ___________
       Introduced  by  COMMITTEE  ON RULES -- (at request of M. of A. Robinson,
         Farrell, Weinstein) -- read once and  referred  to  the  Committee  on
         Judiciary
       AN  ACT  to amend the uniform commercial code, in relation to clarifying
         the relationship between article 4-A of the code and the federal Elec-
         tronic Fund Transfer Act and to clarify such  article's  applicability
         to remittance transfers under the Electronic Fund Transfer Act
         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:
    1    Section 1. Section 4-A-108 of the uniform commercial code, as added by
    2  chapter 208 of the laws of 1990, is amended to read as follows:
    3  Section 4-A-108. [Exclusion of Consumer Transactions Governed by Federal
    4                     Law] RELATIONSHIP TO ELECTRONIC FUND TRANSFER ACT.
    5    [This] (1) EXCEPT AS PROVIDED IN SUBSECTION (2) OF THIS SECTION,  THIS
    6  Article does not apply to a funds transfer any part of which is governed
    7  by  the  Electronic  Fund  Transfer  Act  of  1978 (Title XX, Public Law
    8  95-630, 92 Stat. 3728, 15 U.S.C. S1693 et seq.) as amended from time  to
    9  time.
   10    (2)  THIS ARTICLE SHALL APPLY TO A FUNDS TRANSFER THAT IS A REMITTANCE
   11  TRANSFER AS DEFINED IN THE ELECTRONIC FUND TRANSFER ACT (15 U.S.C.  SEC.
   12  1693O-1)  AS AMENDED FROM TIME TO TIME UNLESS THE REMITTANCE TRANSFER IS
   13  AN ELECTRONIC FUND TRANSFER AS DEFINED IN THE ELECTRONIC  FUND  TRANSFER
   14  ACT (15 U.S.C. SEC. 1693A) AS AMENDED FROM TIME TO TIME.
   15    (3) IN A FUNDS TRANSFER TO WHICH THIS ARTICLE APPLIES, IN THE EVENT OF
   16  AN  INCONSISTENCY BETWEEN AN APPLICABLE PROVISION OF THIS ARTICLE AND AN
   17  APPLICABLE PROVISION OF THE ELECTRONIC FUND TRANSFER ACT, THE  PROVISION
   18  OF  THE ELECTRONIC FUND TRANSFER ACT GOVERNS TO THE EXTENT OF THE INCON-
   19  SISTENCY.
   20    S 2. This act shall take effect immediately.
        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD16136-01-2