Bill Text: OR HB2899 | 2013 | Regular Session | Introduced

---

Bill Title: Relating to funds transfers subject to Uniform Commercial Code; declaring an emergency.

Sponsorship: Partisan Bill (Republican 1)

Status: (Failed) 2013-07-08 - In committee upon adjournment. [HB2899 Detail]

Download: Oregon-2013-HB2899-Introduced.html

---

     77th OREGON LEGISLATIVE ASSEMBLY--2013 Regular Session

NOTE:  Matter within  { +  braces and plus signs + } in an
amended section is new. Matter within  { -  braces and minus
signs - } is existing law to be omitted. New sections are within
 { +  braces and plus signs + } .

LC 1515

                         House Bill 2899

Sponsored by Representative KRIEGER

                             SUMMARY

The following summary is not prepared by the sponsors of the
measure and is not a part of the body thereof subject to
consideration by the Legislative Assembly. It is an editor's
brief statement of the essential features of the measure as
introduced.

  Provides that Uniform Commercial Code governs funds transfer
that is remittance transfer, as defined in federal Electronic
Fund Transfer Act, unless funds transfer is electronic fund
transfer.
  Provides that if provisions of Uniform Commercial Code are
inconsistent with Electronic Fund Transfer Act, Electronic Fund
Transfer Act controls to extent of inconsistency.
  Declares emergency, effective on passage.

                        A BILL FOR AN ACT
Relating to funds transfers subject to Uniform Commercial Code;
  amending ORS 74A.1080; and declaring an emergency.
Be It Enacted by the People of the State of Oregon:
  SECTION 1. ORS 74A.1080 is amended to read:
  74A.1080.  { + (1) Except as provided in subsection (2) of this
section,  + }this chapter does not apply to a funds transfer any
part of which is governed by the Electronic Fund Transfer Act of
1978 (Title XX, P.L. 95.630, 92 Stat. 3728, 15 U.S.C. s1693 et
seq.).
   { +  (2) This chapter applies to a funds transfer that is a
remittance transfer, as defined in the Electronic Fund Transfer
Act, 15 U.S.C. 1693o-1, unless the remittance transfer is an
electronic fund transfer, as defined in 15 U.S.C. 1693a.
  (3) In a funds transfer to which this chapter applies, in the
event of an inconsistency between an applicable provision of this
chapter 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. + }
  SECTION 2.  { + This 2013 Act being necessary for the immediate
preservation of the public peace, health and safety, an emergency
is declared to exist, and this 2013 Act takes effect on its
passage. + }
                         ----------