|
Senate Bill 230 |
Senate Author: Carona |
|
Effective: 9-1-13 |
House Sponsor: Deshotel |
Senate Bill 230 amends the Business & Commerce Code to establish that the Uniform Commercial Code--Funds Transfers provisions apply to a funds transfer that is a remittance transfer as defined in the federal Electronic Fund Transfer Act, unless the remittance transfer is also an electronic fund transfer as defined by the federal act. The bill establishes that, in the event of an inconsistency between the applicable provision of the Uniform Commercial Code‑‑Funds Transfers and an applicable provision of the federal Electronic Fund Transfer Act, the federal act governs to the extent of the inconsistency.