S T A T E O F N E W Y O R K
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
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:
Section 1. Section 4-A-108 of the uniform commercial code, as added by
chapter 208 of the laws of 1990, is amended to read as follows:
Section 4-A-108. [Exclusion of Consumer Transactions Governed by Federal
Law] RELATIONSHIP TO ELECTRONIC FUND TRANSFER ACT.
[This] (1) EXCEPT AS PROVIDED IN SUBSECTION (2) OF THIS SECTION, 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. S1693 et seq.) as amended from time to
(2) THIS ARTICLE SHALL APPLY TO A FUNDS TRANSFER THAT IS A REMITTANCE
TRANSFER AS DEFINED IN THE ELECTRONIC FUND TRANSFER ACT (15 U.S.C. SEC.
1693O-1) AS AMENDED FROM TIME TO TIME UNLESS THE REMITTANCE TRANSFER IS
AN ELECTRONIC FUND TRANSFER AS DEFINED IN THE ELECTRONIC FUND TRANSFER
ACT (15 U.S.C. SEC. 1693A) AS AMENDED FROM TIME TO TIME.
(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 INCON-
S 2. This act shall take effect immediately.
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.