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7 LONG TITLE
8 General Description:
9 This bill amends the Uniform Commercial Code in relation to funds transfers.
10 Highlighted Provisions:
11 This bill:
12 ▸ provides that the regulations governing a funds transfer apply to a remittance
13 transfer under certain circumstances; and
14 ▸ makes technical and conforming changes.
15 Money Appropriated in this Bill:
16 None
17 Other Special Clauses:
18 None
19 Utah Code Sections Affected:
20 AMENDS:
21 70A-4a-108, as enacted by Laws of Utah 1990, Chapter 294
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23 Be it enacted by the Legislature of the state of Utah:
24 Section 1. Section 70A-4a-108 is amended to read:
25 70A-4a-108. Relationship to Electronic Fund Transfer Act.
26 (1) [
27 Fund Transfer Act of 1978, Title XX, Public Law 95-630, 92 Stat. 3728, 15 U.S.C. Sec. 1693
28 et seq., as amended.
29 (2) Except as provided in Subsection (3), this chapter does not apply to a funds transfer
30 any part of which is governed by the Electronic Fund Transfer Act [
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32 (3) This chapter applies to a funds transfer that is a remittance transfer as defined in 15
33 U.S.C. Sec. 1693o-1, as amended, unless the remittance transfer is an electronic fund transfer
34 as defined in 15 U.S.C. Sec. 1693a, as amended.
35 (4) In a funds transfer to which this chapter applies, in the event of inconsistency
36 between an applicable provision of this chapter and an applicable provision of the Electronic
37 Fund Transfer Act, the Electronic Fund Transfer Act governs to the extent of the inconsistency.