§ 336.4A-108 — Relationship to Electronic Fund Transfer Act
Plain-Language Summary
Article 4A generally does not apply to a funds transfer if any part of it is governed by the federal Electronic Fund Transfer Act, which covers consumer transfers. An exception applies to remittance transfers: Article 4A does cover a remittance transfer unless that transfer is itself an electronic fund transfer under the federal act. When both Article 4A and the Electronic Fund Transfer Act apply to the same transfer and conflict, the federal act controls to the extent of the inconsistency.
336.4A-108 RELATIONSHIP TO ELECTRONIC FUND TRANSFER ACT.
(a) Except as provided in subsection (b), 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, United States Code, title 15, section 1693 et seq.) as amended from time to time.
(b) This article applies to a funds transfer that is a remittance transfer as defined in the Electronic Fund Transfer Act, United States Code, title 15, section 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, United States Code, title 15, section 1693a, as amended from time to time.
(c) 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 inconsistency.
History:
1990 c 582 art 1 s 8; 2013 c 6 s 1
History: History: 1990 c 582 art 1 s 8; 2013 c 6 s 1