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2013 SESSION

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SB 1066 Uniform Commercial Code; funds transfers.

Introduced by: John S. Edwards | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Uniform Commercial Code; Funds Transfers. Amends Article 4A of the Uniform Commercial Code to ensure that 4A continues to apply to remittance transfers that are not electronic fund transfers. Under current law, Article 4A of the Uniform Commercial Code, which is Title 4A in Virginia, applies to remittance transfers that are not electronic funds transfers under the federal Electronic Fund Transfer Act (EFTA). The Dodd-Frank Wall Street Reform and Consumer Protection Act amended EFTA to provide that EFTA will govern remittance transfers whether or not they are electronic, which means that when its provisions go into effect a fund transfer initiated by a remittance transfer would be outside of the coverage of 4A, even if the transfer is not an electronic fund transfer.


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