General Assembly: 85 (2013 Regular GA) - Chapter 73 - Uniform commercial code — funds transfers


Published: 2013-04-26

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CHAPTER 73 UNIFORM COMMERCIAL CODE — FUNDS TRANSFERS

S.F. 186

AN ACT relating to funds transfers under the uniform commercial code, and including effective date provisions.

Be It Enacted by the General Assembly of the State of Iowa:

Section 1. Section 554.12108, Code 2013, is amended to read as follows: 554.12108 Exclusion of consumer transactions governed by federal law Relationship to

Electronic Fund Transfer Act. 1. This Except as provided in subsection 2, this article does not apply to a funds transfer

any part of which is governed by the Electronic Fund Transfer Act of 1978, 15 U.S.C. § 1693 et seq. 2. This article applies to a funds transfer that is a remittance transfer as defined in the

Electronic Fund Transfer Act, 15 U.S.C. § 1693o-1, unless the remittance transfer is an electronic fund transfer as defined in the Electronic Fund Transfer Act, 15 U.S.C. § 1693a. 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 inconsistency.

Sec. 2. EFFECTIVE UPON ENACTMENT. This Act, being deemed of immediate importance, takes effect upon enactment.

Approved April 26, 2013

Fri Nov 08 16:02:28 2013 1/ 1