SF 186 (LSB 1120SV (4) 85)

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.

______________________________
PAM JOCHUM

President of the Senate

______________________________
KRAIG PAULSEN

Speaker of the House

   I hereby certify that this bill originated in the Senate and is known as Senate File 186, Eighty-fifth General Assembly.

______________________________
MICHAEL E. MARSHALL

Secretary of the Senate
Approved _______________, 2013

______________________________
TERRY E. BRANSTAD

Governor