BILL NUMBER: SB 708 ENROLLED BILL TEXT PASSED THE SENATE AUGUST 27, 2012 PASSED THE ASSEMBLY AUGUST 20, 2012 AMENDED IN ASSEMBLY AUGUST 16, 2012 AMENDED IN ASSEMBLY JUNE 26, 2012 AMENDED IN SENATE JANUARY 11, 2012 AMENDED IN SENATE JANUARY 4, 2012 AMENDED IN SENATE MAY 31, 2011 AMENDED IN SENATE MAY 10, 2011 AMENDED IN SENATE APRIL 12, 2011 INTRODUCED BY Senator Corbett FEBRUARY 18, 2011 An act to amend Section 11108 of the Commercial Code, relating to funds transfers. LEGISLATIVE COUNSEL'S DIGEST SB 708, Corbett. Funds transfers. Existing provisions of the Commercial Code governing certain funds transfers, cited as the Uniform Commercial Code--Funds Transfers, provide, among other provisions, that a funds transfer is completed by acceptance by the beneficiary's bank of a payment order for the benefit of the beneficiary of the originator's payment order. Existing law excludes from the provisions of the Uniform Commercial Code--Funds Transfers those funds transfers governed by the federal Electronic Fund Transfer Act of 1978. This bill would make the provisions of the Uniform Commercial Code--Funds Transfers applicable to a remittance transfer, as defined, but would continue to exempt a remittance transfer that is an electronic fund transfer, as defined under the federal act. THE PEOPLE OF THE STATE OF CALIFORNIA DO ENACT AS FOLLOWS: SECTION 1. Section 11108 of the Commercial Code is amended to read: 11108. (a) Except as provided in subdivision (b), this division 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, 15 U.S.C. Sec. 1693 et seq.) as amended from time to time. (b) This division shall apply to a funds transfer that is a remittance transfer as defined in Section 1693o-1 of Title 15 of the United States Code, as amended from time to time, unless the remittance transfer is an electronic fund transfer as defined in Section 1693a of Title 15 of the United States Code, as amended from time to time. (c) In a funds transfer pursuant to this division, if there is an inconsistency between the applicable provision of this division and the federal act, the applicable provisions of the federal act shall control to the extent of the inconsistency.