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.