SB316 Alabama 2013 Session

Summary

Primary Sponsor

Jerry L. Fielding

Republican

Co-Sponsor

Cam Ward

Session

Regular Session 2013

Title

Electronic fund transfers, remittance transfer, Uniform Commercial Code applicable if transfer governed by Electronic Fund Transfer Act of 1978, exception, Sec. 7-4A-108 am'd.

Summary

SB316 would apply Article 4A of Alabama's Uniform Commercial Code to remittance transfers under the federal Electronic Fund Transfer Act, with EFTA rules taking precedence when there is a conflict.

What This Bill Does

It changes how Alabama's Article 4A interacts with the federal Electronic Fund Transfer Act. Currently, Article 4A does not apply to a funds transfer if any part is governed by EFTA. The bill amends Section 7-4A-108 to make Article 4A apply to remittance transfers defined in EFTA, unless the remittance transfer is an electronic funds transfer. If there is an inconsistency between Article 4A and EFTA, EFTA governs to the extent of the inconsistency. The act would take effect on the first day of the third month after passage and governor approval.

Who It Affects

• Banks and remittance service providers in Alabama that handle remittance transfers, who would need to follow Article 4A rules for those transfers when applicable and consider EFTA rules for electronic funds transfers.
• Consumers in Alabama who send remittance transfers, who may have protections under Article 4A for remittance transfers and will be subject to EFTA rules if the transfer is an electronic funds transfer.

Key Provisions

• Amends Section 7-4A-108 to state that Article 4A applies to remittance transfers under the Electronic Fund Transfer Act, unless the remittance transfer is an electronic funds transfer as defined by EFTA.
• If there is an inconsistency between Article 4A and EFTA for a fund transfer to which Article 4A applies, the EFTA provisions govern to the extent of the inconsistency.
• Effective date: the first day of the third month after the bill is passed and approved by the Governor.

AI-generated summary using openai/gpt-5-nano on Feb 25, 2026. May contain errors — refer to the official bill text for accuracy.

Subjects

Uniform Commercial Code