Bill Protecting Consumer Electronic Fund Transfers Passes the Senate

ATLANTA (March 26, 2013) – House Bill 289, which was carried in the Senate by Sen. Butch Miller (R-Gainesville) passed the Senate today by a vote of 47 to 4. This bill will preserve consumer protections as part of the Federal Electronic Funds Act (EFTA).

“I am pleased by the favorable consideration of House Bill 289 in the Senate today” said Sen. Miller. “The passage of this legislation will help safeguard Georgia consumers while making electronic payments or transfers.”

According to the Uniform Law Commission, the Dodd-Frank Wall Street Reform and Consumer Protection Act is an amendment to the Federal Electronic Funds Transfer Act (EFTA) that will have an important impact on the scope of Article 4A of the Uniform Commercial Code. Article 4A was originally drafted to govern transfers between commercial parties.

If there is not a change to Article 4A, there could be legal uncertainty for a class of remittance transfers currently governed by Article 4A and covered in this bill.

HB 289 will now travel to the Governor’s desk for approval.

RELEASE
For Immediate Release:
March 26, 2013

For Information Contact:
Jennifer Yarber, Interim Director
Shawna Mercer, Sr. Communications Specialist
Shawna.Mercer@senate.ga.gov
404.656.0028