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A BILL TO BE ENTITLED
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AN ACT
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relating to the applicability of state law governing funds |
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transfers to certain remittance transfers. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 4A.108, Business & Commerce Code, is |
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amended to read as follows: |
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Sec. 4A.108. RELATIONSHIP TO ELECTRONIC FUND TRANSFER |
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ACT [EXCLUSION OF CONSUMER TRANSACTIONS GOVERNED BY FEDERAL LAW]. |
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(a) Except as provided in Subsection (b), this [This] chapter does |
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not apply to a funds transfer any part of which is governed by the |
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Electronic Fund Transfer Act, 15 U.S.C. Sec. 1693 et seq., as |
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amended from time to time. |
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(b) This chapter applies to a funds transfer that is a |
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remittance transfer as defined in the Electronic Fund Transfer Act |
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(15 U.S.C. Sec. 1693o-1), as amended from time to time, unless the |
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remittance transfer is also an electronic fund transfer as defined |
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in the Electronic Fund Transfer Act (15 U.S.C. Sec. 1693a), as |
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amended from time to time. |
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(c) In a funds transfer to which this chapter applies, in |
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the event of an inconsistency between the applicable provision of |
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this chapter and an applicable provision of the Electronic Fund |
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Transfer Act, the applicable provision of the Electronic Fund |
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Transfer Act governs to the extent of the inconsistency. |
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SECTION 2. This Act takes effect September 1, 2013. |