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UCC Remittance Transfer Bill Clears Both Chambers – IBA Compliance Connection

UCC Remittance Transfer Bill Clears Both Chambers

With the IBA’s support, Senate Bill 2186 passed both chambers in the last weeks of the session. The bill is a Uniform Law Commission initiative that amends Article 4A of the Uniform Commercial Code (UCC). The amendments clarify that when federal regulations governing international fund remittances go into effect, the UCC will continue to apply to international remittances that are not electronic fund transfers. Without this legislation, Article 4A would have been preempted by the federal rules and would not have cover electronic fund transfers.