(a) The provisions of the federal Electronic Fund Transfer Act (15 U.S.C. § 1693a et seq.), amendments to that Act, and any regulations issued or that may be issued under that Act, except for those provisions, amendments, or regulations that establish crimes or provide for nonfinancial penalties, are hereby adopted as part of this Act. Compliance with federal law shall be deemed to be compliance with this Section.
     (b) A consumer may authorize an electronic fund transfer by arranging for a debit to the consumer’s account and specifying the designated payee. In that case, the financial institution shall execute the transfer by the end of the next business day after entry of the debit. For purposes of this subsection, “consumer” means a natural person.