Missouri Laws 400.4A-108 – Exclusion of consumer transactions governed by federal law
(a) Except as provided in subsection (b), this article does not apply to a funds transfer any part of which is governed by the Electronic Fund Transfer Act of 1978 (Title XX, Public Law 95-630, 92 Stat. 3728, 15 U.S.C. § 1693, et seq.) as amended from time to time.
(b) This article applies to a funds transfer that is a remittance transfer as defined in the Electronic Funds Transfer Act (15 U.S.C. § 1693o-1) as amended from time to time, unless the remittance transfer is an electronic funds transfer as defined in the Electronic Funds Transfer Act (15 U.S.C. § 1693a) as amended from time to time.
Terms Used In Missouri Laws 400.4A-108
- Electronic funds transfer: The transfer of money between accounts by consumer electronic systems-such as automated teller machines (ATMs) and electronic payment of bills-rather than by check or cash. (Wire transfers, checks, drafts, and paper instruments do not fall into this category.) Source: OCC
- Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
(c) In a funds transfer to which this article applies, in the event of an inconsistency between an applicable provision of this article and an applicable provision of the Electronic Funds Transfer Act, the provision of the Electronic Funds Transfer Act governs to the extent of the inconsistency.