Funds transfers.

Existing provisions of the Commercial Code governing certain funds transfers, cited as the Uniform Commercial Code—Funds Transfers, provide, among other provisions, that a funds transfer is completed by acceptance by the beneficiary's bank of a payment order for the benefit of the beneficiary of the originator's payment order. Existing law excludes from the provisions of the Uniform Commercial Code—Funds Transfers those funds transfers governed by the federal Electronic Fund Transfer Act of 1978. This bill would make the provisions of the Uniform Commercial Code—Funds Transfers applicable to a remittance transfer, as defined, but would continue to exempt a remittance transfer that is an electronic fund transfer, as defined under the federal act.