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Consumer Banking and Payments Law: § 4A-211. Cancellation and Amendment of Payment Order.

(a) A communication of the sender of a payment order cancelling or amending the order may be transmitted to the receiving bank orally, electronically, or in writing a record. If a security procedure is in effect between the sender and the receiving bank, the communication is not effective to cancel or amend the order unless the communication is verified pursuant to the security procedure or the bank agrees to the cancellation or amendment.

Consumer Banking and Payments Law: § 4A-303. Erroneous Execution of Payment Order.

(a) A receiving bank that (i) executes the payment order of the sender by issuing a payment order in an amount greater than the amount of the sender’s order, or (ii) issues a payment order in execution of the sender’s order and then issues a duplicate order, is entitled to payment of the amount of the sender’s order under Section 4A-402(c) if that subsection is otherwise satisfied. The bank is entitled to recover from the beneficiary of the erroneous order the excess payment received to the extent allowed by the law governing mistake and restitution.

Consumer Banking and Payments Law: § 4A-305. Liability for Late or Improper Execution or Failure to Execute Payment Order.

(a) If a funds transfer is completed but execution of a payment order by the receiving bank in breach of Section 4A-302 results in delay in payment to the beneficiary, the bank is obliged to pay interest to either the originator or the beneficiary of the funds transfer for the period of delay caused by the improper execution. Except as provided in subsection (c), additional damages are not recoverable.

Consumer Banking and Payments Law: § 4A-401. Payment Date.

“Payment date” of a payment order means the day on which the amount of the order is payable to the beneficiary by the beneficiary’s bank. The payment date may be determined by instruction of the sender but cannot be earlier than the day the order is received by the beneficiary’s bank and, unless otherwise determined, is the day the order is received by the beneficiary’s bank.

Official Comment

Consumer Banking and Payments Law: § 4A-406. Payment by Originator to Beneficiary; Discharge of Underlying Obligation.

(a) Subject to Sections 4A-211(e), 4A-405(d), and 4A-405(e), the originator of a funds transfer pays the beneficiary of the originator’s payment order (i) at the time a payment order for the benefit of the beneficiary is accepted by the beneficiary’s bank in the funds transfer and (ii) in an amount equal to the amount of the order accepted by the beneficiary’s bank, but not more than the amount of the originator’s order.

Consumer Banking and Payments Law: § 4A-505. Preclusion of Objection to Debit of Customer’s Account.

If a receiving bank has received payment from its customer with respect to a payment order issued in the name of the customer as sender and accepted by the bank, and the customer received notification reasonably identifying the order, the customer is precluded from asserting that the bank is not entitled to retain the payment unless the customer notifies the bank of the customer’s objection to the payment within one year after the notification was received by the customer.

Official Comment

Consumer Banking and Payments Law: Listing of Provisions

Title 12—Banks and Banking

* * *

Chapter II. Federal Reserve System

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Part 229. Availability of Funds and Collection of Checks (Regulation CC)

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Appendix E to Part 229—Commentary

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AUTHORITY: 12 U.S.C. §§ 4001–4010, 12 U.S.C. §§ 5001–5018.

Consumer Banking and Payments Law: FLORIDA

Fla. Stat. § 668.50

Date enacted: The Act was approved May 26, 2000, and effective July 1, 2000.

Non-Uniform Sections: § 11(b): additional requirements for notaries; § 15(h), time and place: adds section; § 18(d): adds service charge and fee to the government sections.

E-Sign Consumer Protections: not explicit.

Consumer Banking and Payments Law: IDAHO

Idaho Code §§ 28-50-101 to 28-50-120

Date enacted: The Act was approved April 14, 2000, and effective July 1, 2000.

Non-Uniform Sections: § 28-50-102(10): definition of “information” specifically excludes electronic transfers of funds to or from the state; § 28-50-107(e): if a law requires any notice or other record to be sent by certified mail, the record may, with the express consent of the recipient, be transmitted electronically.

Consumer Banking and Payments Law: IOWA

Iowa Code §§ 554D.101 to 554D.124

Date enacted: The Act was approved May 15, 2000, and effective July 1, 2000.

Non-Uniform Sections: § 554D.112, effect of change or error: adds (4) in a consumer transaction, any substantive law limiting a consumer’s liability shall apply to an e-transaction.

E-Sign Consumer Protections: not explicit.

Consumer Banking and Payments Law: KANSAS

Kan. Stat. Ann. §§ 16-1601 to 16-1620

Date enacted: The Act was approved April 19, 2000.

Non-Uniform Sections: § 16-1602: adds definitions for digital signature, message, registered certification authority, and secretary; § 16-1617, registered certification authorities: new section; § 16-1618, rules and regulations: secretary may adopt rules and regulations to implement §§ 16-1617 and 16-1619; § 16-1619, reciprocity with other jurisdictions.

Consumer Banking and Payments Law: LOUISIANA

La. Stat. Ann. §§ 9:2601 to 9:2621

Date enacted: The Act was approved June 1, 2001, and effective July 1, 2001.

Non-Uniform Sections: § 9:2603.1: added provision in 2009 entitled “Electronic applications for all warrants; signatures; electronic judicial records.”

Consumer Banking and Payments Law: MAINE

Me. Stat. tit. 10, §§ 9401 to 9420

Date enacted: The Act was approved May 8, 2000, and effective July 1, 2000.

Non-Uniform Sections: omits severability clause; § 9420: added provision in 2011 entitled “Paperless billing.”

E-Sign Consumer Protections: not explicit.

Consumer Banking and Payments Law: MINNESOTA

Minn. Stat. §§ 325L.01 to 325L.19

Date enacted: The Act was approved April 13, 2000.

Non-Uniform Sections: omits severability clause.

E-Sign Consumer Protections: not explicit.