|Posted:||December 19, 2012 01:59 PM|
|From:||Representative Glen R. Grell|
|To:||All House members|
|Subject:||UCC, Article 4 -- Prior House Bill 2485|
TO: All House Members
FROM: Representative Glen R. Grell
DATE: December 19, 2012
SUBJECT: Cosponsor Legislation – UCC, Article 4 (Prior HB 2485)
In the immediate future, I plan to introduce legislation to amend Division 4A of Pennsylvania’s Commercial Code (Title 13) which deals with funds transfers. This bill passed the House unanimously on June 29, 2012, but failed to receive third and final passage in the Senate prior to the end of session.
Congress recently made changes to the Electronic Fund Transfer Act, 15 U.S.C. 1639. Given that fact, the executive committee of the Uniform Law Commission is recommending that all 50 states enact legislation to conform state legislation to the new federal legislation so that there is no disruption in the free flow of commerce. The amendment that the Uniform Law Commission is recommending is an amendment to Division 41 Funds Transfers of Pennsylvania’s Commercial Code.
The General Assembly first enacted the Uniform Commercial Code into law in the 1950s. This was the uniform law which was enacted in all 50 states, as drafted by the Uniform Law Commission. In 2001, the General Assembly adopted changes to Division 9 of the Commercial Code that were recommended by the Uniform Law Commission. As all 50 states have enacted the Uniform Commercial Code into law, it is important that the Commonwealth keep pace with enactments in other states, as recommended by the Uniform Law Commission. Simply, this legislation represents the latest in a multi-decade series of recommendations from the Uniform Law Commission with respect to the Uniform Commercial Code. It is important that Pennsylvania enact these recommendations into law.
Introduced as HB22