1. (a) Financial Code Section 2082(b)(12) provides that “any receivable owed by a bank and resulting from an automated clearinghouse, debit, or credit-funded transmission” is a United States currency eligible security. For purposes of this subarticle, the following terms shall apply:

   1. (1) A receivable owed by a bank and resulting from an automated clearinghouse transmission will be termed an “ACH Receivable.”
   2. (2) A receivable owed by a bank and resulting from a credit-funded transmission will be termed a “Credit Card Receivable.”
   3. (3) A receivable owed by a bank and resulting from a debit funded transmission will be termed a “Debit Card Receivable.”
2. (b) The terms ACH Receivables, Credit Card Receivables, and Debit Card Receivables are defined at § 80.5305.

Note: Authority cited: Sections 2082 and 2086, Financial Code. Reference: Sections 2082 and 2086, Financial Code.

History

1. New section filed 8-11-2015; operative 10-1-2015 (Register 2015, No. 33).