Bill > H264

This bill modifies North Carolina's Uniform Commercial Code provisions related to wire transfers and payment orders, focusing on enhancing security procedures and consumer protections. The bill introduces new requirements for banks when processing payment orders, including mandatory verbal verification of orders with customers and beneficiaries, and establishes specific refund and payment rules for unauthorized transactions. For new accounts with large transactions (over $100,000) opened within one year, banks must now pay only 25% of the amount initially and the remaining 75% ten business days later. The bill also clarifies that banks must notify beneficiaries of payment orders and provides guidelines for when and how such notifications should occur. Additionally, the bill strengthens provisions around unauthorized payment orders, requiring banks to refund 25% of payments within 30 days of discovering an unauthorized transaction. These changes aim to reduce wire fraud risks and provide more robust protections for bank customers by introducing more stringent verification and notification processes. The bill will become effective on October 1, 2025, and will apply to funds transfers starting from that date.

Business and Industry, Justice

https://www.ncleg.gov/BillLookUp/2025/H264