STATEMENT TO

[First Reprint]

SENATE, No. 1125

with Senate Floor Amendments

(Proposed by Senator McKEON)

ADOPTED: JANUARY 30, 2025

      These floor amendments clarify that: (1) a clearance and settlement system, including a payment card network, is not considered a payment processor; and (2) it gives rise to a permissive inference that an individual did not know that their receipt of an electronic payment was erroneous if proof demonstrates that an individual who received an electronic payment from another individual through a payment processor was not notified within 180 days after the transfer of funds that the payment was erroneous.