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California Assembly Bill 2991 will require all wholesaler alcohol invoice payments to be made using an electronic funds transfer (EFT) by December 31, 2025. Click here to learn more about Assembly Bill 2991 and how Fintech can help.
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About The California Assembly Bill 2991
Learn about Assembly Bill 2991.
Additional details about AB 2991 and how to get started.
How Fintech can help keep you compliant with AB 2991.
As of September 22, 2024, Assembly Bill 2991 has been signed by Governor Newsom. This bill requires all wholesaler alcohol invoice payments to be made using an electronic funds transfer (EFT). Cash, checks, money orders, and other forms of payment will be replaced by EFT.
What are EFT payments?
AB-2991 defines them as “the electronic transfer of money from one bank account to another, either within a single financial institution or across multiple institutions via computer-based systems.” It’s basically just an electronic version of a paper check.
Other notable clarifications to consider:
- California’s 30-day credit limits remain unchanged and at the wholesaler’s discretion
- Electronic payments include credit cards – but the retailer must pay the transaction fee for each credit card transaction
- Wholesalers and retailers must pay their own costs for EFT services (neither party may pay for the other)
- Wholesalers must initiate the payment process
- Wholesalers will be responsible for selecting which third-party payment platforms they use, but there is an exception for retailers already using a third-party payment platform
Do you have questions about AB-2991 or how this will affect your business? Reach out to Wendy Turk, VP of Regulations at Fintech, at regulations@fintech.com.