THEREFORE, In order to exercise the duty of this lawmaking body to protect its citizenry, this law is hereby enacted as part of this body's duty to the citizens of this State and shall be known as the

CITIZENS Y2K FINANCIAL PROTECTION ACT.

IT IS HEREBY ENACTED:

DEFINITIONS
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*
1. No entity or citizen of [this state] or who transacts business with the citizens of [this state] on matters directly or indirectly affecting property, mortgages, credit accounts, banking and/or financial transactions of persons, tangible or intangible property or property interests in this State shall cause or permit a foreclosure, default or other adverse action against any person as a result of the improper or incorrect transmission or inability to cause transaction to occur, which is caused wholly or in part to a failure or inability to accurately or timely process any information or data, payment, transfer or processing of same, due directly or indirectly to the failure or malfunction of any computer processor to accurately or properly recognize, calculate, display, sort or otherwise process dates or times or other data as a consequence of such system to incorrectly process the proper date which may result in inaccurate, incorrect operations or applications, or inability to operate.

2. Further, no such person or entity may take any adverse or enforcement action whether based on contract or otherwise against any person or entity who is unable to cause payment, acts, forbearance, or other transaction in a timely manner, to occur where such failure or inability of such

obligor to access or receive funds or to otherwise cause a proper transaction to occur, is due wholly or in party to the inability of either party to have such necessary data, information, payments, fund transfer, checking or other such financial transaction to occur, where it is due to the obligor's inability to properly account or the obligee's inability to access or cause their source of such transaction to occur properly.