H.R.3726 - Wire Transfer Fairness and Disclosure Act of 1998105th Congress (1997-1998)
|Sponsor:||Rep. Gutierrez, Luis V. [D-IL-4] (Introduced 04/23/1998)|
|Committees:||House - Banking and Financial Services|
|Latest Action:||04/30/1998 Referred to the Subcommittee on Financial Institutions and Consumer Credit.|
This bill has the status Introduced
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Subject — Policy Area:
- Finance and Financial Sector
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Summary: H.R.3726 — 105th Congress (1997-1998)All Bill Information (Except Text)
Introduced in House (04/23/1998)
Wire Transfer Fairness and Disclosure Act of 1998 - Amends the Electronic Fund Transfer Act to require a financial institution or money transmitting business initiating an international money transfer on behalf of a consumer to disclose prominently on its premises and on its forms and receipts: (1) the exchange rate used in the transaction; (2) the exchange rate prevailing at a major financial center of the pertinent foreign country as of close of business on the business day immediately preceding the transaction date; and (3) all commissions and fees charged in such transaction.
Requires such information to be: (1) included in print, broadcast, and electronic advertisements; and (2) in English and in the same language as principally used by the institution or money transmitting business to advertise, solicit, or negotiate at that office if other than English.