H.R.382 - Wire Transfer Fairness and Disclosure Act of 1999106th Congress (1999-2000)
|Sponsor:||Rep. Gutierrez, Luis V. [D-IL-4] (Introduced 01/19/1999)|
|Committees:||House - Banking and Financial Services|
|Latest Action:||House - 02/12/1999 Referred to the Subcommittee on Financial Institutions and Consumer Credit. (All Actions)|
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Text: H.R.382 — 106th Congress (1999-2000)All Information (Except Text)
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Introduced in House (01/19/1999)
[Congressional Bills 106th Congress] [From the U.S. Government Printing Office] [H.R. 382 Introduced in House (IH)] 106th CONGRESS 1st Session H. R. 382 To amend the Electronic Fund Transfer Act to require additional disclosures relating to exchange rates in transfers involving international transactions. _______________________________________________________________________ IN THE HOUSE OF REPRESENTATIVES January 19, 1999 Mr. Gutierrez (for himself, Mr. Vento, Mr. Becerra, Mr. Filner, Mr. Hinchey, Mr. Owens, Mr. Rodriguez, Mr. Romero-Barcelo, Mr. Stark, and Mr. Ortiz) introduced the following bill; which was referred to the Committee on Banking and Financial Services _______________________________________________________________________ A BILL To amend the Electronic Fund Transfer Act to require additional disclosures relating to exchange rates in transfers involving international transactions. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE. This Act may be cited as the ``Wire Transfer Fairness and Disclosure Act of 1999''. SEC. 2. DISCLOSURE OF EXCHANGE RATES IN CONNECTION WITH INTERNATIONAL MONEY TRANSFERS. (a) In General.--The Electronic Fund Transfer Act (15 U.S.C. 1693 et seq.) is amended-- (1) by redesignating sections 918, 919, 920, and 921 as sections 919, 920, 921, and 922, respectively; and (2) by inserting after section 917 the following new section: ``SEC. 918. DISCLOSURE OF EXCHANGE RATES IN CONNECTION WITH INTERNATIONAL MONEY TRANSFERS. ``(a) Definitions.-- ``(1) International money transfer.--The term `international money transfer' means any money transmitting service involving an international transaction which is provided by a financial institution or a money transmitting business. ``(2) Money transmitting service.--The term `money transmitting service' has the meaning given to such term in section 5330(d)(2) of title 31, United States Code. ``(3) Money transmitting business.--The term `money transmitting business' has the meaning given to such term in section 5330(d)(1) of title 31, United States Code (other than subparagraph (B) of such section). ``(b) Exchange Rate and Fees Disclosures Required.-- ``(1) In general.--Any financial institution or money transmitting business which initiates an international money transfer on behalf of a consumer (whether or not the consumer maintains an account at such institution or business) shall provide the following disclosures in the manner required under this section: ``(A) The exchange rate used by the financial institution or money transmitting business in connection with such transaction. ``(B) The exchange rate prevailing at a major financial center of the foreign country whose currency is involved in the transaction, as of the close of business on the business day immediately preceding the date of the transaction (or the official exchange rate, if any, of the government or central bank of such foreign country). ``(C) All commissions and fees charged by the financial institution or money transmitting business in connection with such transaction. ``(2) Prominent disclosure inside and outside the place of business where an international money transfer is initiated.-- The information required to be disclosed under paragraph (1) shall be prominently displayed on the premises of the financial institution or money transmitting business both at the interior location to which the public is admitted for purposes of initiating an international money transfer and on the exterior of any such premises. ``(3) Prominent disclosure in all receipts and forms used in the place of business where an international money transfer is initiated.--The information required to be disclosed under paragraph (1) shall be prominently displayed on all forms and receipts used by the financial institution or money transmitting business when initiating an international money transfer in such premises. ``(c) Advertisements in Print, Broadcast, and Electronic Media and Outdoor Advertising.--The information required to be disclosed under subsection (b)(1) shall be included-- ``(1) in any advertisement, announcements, or solicitation which is mailed by the financial institution or money transmitting business and pertains to international money transfer; or ``(2) in any print, broadcast, or electronic medium or outdoor advertising display not on the premises of the financial institution or money transmitting business and pertaining to international money transfer. ``(d) Disclosures in Languages Other Than English.--The disclosures required under this section shall be in English and in the same language as that principally used by the financial institution or money transmitting business, or any of its agents, to advertise, solicit, or negotiate, either orally or in writing, at that office if other than English.''. (b) Effective Date.--The amendment made by subsection (a) shall take effect at the end of the 3-month period beginning on the date of the enactment of this Act. <all>