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~Banks & Money~
 Wire Transfer Fairness and Disclosure
Act of 1999 (Introduced in the House)
HR 382 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.
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