HR 1306
107th Congress
House
Finance and Financial Sector
Advertising
Commerce
Consumer education
Electronic funds transfers
English language
Financial institutions
Foreign Trade and International Finance
Foreign exchange
Government Operations and Politics
International banking
Language and languages
Science, Technology, Communications
User charges
Wire Transfer Fairness and Disclosure Act of 2001
Introduced: March 29, 2001
See on congress.gov
Everywhere this bill has been
4 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Apr 10, 2001
Referred to the Subcommittee on Financial Institutions and Consumer Credit.
Apr 3, 2001
Sponsor introductory remarks on measure. (CR E514)
Mar 29, 2001
Referred to the House Committee on Financial Services. (text of measure as introduced: CR E514-515)
Mar 29, 2001
Introduced in House
Plain-English summary
Wire Transfer Fairness and Disclosure Act of 2001 - 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; (3) all commissions and fees charged in such transaction; and (4) the exact amount of foreign currency to be received by the consumer in the foreign country.
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.
What's happening now
Referred to the Subcommittee on Financial Institutions and Consumer Credit.
Committees of jurisdiction
2