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HR 2074 108th Congress House Finance and Financial Sector Commerce Consumer education Electronic funds transfers English language Fees Financial institutions Foreign Trade and International Finance Foreign exchange Government Operations and Politics International banking Language and languages Science, Technology, Communications User charges

International Money Transfer Disclosure Act

Introduced: May 13, 2003 See on congress.gov
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 Everywhere this bill has been 4 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 23, 2003
Referred to the Subcommittee on Financial Institutions and Consumer Credit.
May 13, 2003
Referred to the House Committee on Financial Services.
May 13, 2003
Sponsor introductory remarks on measure. (CR E941-942)
May 13, 2003
Introduced in House
 Plain-English summary Congressional Research Service

International Money Transfer Disclosure Act - Directs certain Federal agencies to jointly prescribe regulations requiring a financial institution or money transmitting business which initiates an international money transfer on behalf of a consumer to make a good faith effort to disclose to the consumer before consummation of the transaction: (1) any fees to be charged to the recipient, including any exchange rate or currency conversion fees; (2) a final itemization of all costs to the consumer for the remittance; and (3) the exact amount of foreign currency to be received by the recipient in the foreign country.

Mandates that such disclosures take place in English and in the same language, if other than English, as the language principally used by the financial institution or money transmitting business to advertise, solicit, or negotiate at its office where the international money transfer is initiated.

What's happening now May 23, 2003

Referred to the Subcommittee on Financial Institutions and Consumer Credit.

 Committees of jurisdiction 2
 Cosponsors 1
All 1 Democratic 1