International Money Transfer Disclosure Act

Summary

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.

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3 official files

• Introduced in House (text)

  Introduced in House · EN · 13 May 2003

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• Introduced in House (PDF)

  Introduced in House · EN · 13 May 2003

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• Introduced in House

  summary · EN · 13 May 2003

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