Wire Transfer Fairness and Disclosure Act of 2003

Summary

Wire Transfer Fairness and Disclosure Act of 2003 - 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. Requires the Federal banking agencies and the Secretary of the Treasury to study and report to Congress on the need for fee disclosures for money wire transmissions.

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Timeline

1. 26 June 2003

   Introduced

   Introduced in House

   Source: IntroReferral

2. 26 June 2003

   Introduced

   Introduced in House

   Source: IntroReferral

3. 26 June 2003

   Introduced

   Referred to the House Committee on Financial Services.

   Source: IntroReferral

4. 27 June 2003

   Introduced

   Sponsor introductory remarks on measure. (CR E1377-1378)

   Source: IntroReferral

5. 7 July 2003

   Referred

   Referred to the Subcommittee on Financial Institutions and Consumer Credit.

   Source: Committee

Votes

No vote records are attached yet.

Versions

• Introduced in House · 26 June 2003 · Official file

Documents

3 official files

• Introduced in House (text)

  Introduced in House · EN · 26 June 2003

  ViewDownloadOpen at official source

• Introduced in House (PDF)

  Introduced in House · EN · 26 June 2003

  ViewDownloadOpen at official source

• Introduced in House

  summary · EN · 26 June 2003

  Open at official source

Sponsors

• LUIS GUTIERREZ · D · Sponsor
• Rosa DeLauro · D · Sponsor
• ELIOT ENGEL · D · Sponsor
• Rep. Frost, Martin [D-TX-24] · D · Sponsor
• Rep. Kucinich, Dennis J. [D-OH-10] · D · Sponsor
• Del. Bordallo, Madeleine Z. [D-GU-At Large] · D · Sponsor
• Raúl Grijalva · D · Sponsor
• Rep. McDermott, Jim [D-WA-7] · D · Sponsor
• Anna Eshoo · D · Sponsor
• Barbara Lee · D · Sponsor
• Rep. Owens, Major R. [D-NY-12] · D · Sponsor
• Rep. Lantos, Tom [D-CA-11] · D · Sponsor
• JOSE SERRANO · D · Sponsor
• Rep. Emanuel, Rahm [D-IL-5] · D · Sponsor
• Bill Pascrell · D · Cosponsor
• Linda Sánchez · D · Cosponsor
• · hsba00 · Standing

Related records

No cross-record relationships stored yet.