Wire Transfer Fairness and Disclosure Act of 2002

Summary

Wire Transfer Fairness and Disclosure Act of 2002 - Amends the Electronic Fund Transfer Act to require that the following disclosures be prominently displayed on the premises of a money transmitting business which initiates an international money transfer for a consumer: (1) the exchange rate used in connection with such transaction; (2) the exchange rate prevailing at a major financial center of the foreign country whose currency is involved in the transaction; (3) all commissions and fees charged in connection with such transaction; and (4) the exact amount of foreign currency to be received by the recipient in the foreign country, which shall be disclosed to the consumer before the transaction is consummated. Requires further that such disclosures be prominently revealed in advertisements and receipts used by the business, and in the same language as that principally used by the business to advertise, solicit, or negotiate, at that office, if other than English.

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3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 1 August 2002

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 1 August 2002

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• Introduced in Senate

  summary · EN · 1 August 2002

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