S. 1359Senate108th Congress (2003-2005)In Committee

International Remittance Services Enhancement and Protection Act of 2003

A bill to allow credit unions to provide international money transfer services and to require disclosures in connection with international money transfers from all money transmitting service providers.

Introduced June 26, 2003

Legislative Activity

Stay on top of the latest movement without scrolling through every action

2 earlier actions
SenateIntro Referral Latest Action

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

June 26, 2003

View full timeline
SenateIntro Referral

Introduced in Senate

June 26, 2003

SenateIntro Referral

Sponsor introductory remarks on measure. (CR S8756)

June 26, 2003

SenateIntro Referral

Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

June 26, 2003

Floor Debate

17 members

What members said about S. 1359 on the floor

6 Republicans11 Democrats
Dianne Feinstein
Sen. Dianne FeinsteinD-CA · Jun 26, 2003

Mr. President, I rise today to introduce legislation to amend the Graton Rancheria Restoration Act to give the State of California and the local communities of Sonoma, Napa, and Marin counties the…

Carl Levin
Sen. Carl LevinD-MI · Jun 26, 2003

Mr. President, I ask unanimous consent that the text of the Keweenaw National Historical Park bill be printed in the Record. Mr. President, I am pleased to join Senators Akaka, Grassley, Leahy, and…

Mitch McConnell
Sen. Mitch McConnellR-KY · Jun 26, 2003

Mr. President, today, along with my colleagues Senators Kyl and Leahy, I offer the ``Cambodia Democracy and Accountability Act of 2003''. This Act is particularly timely, given that national…

Maria Cantwell
Sen. Maria CantwellD-WA · Jun 26, 2003

Mr. President, I come to the floor today to discuss a topic that I believe is critical to our Nation's economic growth and future competitiveness--the training of our workforce. We are living in…

Lisa Murkowski
Sen. Lisa MurkowskiR-AK · Jun 26, 2003

Mr. President, I rise today to reintroduce a bill that passed the Senate with bipartisan support in the 107th Congress. This legislation addresses an equity issue for one of Alaska's rural village…

Show 8 more
Bob Graham
Sen. Bob GrahamD-FL · Jun 26, 2003

Mr. President, I rise today to introduce legislation that will authorize additional judgeships in the Middle and Southern Federal Judicial Districts of Florida. Additional judgeships are needed in…

Jon S. Corzine
Sen. Jon S. CorzineD-NJ · Jun 26, 2003

Mr. President, today, along with my distinguished colleagues Senators Schumer, Akaka, and Boxer, I am introducing ``The Money Wire Improvement and Remittance Enhancement Act'' (The ``Money WIRE…

Barbara Boxer
Sen. Barbara BoxerD-CA · Jun 26, 2003

Mr. President, today, I am introducing the International Remittances Services Enhancement and Protection Act of 2003. Remittances are the funds that immigrants send to their families abroad to help…

Daniel K. Akaka
Sen. Daniel K. AkakaD-HI · Jun 26, 2003

Mr. President, I rise as a cosponsor of the Money Wire Improvement and Remittance Enhancement Act introduced by my colleague, Senator Corzine. I thank Senator Corzine for his leadership on this…

Patty Murray
Sen. Patty MurrayD-WA · Jun 26, 2003

Mr. President, I rise today to introduce legislation that will greatly enhance Federal participation in financing and improving our Nation's ferry transportation system. Today I am introducing the…

Gordon H. Smith
Sen. Gordon H. SmithR-OR · Jun 26, 2003

Mr. President, on behalf of myself and my colleagues, Mr. Kohl of Wisconsin, Mrs. Boxer of California, Mr. Cornyn of Texas, Mr. Feingold of Wisconsin, Mrs. Hutchison of Texas, Ms. Murkowski of…

Russell D. Feingold
Sen. Russell D. FeingoldD-WI · Jun 26, 2003

Mr. President, I am pleased to join with my colleague from Colorado, Mr. Allard, as a cosponsor of the Chronic Wasting Disease Financial Assistance Act of 2003. This legislation is similar to…

Harry Reid
Sen. Harry ReidD-NV · Jun 26, 2003

Mr. President, as thousands of families look forward to summer vacations at our beautiful national parks, we must address an issue that could one day ruin their experience: privatization of the…

Show 5 more
Barbara Boxer
Sen. Barbara BoxerD-CA · Jun 26, 2003

Mr. President, today, I am introducing the International Remittances Services Enhancement and Protection Act of 2003. Remittances are the funds that immigrants send to their families abroad to help…

Ron Wyden
Sen. Ron WydenD-OR · Jun 26, 2003

Mr. President: Today, I introduce, for myself and Mrs. Feinstein, the Community and Forest Protection Act. I ask unanimous consent that the text of the bill to be printed in the Record.

William H. Frist
Sen. William H. FristR-TN · Jun 26, 2003

Mr. President, I ask unanimous consent that the text of the bill be printed in the Record.

Sam Brownback
Sen. Sam BrownbackR-KS · Jun 26, 2003

Mr. President, I ask unanimous consent that the text of the bill be printed in the Record.

Wayne Allard
Sen. Wayne AllardR-CO · Jun 26, 2003

Mr. President, I ask unanimous consent that the text of the bill be printed in the Record.

Bill Text

Latest available legislative text

Reading Mode
Latest
Introduced in SenateIssued June 26, 2003
        [Congressional Bills 108th Congress]
[From the U.S. Government Publishing Office]
[S. 1359 Introduced in Senate (IS)]

108th CONGRESS
1st Session
S. 1359

To allow credit unions to provide international money transfer services
and to require disclosures in connection with international money
transfers from all money transmitting service providers.

_______________________________________________________________________

IN THE SENATE OF THE UNITED STATES

June 26, 2003

Mrs. Boxer introduced the following bill; which was read twice and
referred to the Committee on Banking, Housing, and Urban Affairs

_______________________________________________________________________

A BILL

To allow credit unions to provide international money transfer services
and to require disclosures in connection with international money
transfers from all money transmitting service providers.

Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the ``International Remittance Services
Enhancement and Protection Act of 2003''.

SEC. 2. FEDERAL CREDIT UNION ACT AMENDMENT.

Paragraph (12) of section 107 of the Federal Credit Union Act (12
U.S.C. 1757(12)) is amended to read as follows:
``(12) in accordance with regulations prescribed by the
Board--
``(A) to sell or provide for a fee negotiable
checks (including travelers checks), money orders,
international money transfer services, and other
similar money transfer instruments and services; and
``(B) to cash checks and money orders;''.

SEC. 3. DISCLOSURES REQUIRED.

(a) Regulations.--Subject to paragraph (2), the appropriate Federal
agencies shall jointly prescribe regulations that require any financial
institution or money transmitting business which initiates an
international money transfer on behalf of a consumer (whether or not
the consumer maintains an account at such institution or business) to
provide the following disclosures to the consumer before the
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, which
would include all fees charged, for the remittance.
(3) The exact amount of foreign currency to be received by
the recipient in the foreign country.
(b) Language Requirement.--The disclosures required under
subsection (a) shall be in English and in any other language used by
the financial institution or money transmitting business, or any of its
agents, to advertise, solicit, or negotiate, either orally or in
writing, at the office of the institution or business at which the
international money transfer is initiated.
(c) Definitions.--For purposes of this section, the following
definitions shall apply:
(1) Appropriate federal agency.--The term ``appropriate
Federal agency'' means--
(A) the appropriate Federal banking agency, in the
case of any insured depository institution;
(B) the National Credit Union Administration, in
the case of any insured credit union; and
(C) the Federal Trade Commission, in the case of
any financial institution or money transmitting
business that is not an insured depository institution
or insured credit union.
(2) Appropriate federal banking agency.--The term
``appropriate Federal banking agency'' has the same meaning as
in section 3 of the Federal Deposit Insurance Act;
(3) Insured credit union.--The term ``insured credit
union'' has the same meaning as in section 101 of the Federal
Credit Union Act;
(4) Insured depository institution.--The term ``insured
depository institution'' has the same meaning as in section 3
of the Federal Deposit Insurance Act;
(5) International money transfer.--The term ``international
money transfer'' means any money transmitting service
originating in the United States and involving an international
transaction which is provided by a financial institution or a
money transmitting business.
(6) Money transmitting service.--The term ``money
transmitting service'' has the same meaning as in section
5330(d)(2) of title 31, United States Code.
(7) Money transmitting business.--The term ``money
transmitting business'' means any business which--
(A) provides check cashing, currency exchange, or
money transmitting or remittance services, or issues or
redeems money orders, travelers' checks, and other
similar instruments; and
(B) is not a depository institution (as defined in
section 5313(g) of title 31, United States Code).
(d) Administrative Enforcement.--
(1) Depository institutions.--
(A) In general.--Compliance with the requirements
imposed under this section shall be enforced under--
(i) section 8 of the Federal Deposit
Insurance Act, in the case of an insured
depository institution, by the appropriate
Federal banking agency; and
(ii) the Federal Credit Union Act, in the
case of any insured credit union (as defined in
section 101 of the Federal Credit Union Act),
by the National Credit Union Administration.
(B) Applicability of other laws.--
(i) Violations of this section.--For the
purpose of the exercise by any agency referred
to in subparagraph (A) of its powers under any
Act referred to in that subparagraph, a
violation of any requirement imposed under this
section shall be deemed to be a violation of a
requirement imposed under that Act.
(ii) Other authority.--In addition to its
powers under any provision of law specifically
referred to in subparagraph (A), each of the
agencies referred to in such subparagraph may
exercise, for the purpose of enforcing
compliance with any requirement imposed under
this section, any other authority conferred on
it by law.
(2) Other money transmitting businesses.--
(A) Appropriate federal regulator.--Except to the
extent that enforcement of the requirements imposed
under this section is specifically committed to some
other Government agency under paragraph (1), the
Federal Trade Commission shall enforce such
requirements.
(B) Applicability of other laws.--
(i) Violations of this section.--For the
purpose of the exercise by the Federal Trade
Commission of its functions and powers under
the Federal Trade Commission Act, a violation
of any requirement imposed under this section
shall be deemed a violation of a requirement
imposed under that Act.
(ii) Other authority.--All of the functions
and powers of the Federal Trade Commission
under the Federal Trade Commission Act are
available to the Commission to enforce
compliance by any person subject to the
jurisdiction of the Commission with the
requirements imposed under this section,
irrespective of whether that person is engaged
in commerce or meets any other jurisdictional
tests in the Federal Trade Commission Act.
(e) Effective Date.--This section shall apply to any international
money transfer initiated in the United States after the end of the 3-
month period beginning on the date of enactment of this Act.
<all>