[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.
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