To amend the Electronic Fund Transfer Act to require additional disclosures relating to exchange rates in transfers involving international transactions.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Wire Transfer Fairness and 
Disclosure Act of 2001''.

SEC. 2. DISCLOSURE OF EXCHANGE RATES IN CONNECTION WITH INTERNATIONAL 
              MONEY TRANSFERS.

    (a) In General.--The Electronic Fund Transfer Act (15 U.S.C. 1693 
et seq.) is amended--
            (1) by redesignating sections 918, 919, 920, and 921 as 
        sections 919, 920, 921, and 922, respectively; and
            (2) by inserting after section 917 the following new 
        section:

``SEC. 918. DISCLOSURE OF EXCHANGE RATES IN CONNECTION WITH 
              INTERNATIONAL MONEY TRANSFERS.

    ``(a) Definitions.--
            ``(1) International money transfer.--The term 
        `international money transfer' means any money transmitting 
        service involving an international transaction which is 
        provided by a financial institution or a money transmitting 
        business.
            ``(2) Money transmitting service.--The term `money 
        transmitting service' has the meaning given to such term in 
        section 5330(d)(2) of title 31, United States Code.
            ``(3) 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).
    ``(b) Exchange Rate and Fees Disclosures Required.--
            ``(1) In general.--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) shall 
        provide the following disclosures in the manner required under 
        this section:
                    ``(A) The exchange rate used by the financial 
                institution or money transmitting business in 
                connection with such transaction.
                    ``(B) The exchange rate prevailing at a major 
                financial center of the foreign country whose currency 
                is involved in the transaction, as of the close of 
                business on the business day immediately preceding the 
                date of the transaction (or the official exchange rate, 
                if any, of the government or central bank of such 
                foreign country).
                    ``(C) All commissions and fees charged by the 
                financial institution or money transmitting business in 
                connection with such transaction.
                    ``(D) 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 and printed on the receipt 
                referred to in paragraph (3).
            ``(2) Prominent disclosure inside and outside the place of 
        business where an international money transfer is initiated.--
        The information required to be disclosed under subparagraphs 
        (A)(B) and (C) of paragraph (1) shall be prominently displayed 
        on the premises of the financial institution or money 
        transmitting business both at the interior location to which 
        the public is admitted for purposes of initiating an 
        international money transfer and on the exterior of any such 
        premises.
            ``(3) Prominent disclosure in all receipts and forms used 
        in the place of business where an international money transfer 
        is initiated.--The information required to be disclosed under 
        paragraph (1) shall be prominently displayed on all forms and 
        receipts used by the financial institution or money 
        transmitting business when initiating an international money 
        transfer in such premises.
    ``(c) Advertisements in Print, Broadcast, and Electronic Media and 
Outdoor Advertising.--The information required to be disclosed under 
subparagraphs (A) and (C) of subsection (b)(1) shall be included--
            ``(1) in any advertisement, announcements, or solicitation 
        which is mailed by the financial institution or money 
        transmitting business and pertains to international money 
        transfer; or
            ``(2) in any print, broadcast, or electronic medium or 
        outdoor advertising display not on the premises of the 
        financial institution or money transmitting business and 
        pertaining to international money transfer.
    ``(d) Disclosures in Languages Other Than English.--The disclosures 
required under this section shall be in English and in the same 
language as that principally 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 that office if other than 
English.''.
    (b) Effective Date.--The amendment made by subsection (a) shall 
take effect at the end of the 3-month period beginning on the date of 
the enactment of this Act.

Summary: Wire Transfer Fairness and Disclosure Act of 2001 - 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.