I 

108TH CONGRESS 

1ST SESSION H. R. 2074

To require certain disclosures in connection with any international money 

transfer, and for other purposes. 

IN THE HOUSE OF REPRESENTATIVES 

MAY 13, 2003

Mr. GUTIERREZ (for himself and Mr. FRANK of Massachusetts) introduced the 

following bill; which was referred to the Committee on Financial Services 

A BILL

To require certain disclosures in connection with any 

international money transfer, and for other purposes.

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled,

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘International Money 

5 Transfer Disclosure Act’’. 

6 SEC. 2. DISCLOSURES REQUIRED. 

7 (a) REGULATIONS.—

8 (1) IN GENERAL.—Subject to paragraph (2), 

9 the appropriate Federal agencies shall jointly pre10 scribe regulations that require any financial institu-
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1 tion or money transmitting business which initiates 

2 an international money transfer on behalf of a con3 sumer (whether or not the consumer maintains an 

4 account at such institution or business) to make a 

5 good faith effort to provide the following disclosures 

6 to the consumer before the consummation of the 

7 transaction: 

8 (A) Any fees to be charged to the recipi9 ent, including any exchange rate or currency 

10 conversion fees. 

11 (B) A final itemization of all costs to the 

12 consumer, which would include all fees charged, 

13 for the remittance. 

14 (C) The exact amount of foreign currency 

15 to be received by the recipient in the foreign 

16 country. 

17 (2) GOOD FAITH EFFORT.—For purposes of 

18 paragraph (1), good faith effort requires honesty in 

19 fact and all commercially reasonable efforts to pro20 vide the disclosures based on the most accurate in21 formation reasonably available to the financial insti22 tution or money transmitting business at the time of 

23 the international money transfer. 

24 (b) LANGUAGE REQUIREMENT.—The disclosures re25 quired under subsection (a) shall be in English and in the 
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1 same language, if other than English, as the language 

2 principally used by the financial institution or money 

3 transmitting business, or any of its agents, to advertise, 

4 solicit, or negotiate, either orally or in writing, at the office 

5 of the institution or business at which the international 

6 money transfer is initiated. 

7 (c) DEFINITIONS.—For purposes of this section, the 

8 following definitions shall apply: 

9 (1) APPROPRIATE FEDERAL AGENCY.—The 

10 term ‘‘appropriate Federal agency’’ means—

11 (A) the appropriate Federal banking agen12 cy, in the case of any insured depository institu13 tion (as such terms are defined in section 3 of 

14 the Federal Deposit Insurance Act); 

15 (B) the National Credit Union Administra16 tion, in the case of any credit union (as defined 

17 in section 101 of the Federal Credit Union 

18 Act); and 

19 (C) the Federal Trade Commission, in the 

20 case of any financial institution or money trans21 mitting business that is not an insured deposi22 tory institution or insured credit union. 

23 (2) INTERNATIONAL MONEY TRANSFER.—The 

24 term ‘‘international money transfer’’ means any 

25 money transmitting service originating in the United 
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1 States and involving an international transaction 

2 which is provided by a financial institution or a 

3 money transmitting business. 

4 (3) MONEY TRANSMITTING SERVICE.—The 

5 term ‘‘money transmitting service’’ has the meaning 

6 given to such term in section 5330(d)(2) of title 31, 

7 United States Code. 

8 (4) MONEY TRANSMITTING BUSINESS.—The 

9 term ‘‘money transmitting business’’ means any 

10 business which—

11 (A) provides check cashing, currency ex12 change, or money transmitting or remittance 

13 services, or issues or redeems money orders, 

14 travelers’ checks, and other similar instruments; 

15 and 

16 (B) is not a depository institution (as de17 fined in section 5313(g) of title 31, United 

18 States Code). 

19 (d) ADMINISTRATIVE ENFORCEMENT.—

20 (1) DEPOSITORY INSTITUTIONS.—

21 (A) IN GENERAL.—Compliance with the 

22 requirements imposed under this section shall 

23 be enforced under—

24 (i) section 8 of the Federal Deposit 

25 Insurance Act, in the case of an insured 
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1 depository institution, by the appropriate 

2 Federal banking agency (as such terms are 

3 defined in section 3 of the Federal Deposit 

4 Insurance Act); and 

5 (ii) the Federal Credit Union Act, in 

6 the case of any insured credit union (as de7 fined in section 101 of the Federal Credit 

8 Union Act), by the National Credit Union 

9 Administration. 

10 (B) APPLICABILITY OF OTHER LAWS.—

11 (i) VIOLATIONS OF THIS SECTION.—

12 For the purpose of the exercise by any 

13 agency referred to in subparagraph (A) of 

14 its powers under any Act referred to in 

15 that subparagraph, a violation of any re16 quirement imposed under this section shall 

17 be deemed to be a violation of a require18 ment imposed under that Act. 

19 (ii) OTHER AUTHORITY.—In addition 

20 to its powers under any provision of law 

21 specifically referred to in subparagraph 

22 (A), each of the agencies referred to in 

23 such subparagraph may exercise, for the 

24 purpose of enforcing compliance with any 
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1 requirement imposed under this section, 

2 any other authority conferred on it by law. 

3 (2) OTHER MONEY TRANSMITTING BUSI4 NESSES.—

5 (A) APPROPRIATE FEDERAL REGU6 LATOR.—Except to the extent that enforcement 

7 of the requirements imposed under this section 

8 is specifically committed to some other Govern9 ment agency under paragraph (1), the Federal 

10 Trade Commission shall enforce such require11 ments. 

12 (B) APPLICABILITY OF OTHER LAWS.—

13 (i) VIOLATIONS OF THIS SECTION.—

14 For the purpose of the exercise by the 

15 Federal Trade Commission of its functions 

16 and powers under the Federal Trade Com17 mission Act, a violation of any requirement 

18 imposed under this section shall be deemed 

19 a violation of a requirement imposed under 

20 that Act. 

21 (ii) OTHER AUTHORITY.—All of the 

22 functions and powers of the Federal Trade 

23 Commission under the Federal Trade 

24 Commission Act are available to the Com25 mission to enforce compliance by any per-
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1 son subject to the jurisdiction of the Com2 mission with the requirements imposed 

3 under this section, irrespective of whether 

4 that person is engaged in commerce or 

5 meets any other jurisdictional tests in the 

6 Federal Trade Commission Act. 

7 (e) EFFECTIVE DATE.—This section shall apply to 

8 any international money transfer initiated in the United 

9 States after the end of the 3-month period beginning on 

10 the date of the enactment of this Act.

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