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.
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘International Money 
Transfer Disclosure Act’’. 
SEC. 2. DISCLOSURES REQUIRED. 
(a) REGULATIONS.—
(1) IN GENERAL.—Subject to paragraph (2), 
the appropriate Federal agencies shall jointly pre-
scribe regulations that require any financial institu-
tion or money transmitting business which initiates 
an international money transfer on behalf of a con-
sumer (whether or not the consumer maintains an 
account at such institution or business) to make a 
good faith effort to provide the following disclosures 
to the consumer before the consummation of the 
transaction: 
(A) Any fees to be charged to the recipi-
ent, including any exchange rate or currency 
conversion fees. 
(B) A final itemization of all costs to the 
consumer, which would include all fees charged, 
for the remittance. 
(C) The exact amount of foreign currency 
to be received by the recipient in the foreign 
country. 
(2) GOOD
FAITH
EFFORT.—For purposes of 
paragraph (1), good faith effort requires honesty in 
fact and all commercially reasonable efforts to pro-
vide the disclosures based on the most accurate in-
formation reasonably available to the financial insti-
tution or money transmitting business at the time of 
the international money transfer. 
(b) LANGUAGE REQUIREMENT.—The disclosures re-
quired under subsection (a) shall be in English and in the
same language, if other than English, as the language 
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 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 agen-
cy, in the case of any insured depository institu-
tion (as such terms are defined in section 3 of 
the Federal Deposit Insurance Act); 
(B) the National Credit Union Administra-
tion, in the case of any credit union (as defined 
in section 101 of the Federal Credit Union 
Act); and 
(C) the Federal Trade Commission, in the 
case of any financial institution or money trans-
mitting business that is not an insured deposi-
tory institution or insured credit union. 
(2) 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. 
(3) 
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. 
(4) MONEY
TRANSMITTING
BUSINESS.—The 
term ‘‘money transmitting business’’ means any 
business which—
(A) provides check cashing, currency ex-
change, 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 de-
fined 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 (as such terms are 
defined in section 3 of the Federal Deposit 
Insurance Act); and 
(ii) the Federal Credit Union Act, in 
the case of any insured credit union (as de-
fined 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 re-
quirement imposed under this section shall 
be deemed to be a violation of a require-
ment 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
BUSI-
NESSES.—
(A) 
APPROPRIATE
FEDERAL
REGU-
LATOR.—Except to the extent that enforcement 
of the requirements imposed under this section 
is specifically committed to some other Govern-
ment agency under paragraph (1), the Federal 
Trade Commission shall enforce such require-
ments. 
(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 Com-
mission 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 Com-
mission to enforce compliance by any per-
son subject to the jurisdiction of the Com-
mission 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 the enactment of this Act.
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