Source: https://www.consumerfinance.gov/policy-compliance/rulemaking/regulations/1005/30/
Timestamp: 2020-07-03 10:13:39
Document Index: 591827524

Matched Legal Cases: ['§ 1005', '§ 1005', '§ 1005', '§ 1005', '§ 1005', '§ 1005']

§ 1005.30 Remittance transfer definitions. | Consumer Financial Protection Bureau
(a) “Agent” means an agent, authorized delegate, or person affiliated with a remittance transfer provider, as defined under State or other applicable law, when such agent, authorized delegate, or affiliate acts for that remittance transfer provider.
(b) “Business day” means any day on which the offices of a remittance transfer provider are open to the public for carrying on substantially all business functions.
Official interpretation of 30(b) Business Day Show Hide
See interpretation of 30(b) Business Day in Supplement I
(c) “Designated recipient” means any person specified by the sender as the authorized recipient of a remittance transfer to be received at a location in a foreign country.
Official interpretation of 30(c) Designated Recipient Show Hide
See interpretation of 30(c) Designated Recipient in Supplement I
(d) “Preauthorized remittance transfer” means a remittance transfer authorized in advance to recur at substantially regular intervals.
Official interpretation of 30(d) Preauthorized Remittance Transfer Show Hide
See interpretation of 30(d) Preauthorized Remittance Transfer in Supplement I
(e) Remittance transfer —
Official interpretation of 30(e) Remittance Transfer Show Hide
See interpretation of 30(e) Remittance Transfer in Supplement I
(1) General definition. A “remittance transfer” means the electronic transfer of funds requested by a sender to a designated recipient that is sent by a remittance transfer provider. The term applies regardless of whether the sender holds an account with the remittance transfer provider, and regardless of whether the transaction is also an electronic fund transfer, as defined in § 1005.3(b).
(2) Exclusions from coverage. The term “remittance transfer” does not include:
(f) Remittance transfer provider —
Official interpretation of 30(f) Remittance Transfer Provider Show Hide
See interpretation of 30(f) Remittance Transfer Provider in Supplement I
(1) General definition. “Remittance transfer provider” or “provider” means any person that provides remittance transfers for a consumer in the normal course of its business, regardless of whether the consumer holds an account with such person.
(2) Normal course of business —
(i) Safe harbor. For purposes of paragraph (f)(1) of this section, a person is deemed not to be providing remittance transfers for a consumer in the normal course of its business if the person:
(ii) Transition period. If a person that provided 100 or fewer remittance transfers in the previous calendar year provides more than 100 remittance transfers in the current calendar year, and if that person is then providing remittance transfers for a consumer in the normal course of its business pursuant to paragraph (f)(1) of this section, the person has a reasonable period of time, not to exceed six months, to begin complying with this subpart. Compliance with this subpart will not be required for any remittance transfers for which payment is made during that reasonable period of time.
(g) “Sender” means a consumer in a State who primarily for personal, family, or household purposes requests a remittance transfer provider to send a remittance transfer to a designated recipient.
Official interpretation of 30(g) Sender Show Hide
See interpretation of 30(g) Sender in Supplement I
(h) Third-party fees.
Official interpretation of 30(h) Third-Party Fees Show Hide
See interpretation of 30(h) Third-Party Fees in Supplement I
(1) “Covered third-party fees.” The term “covered third-party fees” means any fees imposed on the remittance transfer by a person other than the remittance transfer provider except for fees described in paragraph (h)(2) of this section.
(2) “Non-covered third-party fees.” The term “non-covered third-party fees” means any fees imposed by the designated recipient's institution for receiving a remittance transfer into an account except if the institution acts as an agent of the remittance transfer provider.
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