Definition: In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
Input: SECTION 1. SHORT TITLE.

This Act may be cited as the ''Wire Transfer Fairness and
Disclosure Act of 2002''.

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 through 921 as sections
919 through 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.--In this section, the following definitions
shall apply:
''(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 same meaning as 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, or 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
disclose, 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; and
''(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.--All 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, announcement, or solicitation
which is mailed by the financial institution or money
transmitting business and pertains to international money
transfers; 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 transfers.
''(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 3 months after the date of enactment of this Act.
Output:
Wire Transfer Fairness and Disclosure Act of 2002 - Amends the Electronic Fund Transfer Act to require that the following disclosures be prominently displayed on the premises of a money transmitting business which initiates an international money transfer for a consumer: (1) the exchange rate used in connection with such transaction; (2) the exchange rate prevailing at a major financial center of the foreign country whose currency is involved in the transaction; (3) all commissions and fees charged in connection with such transaction; and (4) 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.Requires further that such disclosures be prominently revealed in advertisements and receipts used by the business, and in the same language as that principally used by the business to advertise, solicit, or negotiate, at that office, if other than English.