Wire Transfer Fairness and Disclosure Act of 2003

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IntroducedPassed one chamberPassed both chambersBecame law (gold)Resolution agreed to (full, dark)Failed or vetoed (gray)

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Never voted on. It didn't reach a floor vote before the 108th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.

D GutiérrezSponsor

15 cosponsors · 15 D

D Emanuel MFD Frost RG

D McDermott MOD Owens JS

D Serrano BP

D Pascrell LS

D Sánchez

13 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.

What it does: CRS summary · Introduced in House · Jun 26, 2003

Wire Transfer Fairness and Disclosure Act of 2003 - 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.

Requires the Federal banking agencies and the Secretary of the Treasury to study and report to Congress on the need for fee disclosures for money wire transmissions.

Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov

About this bill and sources

Official title: Wire Transfer Fairness and Disclosure Act of 2003

Latest action (Jul 7, 2003): Referred to the Subcommittee on Financial Institutions and Consumer Credit.

Policy area: Finance and Financial Sector · Origin: House · Introduced: Jun 26, 2003

Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)

No recorded floor vote found.