S. 1359 · 108th Congress
International Remittance Services Enhancement and Protection Act of 2003
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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
BoxerSponsor1 cosponsor · 1 D
0 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
International Remittance Services Enhancement and Protection Act of 2003 - Amends the Federal Credit Union Act to repeal the limitation on the authority of Federal credit unions to sell negotiable checks (including travelers checks), money orders, and other similar money transfer instruments and services to, as well as cash checks and money orders for,…
What it does: CRS summary · Introduced in Senate · Jun 26, 2003
International Remittance Services Enhancement and Protection Act of 2003 - Amends the Federal Credit Union Act to repeal the limitation on the authority of Federal credit unions to sell negotiable checks (including travelers checks), money orders, and other similar money transfer instruments and services to, as well as cash checks and money orders for, members only. (Thus allows Federal credit unions to perform such services for anyone.) Adds international money transfer services to the list of such services.
Directs the appropriate Federal agencies to jointly prescribe regulations that require any financial institution or money transmitting business which initiates an international money transfer on behalf of a consumer to disclose the following: (1) any fees charged to the recipient, including exchange rate or currency conversion fees; (2) a final itemization of all costs to the consumer, including all fees charged for the remittance; and (3) the exact amount of foreign currency to be received by the recipient in the foreign country.
Requires such disclosures to be in English and in any other language 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.
Grants the Federal Trade Commission enforcement powers with respect to any financial institution or money transmitting business that is not an insured depository institution or insured credit union.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: International Remittance Services Enhancement and Protection Act of 2003
Latest action (Jun 26, 2003): Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Policy area: Finance and Financial Sector · Origin: Senate · Introduced: Jun 26, 2003
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.