International Money Transfer Disclosure Act

(1) IN GENERAL- Subject to paragraph (2), the appropriate Federal agencies shall jointly prescribe regulations that require 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) 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 recipient, 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.

(2) GOOD FAITH EFFORT- For purposes of paragraph (1), good faith effort requires honesty in fact and all commercially reasonable efforts to provide the disclosures based on the most accurate information reasonably available to the financial institution or money transmitting business at the time of the international money transfer.

(b) LANGUAGE REQUIREMENT- The disclosures required 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.

(1) APPROPRIATE FEDERAL AGENCY- The term `appropriate Federal agency' means--

(A) the appropriate Federal banking agency, in the case of any insured depository institution (as such terms are defined in section 3 of the Federal Deposit Insurance Act);

(B) the National Credit Union Administration, 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 transmitting business that is not an insured depository 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 exchange, 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 defined 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 defined 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 requirement imposed under this section shall be deemed to be a violation of a requirement 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 BUSINESSES-

(A) APPROPRIATE FEDERAL REGULATOR- Except to the extent that enforcement of the requirements imposed under this section is specifically committed to some other Government agency under paragraph (1), the Federal Trade Commission shall enforce such requirements.

(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 Commission 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 Commission to enforce compliance by any person subject to the jurisdiction of the Commission 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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