Page:United States Statutes at Large Volume 124.djvu/2086

 124 STAT. 2060 PUBLIC LAW 111–203—JULY 21, 2010 (b) APPLICABILITY.—Amendments made by subsection (a) shall not apply to programs authorized by section 1132 of the Housing and Economic Recovery Act of 2008 (12 U.S.C. 1701x note) that are funded with appropriations prior to fiscal year 2011. SEC. 1073. REMITTANCE TRANSFERS. (a) TREATMENT OF REMITTANCE TRANSFERS.—The Electronic Fund Transfer Act (15 U.S.C. 1693 et seq.) is amended— (1) in section 902(b) (15 U.S.C. 1693(b)), by inserting ‘‘and remittance’’ after ‘‘electronic fund’’; (2) in section 904(c) (15 U.S.C. 1693b(c)), in the first sen- tence, by inserting ‘‘or remittance transfers’’ after ‘‘electronic fund transfers’’; (3) by redesignating sections 919, 920, 921, and 922 as sections 920, 921, 922, and 923, respectively; and (4) by inserting after section 918 the following: ‘‘SEC. 919. REMITTANCE TRANSFERS. ‘‘(a) DISCLOSURES REQUIRED FOR REMITTANCE TRANSFERS.— ‘‘(1) IN GENERAL.—Each remittance transfer provider shall make disclosures as required under this section and in accord- ance with rules prescribed by the Board. Disclosures required under this section shall be in addition to any other disclosures applicable under this title. ‘‘(2) DISCLOSURES.—Subject to rules prescribed by the Board, a remittance transfer provider shall provide, in writing and in a form that the sender may keep, to each sender requesting a remittance transfer, as applicable to the trans- action— ‘‘(A) at the time at which the sender requests a remit- tance transfer to be initiated, and prior to the sender making any payment in connection with the remittance transfer, a disclosure describing— ‘‘(i) the amount of currency that will be received by the designated recipient, using the values of the currency into which the funds will be exchanged; ‘‘(ii) the amount of transfer and any other fees charged by the remittance transfer provider for the remittance transfer; and ‘‘(iii) any exchange rate to be used by the remit- tance transfer provider for the remittance transfer, to the nearest 1/100th of a point; and ‘‘(B) at the time at which the sender makes payment in connection with the remittance transfer— ‘‘(i) a receipt showing— ‘‘(I) the information described in subparagraph (A); ‘‘(II) the promised date of delivery to the des- ignated recipient; and ‘‘(III) the name and either the telephone number or the address of the designated recipient, if either the telephone number or the address of the designated recipient is provided by the sender; and ‘‘(ii) a statement containing— ‘‘(I) information about the rights of the sender under this section regarding the resolution of errors; and 15 USC 1693o–1. 15 USC 1693p–1693r, 1693 note. 12 USC 5601. 12 USC 1701x note.