Page:United States Statutes at Large Volume 124.djvu/2089

 124 STAT. 2063 PUBLIC LAW 111–203—JULY 21, 2010 ‘‘(ii) to understand the types and amounts of any fees or costs imposed on remittance transfers. ‘‘(b) FOREIGN LANGUAGE DISCLOSURES.—The disclosures required under this section shall be made in English and in each of the foreign languages principally used by the remittance transfer provider, or any of its agents, to advertise, solicit, or market, either orally or in writing, at that office. ‘‘(c) REGULATIONS REGARDING TRANSFERS TO CERTAIN NATIONS.—If the Board determines that a recipient nation does not legally allow, or the method by which transactions are made in the recipient country do not allow, a remittance transfer provider to know the amount of currency that will be received by the des- ignated recipient, the Board may prescribe rules (not later than 18 months after the date of enactment of the Consumer Financial Protection Act of 2010) addressing the issue, which rules shall include standards for a remittance transfer provider to provide— ‘‘(1) a receipt that is consistent with subsections (a) and (b); and ‘‘(2) a reasonably accurate estimate of the foreign currency to be received, based on the rate provided to the sender by the remittance transfer provider at the time at which the transaction was initiated by the sender. ‘‘(d) REMITTANCE TRANSFER ERRORS.— ‘‘(1) ERROR RESOLUTION.— ‘‘(A) IN GENERAL.—If a remittance transfer provider receives oral or written notice from the sender within 180 days of the promised date of delivery that an error occurred with respect to a remittance transfer, including the amount of currency designated in subsection (a)(3)(A) that was to be sent to the designated recipient of the remittance transfer, using the values of the currency into which the funds should have been exchanged, but was not made available to the designated recipient in the foreign country, the remittance transfer provider shall resolve the error pursuant to this subsection and investigate the reason for the error. ‘‘(B) REMEDIES.—Not later than 90 days after the date of receipt of a notice from the sender pursuant to subpara- graph (A), the remittance transfer provider shall, as applicable to the error and as designated by the sender— ‘‘(i) refund to the sender the total amount of funds tendered by the sender in connection with the remit- tance transfer which was not properly transmitted; ‘‘(ii) make available to the designated recipient, without additional cost to the designated recipient or to the sender, the amount appropriate to resolve the error; ‘‘(iii) provide such other remedy, as determined appropriate by rule of the Board for the protection of senders; or ‘‘(iv) provide written notice to the sender that there was no error with an explanation responding to the specific complaint of the sender. ‘‘(2) RULES.—The Board shall establish, by rule issued not later than 18 months after the date of enactment of the Con- sumer Financial Protection Act of 2010, clear and appropriate standards for remittance transfer providers with respect to Deadline. Notices. Deadlines. Deadline.