(a) Disclosures required for remittance transfers
(1) In general
Each remittance transfer provider shall make disclosures as required under this section and in accordance with rules prescribed by the Bureau. Disclosures required under this section shall be in addition to any other disclosures applicable under this subchapter.
(2) DisclosuresSubject to rules prescribed by the Bureau, 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 transaction—
(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) a statement containing—
(I)
information about the rights of the
sender under this section regarding the resolution of errors; and
(II) appropriate contact information for—
(3) Requirements relating to disclosuresWith respect to each disclosure required to be provided under paragraph (2) a remittance transfer provider shall—
(A)
provide an initial notice and receipt, as required by subparagraphs (A) and (B) of paragraph (2), and an error resolution statement, as required by subsection (d), that clearly and conspicuously describe the information required to be disclosed therein; and
(4) Exception for disclosures of amount received
(A) In generalSubject to the rules prescribed by the Bureau, and except as provided under subparagraph (B), the disclosures required regarding the amount of currency that will be received by the designated recipient shall be deemed to be accurate, so long as the disclosures provide a reasonably accurate estimate of the foreign currency to be received. This paragraph shall apply only to a remittance transfer provider who is an insured depository institution, as defined in section 1813 of title 12, or an insured credit union, as defined in section 1752 of title 12, and if—
(B) Deadline
The application of subparagraph (A) shall terminate 5 years after July 21, 2010, unless the Bureau determines that termination of such provision would negatively affect the ability of remittance transfer providers described in subparagraph (A) to send remittances to locations in foreign countries, in which case, the Bureau may, by rule, extend the application of subparagraph (A) to not longer than 10 years after July 21, 2010.
(5) Exemption authorityThe Bureau may, by rule, permit a remittance transfer provider to satisfy the requirements of—
(A)
paragraph (2)(A) orally, if the transaction is conducted entirely by telephone;
(B)
paragraph (2)(B), in the case of a transaction conducted entirely by telephone, by mailing the disclosures required under such subparagraph to the
sender, not later than 1
business day after the date on which the transaction is conducted, or by including such documents in the next periodic statement, if the telephone transaction is conducted through a demand deposit, savings deposit, or other asset
account that the
sender holds with the
remittance transfer provider;
(C)
subparagraphs (A) and (B) of paragraph (2) together in one written disclosure, but only to the extent that the information provided in accordance with paragraph (3)(A) is accurate at the time at which payment is made in connection with the subject
remittance transfer; and
(D)
paragraph (2)(A), without compliance with section 101(c) of the Electronic Signatures in Global Commerce Act [
15 U.S.C. 7001(c)], if a
sender initiates the transaction electronically and the information is displayed electronically in a manner that the
sender can keep.
(6) Storefront and Internet notices
(A) In general
(i) Prominent posting
Subject to subparagraph (B), the Bureau may prescribe rules to require a remittance transfer provider to prominently post, and timely update, a notice describing a model remittance transfer for one or more amounts, as the Bureau may determine, which notice shall show 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) Onsite displays
The Bureau may require the notice prescribed under this subparagraph to be displayed in every physical storefront location owned or controlled by the remittance transfer provider.
(iv) Rulemaking authority
In prescribing rules under this subparagraph, the Bureau may impose standards or requirements regarding the provision of the storefront and Internet notices required under this subparagraph and the provision of the disclosures required under paragraphs (2) and (3).
(B) Study and analysisPrior to proposing rules under subparagraph (A), the Bureau shall undertake appropriate studies and analyses, which shall be consistent with section 1693b(a)(2) of this title, and may include an advanced notice of proposed rulemaking, to determine whether a storefront notice or Internet notice facilitates the ability of a consumer—
(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 nationsIf the Bureau 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 designated recipient, the Bureau may prescribe rules (not later than 18 months after July 21, 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
(B) RemediesNot later than 90 days after the date of receipt of a notice from the sender pursuant to subparagraph (A), the remittance transfer provider shall, as applicable to the error and as designated by the sender—
(iii)
provide such other remedy, as determined appropriate by rule of the
Bureau 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) RulesThe Bureau shall establish, by rule issued not later than 18 months after July 21, 2010, clear and appropriate standards for remittance transfer providers with respect to error resolution relating to remittance transfers, to protect senders from such errors. Standards prescribed under this paragraph shall include appropriate standards regarding record keeping, as required, including documentation—
(A)
of the complaint of the
sender;
(3) Cancellation and refund policy rules
Not later than 18 months after July 21, 2010, the Bureau shall issue final rules regarding appropriate remittance transfer cancellation and refund policies for consumers.
(e) Applicability of this subchapter
(2) Rule of constructionNothing in this section shall be construed—
(A)
to affect the application to any transaction, to any remittance provider, or to any other person of any of the provisions of subchapter II of chapter 53 of title 31,
section 1829b of title 12, or chapter 2 of title I of
Public Law 91–508 (
12 U.S.C. 1951–1959), or any regulations promulgated thereunder; or
(B)
to cause any fund transfer that would not otherwise be treated as such under paragraph (1) to be treated as an
electronic fund transfer, or as otherwise subject to this subchapter, for the purposes of any of the provisions referred to in subparagraph (A) or any regulations promulgated thereunder.
(f) Acts of agents
(2) Obligations of remittance transfer providers
The Bureau shall prescribe rules to implement appropriate standards or conditions of, liability of a remittance transfer provider, including a provider who acts through an agent or authorized delegate. An agency charged with enforcing the requirements of this section, or rules prescribed by the Bureau under this section, may consider, in any action or other proceeding against a remittance transfer provider, the extent to which the provider had established and maintained policies or procedures for compliance, including policies, procedures, or other appropriate oversight measures designed to assure compliance by an agent or authorized delegate acting for such provider.
(g) DefinitionsAs used in this section—
(2) the term “remittance transfer”—
(B)
does not include a transfer described in subparagraph (A) in an amount that is equal to or lesser than the amount of a small-value transaction determined, by rule, to be excluded from the requirements under
section 1693d(a) of this title;
(
Pub. L. 90–321, title IX, § 919, as added and amended
Pub. L. 111–203, title X, §§ 1073(a)(4), 1084(1),
July 21, 2010,
124 Stat. 2060, 2081.)
References in Text
The Electronic Signatures in Global and National Commerce Act, referred to in subsec. (a)(3)(B), is Pub. L. 106–229, June 30, 2000, 114 Stat. 464, which is classified principally to chapter 96 (§ 7001 et seq.) of this title. For complete classification of this Act to the Code, see Short Title note set out under section 7001 of this title and Tables.
Chapter 2 of title I of Public Law 91–508, referred to in subsec. (e)(2)(A), is chapter 2 (§§ 121–129) of title I of Pub. L. 91–508, Oct. 26, 1970, 84 Stat. 1116, which is classified generally to chapter 21 (§ 1951 et seq.) of Title 12, Banks and Banking. For complete classification of chapter 2 of title I of the Act to the Code, see Tables.
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