[Congressional Bills 105th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4253 Introduced in House (IH)]







105th CONGRESS
  2d Session
                                H. R. 4253

To amend the Electronic Fund Transfer Act to establish a maximum amount 
 limitation on the exchange rates used in international wire transfers 
                   originating in the United States.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             July 16, 1998

Mr. Gutierrez introduced the following bill; which was referred to the 
              Committee on Banking and Financial Services

_______________________________________________________________________

                                 A BILL


 
To amend the Electronic Fund Transfer Act to establish a maximum amount 
 limitation on the exchange rates used in international wire transfers 
                   originating in the United States.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Wire Transfer Equity Act of 1998''.

SEC. 2. MAXIMUM AMOUNT LIMITATION ON EXCHANGE RATES FOR INTERNATIONAL 
              WIRE TRANSFERS.

    (a) In General.--The Electronic Fund Transfer Act (15 U.S.C. 1693 
et seq.) is amended--
            (1) by redesignating sections 918, 919, 920, and 921 as 
        sections 919, 920, 921, and 922, respectively; and
            (2) by inserting after section 917 the following new 
        section:

``SEC. 918. MAXIMUM AMOUNT LIMITATION ON EXCHANGE RATES FOR 
              INTERNATIONAL WIRE TRANSFERS.

    ``(a) In General.--In the case of a 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), the exchange rate used by 
such institution or business for the currency of the country to which 
the transfer is made may not exceed by more than 5 percent the New York 
foreign exchange selling rate for such currency, as published in the 
Wall Street Journal on the last business day preceding the date of the 
transaction.
    ``(b) Definitions.--
            ``(1) International money transfer.--The term 
        `international money transfer' means any money transmitting 
        service involving an international transaction which is 
        provided by a financial institution or a money transmitting 
        business.
            ``(2) 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.
            ``(3) Money transmitting business.--The term `money 
        transmitting business' has the meaning given to such term in 
        section 5330(d)(1) of title 31, United States Code (other than 
        subparagraph (B) of such section).''.
    (b) Effective Date.--The amendment made by subsection (a) shall 
take effect at the end of the 3-month period beginning on the date of 
the enactment of this Act.
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