PlainBillCongress, translated.Legislation. Context. Public interest.Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S7952)
Congressional Research Service
Version 00 · Introduced in Senate · Aug 1, 2002
Wire Transfer Fairness and Disclosure Act of 2002 - Amends the Electronic Fund Transfer Act to require that the following disclosures be prominently displayed on the premises of a money transmitting business which initiates an international money transfer for a consumer: (1) the exchange rate used in connection with such transaction; (2) the exchange rate prevailing at a major financial center of the foreign country whose currency is involved in the transaction; (3) all commissions and fees charged in connection with such transaction; and (4) the exact amount of foreign currency to be received by the recipient in the foreign country, which shall be disclosed to the consumer before the transaction is consummated.Requires further that such disclosures be prominently revealed in advertisements and receipts used by the business, and in the same language as that principally used by the business to advertise, solicit, or negotiate, at that office, if other than English.
People & committees
Sen. Corzine, Jon S. [D-NJ] · D–NJ
Legislative record
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Read twice and referred to the Committee on Banking, Housing, and Urban Affairs. (text of measure as introduced: CR S7952)
Sponsor introductory remarks on measure. (CR S7951)
Introduced in Senate
Primary sources
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Source last updated: Feb 10, 2026. Consult Congress.gov for the current record.
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