Texas Finance Code

§ 278.051 — DISCLOSURES WITH TRANSACTION

FI § 278.051Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part Z. MISCELLANEOUS PROVISIONS RELATING TO FINANCIAL INSTITUTIONS AND BUSINESSES · Ch. 278. REGULATION OF CURRENCY TRANSMISSIONS · Art. B. CURRENCY TRANSMISSION DISCLOSURES

Statute text

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(a)Other than in a telephonic transaction conducted on a telephone that is not designated for use in currency transmission transactions by a currency transmission business, at the time of a currency transmission transaction to another country the currency transmission business shall provide a receipt to the customer. The receipt must:

(1)clearly state the amount of currency presented for transmission and any fees charged by the currency transmission business; and

(2)provide a toll-free telephone number or a local number that a customer can access at no charge to receive information about a currency transmission.

(b)If the rate of exchange for a currency transmission to be paid in the currency of another country is fixed by the currency transmission business for a transaction at the time the currency transmission is initiated, the receipt must also disclose:

(1)the rate of exchange for that transaction;

(2)the amount to be paid in the foreign currency; and

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Legislative history

Added by Acts 2003, 78th Leg., ch. 1001, Sec. 7, eff. Sept. 1, 2003.