Sec. 278.051. DISCLOSURES WITH TRANSACTION. (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
(3) the period, if any, in which the payment must be made in order to qualify for the fixed rate of exchange.
(c) If the rate of exchange for a currency transmission to be paid in the currency of another country is not fixed at the time the currency transmission is initiated, the receipt must also disclose that the rate of exchange for the transaction will be set at the time the recipient of the currency transmission receives the funds in the foreign country.
(d) If the customer requests, the currency transmission business must provide the required disclosures before completing the transaction.
Added by Acts 2003, 78th Leg., ch. 1001, Sec. 7, eff. Sept. 1, 2003.
Section: Previous 278.001 278.051 278.052 NextLast modified: September 28, 2016