Sec. 4. Fees for certain remittance transfers

316 words·~1 min read·/bill/119/hr/76/ih/section-4

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Section 920 of the Electronic Fund Transfer Act (relating to remittance transfers) ( 15 U.S.C. 1693o–1 ) is amended— by redesignating subsection

(g)as subsection (h); and by inserting after subsection

(f)the following: If the designated recipient of a remittance transfer is located outside of the United States, a remittance transfer provider shall collect from the sender of such remittance transfer a remittance fee equal to 5 percent of the United States dollar amount to be transferred. Not later than 90 days after the date of enactment of this subsection, the Secretary of the Treasury, in consultation with the Bureau and remittance transfer providers, shall develop and make available a system for remittance transfer providers to submit the remittance fees collected in accordance with paragraph

(1)to the Secure the Southern Border Fund established under section 3344 of title 31, United States Code. Whoever, with the intent to evade a remittance fee to be collected in accordance with this subsection, and who has knowledge that, at the time of a remittance transfer, the value of the funds involved in the transfer will be further transferred to a recipient located outside of the United States, requests or facilitates such remittance transfer to a recipient located outside of the United States shall be subject to a penalty of not more than $500,000 or twice the value of the funds involved in the remittance transfer, whichever is greater, or imprisonment for not more than 20 years, or both. Any foreign country that, in the joint determination of the Secretary of Homeland Security, the Secretary of the Treasury, and the Secretary of State, aids or harbors an individual conspiring to avoid the fee collected in accordance with this subsection shall be ineligible to receive foreign assistance and to participate in the visa waiver program or any other programs, at the discretion of the Secretaries described in this subparagraph. .

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15 USC 1693o–1

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Sec. 4

Fees for certain remittance transfers

Cite15 USC 1693o–1

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