Texas Finance Code 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.
Terms Used In Texas Finance Code 278.051
- Fixed Rate: Having a "fixed" rate means that the APR doesn't change based on fluctuations of some external rate (such as the "Prime Rate"). In other words, a fixed rate is a rate that is not a variable rate. A fixed APR can change over time, in several circumstances:
- You are late making a payment or commit some other default, triggering an increase to a penalty rate
- The bank changes the terms of your account and you do not reject the change.
- The rate expires (if the rate was fixed for only a certain period of time).
(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.