Remittance transfer definitions.

CFR · 2024-01-01 · US · Title 12

Except as otherwise provided, for purposes of this subpart, the following definitions apply: (a) “Agent” means an agent, authorized delegate, or person affiliated with a remittance transfer provider, as defined under State or other applicable law, when such agent, authorized delegate, or affiliate acts for that remittance transfer provider. (b) “Business day” means any day on which the offices of a remittance transfer provider are open to the public for carrying on substantially all business functions. (c) “Designated recipient” means any person specified by the sender as the authorized recipient of a remittance transfer to be received at a location in a foreign country. (d) “Preauthorized remittance transfer” means a remittance transfer authorized in advance to recur at substantially regular intervals. (e) (2) (i) (ii) (f) (2) (A) Provided 500 or fewer remittance transfers in the previous calendar year; and (B) Provides 500 or fewer remittance transfers in the current calendar year. (ii) (iii) (g) “Sender” means a consumer in a State who primarily for personal, family, or household purposes requests a remittance transfer provider to send a remittance transfer to a designated recipient. (h) (2) “Non-covered third-party fees.” The term “non-covered third-party fees” means any fees imposed by the designated recipient's institution for receiving a remittance transfer into an account except if the institution acts as an agent of the remittance transfer provider.

official document · source cfr-2024 · id 12:§ 1005.30