(a) A licensee who receives money or equivalent value for a money transmission shall provide an itemized receipt to the customer that clearly states the amount of money or the equivalent value presented by the customer for the money transmission and the fees charged by the money transmission licensee.
(b) If the licensee fixes, when the money transmission is initiated, the rate of exchange for a money transmission to be paid in the currency of another government, the receipt provided by subsection (a) of this section shall disclose the rate of exchange for the transaction and any limit on the length of time that the payment will be made at that fixed rate of exchange.
(c) If a licensee does not fix the rate of exchange for a money transmission to be paid in the currency of another government, the receipt provided under subsection (a) of this section shall disclose that the rate of exchange for the money transmission will be set when the person designated by the customer to receive the money takes possession of the money.
(d) For the purposes of this section:
(1) Money is deemed to have been transmitted when it is available to the person designated by the customer, whether or not the designated person has taken possession of the money.
(2) The term “fees” shall not include revenue that a licensee or its authorized delegate generates, in connection with a money transmission, in converting the money of the government into the money of another government.
(July 18, 2000, D.C. Law 13-140, § 27a; as added Mar. 12, 2011, D.C. Law 18-315, § 3, 57 DCR 12412.)
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