§ 6-1225 — Refunds; exceptions

A. Except as provided in subsection B of this section, every licensee shall refund to the sender within ten days after receipt of the sender's written request for a refund of money received for transmission unless any of the following occurs:

1. The money is forwarded within ten days after the date on which the money is received for transmission.

2. Instructions have been given committing an equivalent amount of money to the person designated by the sender within ten days after the date on which the money is received for transmission.

3. The agreement between the licensee and the sender instructs the licensee to forward the money at a time that is more than ten days after the date on which the money is received for transmission. If monies have not yet been forwarded in accordance with the terms of the agreement between the licensee and the sender, this paragraph does not apply.

4. The refund is requested for a transaction that the licensee has not completed based on a reasonable belief that a crime or violation of law has occurred, is occurring or may occur.

5. The refund request does not enable the licensee to identify either:

(a) The sender's name and address or telephone number.

(b) The particular transaction to be refunded if the sender has multiple transactions outstanding.

B. This section does not apply to:

1. Money received for transmission subject to the federal remittance rule (12 Code of Federal Regulations sections 1005.30 through 1005.36).

2. Money received for transmission pursuant to a written agreement between the licensee and payee to process payments for goods or services provided by the payee.