§ 11-110-902 — Refunds

Colorado § 11-110-902

• Jurisdiction: Colorado
• Title 11: Financial
• Art.: Money Transmitters

Text

(1) This section does not apply to:

(a) Money received for transmission subject to the federal remittance rule, 12
CFR 1005, subpart B; or

(b) 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.

(2) Every licensee shall refund to the sender within ten days after receipt of
the sender's written request for a refund any and all money received for
transmission unless any of the following occurs:

(a) The money has been forwarded within ten days after the date on which
the money was received for transmission;

(b) 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 was received for transmission;

(c) The agreement between the licensee and the sender instructs the
licensee to forward the money at a time that is beyond ten days after the date on
which the money was received for transmission. If money has not yet been
forwarded in accordance with the terms of the agreement between the licensee
and the sender, the licensee shall issue a refund in accordance with the other
provisions of this section.

(d) The refund is requested for a transaction that the licensee has not
completed based on a reasonable belief or a reasonable basis to believe that a
crime or violation of law, rule, or regulation has occurred, is occurring, or may occur;
or

(e) The refund request does not enable the licensee to:

(I) Identify the sender's name and address or telephone number; or

(II) Identify the particular transaction to be refunded in the event the sender
has multiple transactions outstanding.

Legislative History

Source: L. 2025: Entire article R&RE, (HB 25-1201), ch. 91, p. 402, � 1, effective August 6.