Colorado § 11-110-903 Receipts - definition

Colorado Statutes

§ 11-110-903 — Receipts - definition

Colorado·Title 11 Financial·Art. Money Transmitters

(1)This section does not apply to:

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

(b)Money received for transmission that is not primarily for personal, family, or household purposes;

(c)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; or

(d)Payroll processing services.

(2)As used in this section, receipt means a paper receipt, electronic record, or other written confirmation. For a transaction conducted in person, the receipt may be provided electronically if the sender requests or agrees to receive an electronic receipt. For a transaction conducted electronically or by phone, a receipt may be provided electro

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(1) This section does not apply to:

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

(b) Money received for transmission that is not primarily for personal, family,
or household purposes;

(c) 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; or

(d) Payroll processing services.

(2) As used in this section, receipt means a paper receipt, electronic
record, or other written confirmation. For a transaction conducted in person, the
receipt may be provided electronically if the sender requests or agrees to receive
an electronic receipt. For a transaction conducted electronically or by phone, a
receipt may be provided electronically. All electronic receipts shall be provided in a
retainable form.

(3) (a) Every licensee or every licensee's authorized delegate shall provide
the sender a receipt for money received for transmission.

(b) The receipt must contain the following information, as applicable:

(I) The name of the sender;

(II) The name of the designated recipient;

(III) The date of the transaction;

(IV) The unique transaction or identification number;

(V) The name of the licensee, the NMLS unique identifier, the licensee's
business address, and the licensee's customer service telephone number;

(VI) The amount of the transaction in United States dollars;

(VII) The fee charged by the licensee to the sender for the transaction, if any;
and

(VIII) Taxes collected by the licensee from the sender for the transaction, if
any.

(c) The receipt required by this section must be in English and in the
language principally used by the licensee or authorized delegate, if other than
English, to advertise, solicit, or negotiate, either orally or in writing, for a transaction
conducted in person, electronically, or by phone.

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