Indiana § 28-8-4.1-902 Duty to refund money received for transmission; exceptions

Indiana Statutes

§ 28-8-4.1-902 — Duty to refund money received for transmission; exceptions

Indiana § 28-8-4.1-902

Art. 8FINANCIAL SERVICES

Ch. 4.1Money Transmission Modernization Act

This text of Indiana § 28-8-4.1-902 (Duty to refund money received for transmission; exceptions) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 28-8-4.1-902 (2026).

Text

(a)This section does not apply to the following:

(1)Money received for transmission that is subject to the federal Remittance Rule (12 CFR Part 1005, Subpart B).

(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.

(b)A licensee shall refund to a sender, not later than ten (10) 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:

(1)The money has been forwarded within ten (10) days after the date on which the money was received for transmission.

(2)Instructions have been given committing an equivalent amount of money to the person designated by the sender within ten (10) days after th

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(a) This section does not apply to the
following:
(1) Money received for transmission that is subject to the federal
Remittance Rule (12 CFR Part 1005, Subpart B).
(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.
(b) A licensee shall refund to a sender, not later than ten (10) 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:
(1) The money has been forwarded within ten (10) days after the
date on which the money was received for transmission.
(2) Instructions have been given committing an equivalent
amount of money to the person designated by the sender within
ten (10) days after the date on which the money was 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
(10) days after the date on which the money was received for
transmission, and the money has been forwarded in accordance
with the terms of the agreement. However, if funds have 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.
(4) 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.
(5) The refund request does not enable the licensee to:
(A) identify the sender's name and:
(i) address; or
(ii) telephone number; or
(B) identify the particular transaction to be refunded if the
sender has multiple transactions outstanding.