§ 8 — Timely transmission; refunds; receipts

[ Text of section added by 2024, 312, Sec. 3 effective January 1, 2026. See 2024, 312, Sec. 6.]Section 8. (a)(1) A licensee shall forward all money received for transmission in accordance with the terms of the agreement between the licensee and the sender unless the licensee has a reasonable belief or a reasonable basis to believe that the sender may be a victim of fraud or that a crime or violation of law, rule or regulation has occurred, is occurring or may occur.(2) If a licensee fails to forward money received for transmission in accordance with this section, the licensee shall respond to inquiries by the sender with the reason for the failure unless providing a response would violate a state or federal law, rule or regulation.(b)(1) This subsection shall not apply to:(i) money received for transmission subject to 12 C.F.R. Part 1005, Subpart B, as amended or recodified from time to time; or(ii) 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) A licensee shall refund to the sender within 10 days of receipt of the sender's written request for a refund of any and all money received for transmission unless:(i) the money has been forwarded within 10 days of the date on which the money was received for transmission;(ii) instructions have been given committing an equivalent amount of money to the person designated by the sender within 10 days of the date on which the money was received for transmission;(iii) the agreement between the licensee and the sender instructs the licensee to forward the money at a time that is not less than 10 days after the date on which the money was received for transmission; provided, however, that 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 subsection;(iv) 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(v) the refund request does not enable the licensee to: (A) identify the sender's name and address or telephone number; or (B) identify the particular transaction to be refunded in the event the sender has multiple transactions outstanding.(c)(1) This section shall not apply to:(i) money received for transmission subject to the 12 C.F.R. Part 1005, Subpart B, as amended or recodified from time to time;(ii) money received for transmission that is not primarily for personal, family or household purposes; or(iii) 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) For purposes of this section, "receipt'' shall mean 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)(1) Every licensee or its authorized delegate shall provide the sender a receipt for money received for transmission. The receipt shall 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, 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) any fee charged by the licensee to the sender for the transaction; and(viii) any taxes collected by the licensee from the sender for the transaction.(2) The receipt required by this section shall be in English and in the language principally used by the licensee or authorized delegate, if the language is other than English, to advertise, solicit or negotiate, either orally or in writing, for a transaction conducted in person, electronically or by phone.