(1) Money received for transmission that is subject to the federal Remittance Rule (12 C.F.R. 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.

As added by P.L.198-2023, SEC.4.