(a) This section does not apply to:

lawyer at desk

Ask a legal question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

Terms Used In Tennessee Code 45-7-131

  • Authorized delegate: means a person that a licensee designates to engage in money transmission on behalf of the licensee. See Tennessee Code 45-7-103
  • Licensee: means a person licensed under this chapter. See Tennessee Code 45-7-103
  • money received for transmission: means receiving money or monetary value in the United States for transmission within or outside the United States by electronic or other means. See Tennessee Code 45-7-103
  • NMLS: means the Nationwide Multistate Licensing System and Registry developed by the Conference of State Bank Supervisors and the American Association of Residential Mortgage Regulators and owned and operated by the State Regulatory Registry, LLC, or any successor or affiliated entity, for the licensing and registration of persons in financial services industries. See Tennessee Code 45-7-103
  • Person: means any individual, general partnership, limited partnership, limited liability company, corporation, trust, association, joint stock corporation, or other corporate entity identified by the commissioner. See Tennessee Code 45-7-103
  • Record: means information that is inscribed on a tangible medium or that is stored in an electronic or other medium and is retrievable in a perceivable form. See Tennessee Code 1-3-105
  • United States: includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
  • written: includes printing, typewriting, engraving, lithography, and any other mode of representing words and letters. See Tennessee Code 1-3-105
(1) Money received for transmission subject to the Remittance Transfer Rule ( 12 C.F.R. part 1005 , Subpart B);
(2) Money received for transmission that is not primarily for personal, family, or household purposes;
(3) 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
(4) Payroll processing services.
(b) For purposes of 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 must be provided in a retainable form.
(c)

(1) A licensee or its authorized delegate shall provide the sender a receipt for money received for transmission.
(2) The receipt must contain the following information, as applicable:

(A) The name of the sender;
(B) The name of the designated recipient;
(C) The date of the transaction;
(D) The unique transaction or identification number;
(E) The name of the licensee, NMLS Unique ID, the licensee’s business address, and the licensee’s customer service telephone number;
(F) The amount of the transaction in United States dollars;
(G) Any fee charged by the licensee to the sender for the transaction; and
(H) Any taxes collected by the licensee from the sender for the transaction.
(3) The receipt required by this section must be in English and in the language principally used by the licensee or authorized delegate to advertise, solicit, or negotiate, either orally or in writing, for a transaction conducted in person, electronically, or by phone, if other than English.
  Previous section
Next section  
 Part 1 Contents