§ 533c-702

533C.702 Refunds. 1. Every licensee shall refund to the sender within ten days of receipt of the sender’s written request for a refund of any and all money received for transmission unless any of thefollowing occurs: a. The money has been forwarded within ten days of the date on which the money was received for transmission. b. Instructions have been given committing an equivalent amount of money to the person designated by the sender within ten days of the date on which the money was received fortransmission. c. The agreement between the licensee and the sender instructs the licensee to forward the money at a time that is beyond ten days of the date on which the money was receivedfor transmission. If funds have not yet been forwarded in accordance with the terms ofthe agreement between the licensee and the sender, the licensee shall issue a refund inaccordance with the other provisions of this section. d. 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, orregulation has occurred, is occurring, or may occur. e.

ion 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, orregulation has occurred, is occurring, or may occur. e. The refund request does not enable the licensee to identify the sender’s name and address, telephone number, or the particular transaction to be refunded in the event thesender has multiple transactions outstanding. 2. This section does not apply to money received for transmission subject to the remittance transfer rule of the federal Electronic Fund Transfer Act, 12 C.F.R. §1005.30 – 1005.36, asamended, or pursuant to a written agreement between the licensee and payee to processpayments for goods or services provided by the payee. 2003 Acts, ch 96, §26, 42; 2023 Acts, ch 83, §29Section stricken and rewritten Sat Dec 23 01:37:03 2023 Iowa Code 2024, Section 533C.702 (17, 1)