Md. Code Regs. 09.03.14.15

Current through Register Vol. 51, No. 12, June 14, 2024

Section 09.03.14.15 - Refunds

A. This regulation does not apply to:

(1) Money received for transmission subject to the federal Remittance Rule ( 12 CFR Part 1005, Subpart B), as amended or recodified from time to time; or

(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. Every licensee shall refund to the sender within 10 days of receipt of the sender's written request for a refund of any money received for transmission unless any of the following occurs:

(1) The money has been forwarded within 10 days of the date on which the money was received for transmission and prior to receipt of the request for a refund;

(2) 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 and prior to receipt of the request for a refund;

(3) The agreement between the licensee and the sender instructs the licensee to forward the money at a time that is beyond 10 days of the date on which the money was received for transmission. 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 regulation;

(4) 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 if the sender has multiple transactions outstanding;

(5) 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

(6) The licensee attempted in good faith to forward the money within 10 days of receipt from the sender and forwarded the money prior to the receipt of the request for a refund.

Md. Code Regs. 09.03.14.15

Regulation .15 adopted effective 50:24 Md. R. 1041, eff. 12/11/2023