[§489D-20]  Money transmitter receipts and
refunds.  (a)  Each licensee who receives money or monetary value for
transmission and the licensee's authorized delegates shall transmit the
monetary equivalent of all money or equivalent value received from a customer
for transmission, net of any fees, or issue instructions committing the money
or its monetary equivalent, to the person designated by the customer within ten
business days after receiving the money or equivalent value, unless otherwise
ordered by the customer or unless the licensee or its authorized delegate has
reason to believe that a crime has occurred, is occurring, or may occur as a
result of transmitting the money.



(b)  Each licensee who receives money or
monetary value for transmission and the licensee's authorized delegates shall
provide a receipt to the customer that clearly states the amount of money or
equivalent value presented for transmission and the total of the fees charged
by the licensee.  If the rate of exchange for a money transmission to be paid
in the currency of another country is fixed by the licensee for that
transaction at the time the money transmission is initiated, the receipt
provided to the customer shall disclose the rate of exchange for that
transaction, and the duration, if any, for the payment to be made at that fixed
rate of exchange.  If the rate of exchange for a money transmission to be paid
in the currency of another country is not fixed at the time the money
transmission is sent, the receipt provided to the customer shall disclose that
the rate of exchange for that transaction will be set at the time the recipient
of the money transmission picks up the funds in the foreign country.



(c)  For purposes of this section:



(1)  Money is considered to have been transmitted when
it is available to the person designated by the customer, whether or not the
designated person has taken possession of the money;



(2)  "Monetary equivalent", when used in
connection with a money transmission in which the customer provides the licensee
or its authorized delegate with the money of one government, and the designated
recipient is to receive the money of another government, means the amount of
money, in the currency of the government that the designated recipient is to
receive, as converted at the retail exchange rate offered by the licensee or
its authorized delegate to the customer in connection with the transaction; and



(3)  "Fees" do not include revenue that a
licensee or its authorized delegate generates, in connection with a money
transmission, in converting the money of one government into the money of
another government. 



(d)  Each licensee who receives money or
monetary value for a money transmission and the licensee's authorized delegates
shall refund to a customer all moneys received for transmittal within ten days
of receipt of a written request for a refund unless any of the following
occurs:



(1)  The moneys have been transmitted and delivered to
the person designated by the customer prior to receipt of the written request for
a refund;



(2)  Instructions have been given committing an
equivalent amount of money to the person designated by the customer prior to
receipt of a written request for a refund;



(3)  The licensee or its authorized delegate has
reason to believe that a crime has occurred, is occurring, or may occur as a
result of transmitting the money as requested by the customer or refunding the
money as requested by the customer; or



(4)  The licensee is otherwise barred by law from
making a refund. [L 2006, c 153, pt of §1]