1. Except as otherwise provided in this section, a licensee shall, within 10 days after the date on which the licensee receives a written request from a sender for a refund of money and credits received, issue such a refund to the sender unless any of the following occurs: (a) The money or credits have been forwarded within 10 days after the date on which the money or credit was received for transmission. (b) Instructions have been given committing an equivalent amount of money or credit to the person designated by the sender within 10 days of the date on which the money or credit was received for transmission. (c) The agreement between the licensee and the sender instructs the licensee to forward the money or credits at a time that is beyond 10 days after the date on which the money or credits were received for transmission. If money or credits have not yet been forwarded in accordance with the terms of the agreement between the licensee and the sender, this paragraph does not apply. (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 or regulation has occurred, is occurring or may occur. (e) The request for a refund does not enable the licensee to: (1) Identify the name, address or telephone number of the sender; or (2) If the sender has multiple transactions pending with the licensee, identify the particular transaction to be refunded. 2. The provisions of this section do not apply to: (a) Money or credits received for transmission which are subject to the provisions of 12 C.F.R. Part 1005, Subpart B, as amended. (b) Money or credits received for transmission pursuant to a written agreement between a licensee and payee to process payments for goods or services provided by the payee.
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