Texas Finance Code
§ 152.302 — REFUNDS
FI § 152.302Title 3. FINANCIAL INSTITUTIONS AND BUSINESSES · Part E. OTHER FINANCIAL BUSINESSES · Ch. 152. REGULATION OF MONEY SERVICES BUSINESSES · Art. G. GENERAL DUTIES AND RESTRICTIONS FOR MONEY TRANSMISSION LICENSEE
Statute text
View on source(a)This section does not apply to money received for money transmission that is:
(1)subject to the federal requirements for remittance transfers under 12 C.F.R. Part 1005, Subpart B; or
(2)under a written agreement between a money transmission licensee and a payee to process payments for goods or services provided by the payee.
(b)A money transmission licensee shall refund any and all money received for money transmission services to the sender not later than the 10th day after the date of receipt of the sender's written request for a refund unless:
(1)the money has been forwarded not later than the 10th day after the date on which the money was received for transmission;
(2)instructions have been given committing an equivalent amount of money to the person designated by the sender not later than the 10th day after the date on which the money was received for transmission;
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Legislative history
Added by Acts 2023, 88th Leg., R.S., Ch. 277 (S.B. 895), Sec. 1.01, eff. September 1, 2023.