Missouri § 361.987 - Refunds.
Full text of Missouri Revised Statutes of Missouri § 361.987 — Refunds., with citation guidance and answers to common questions.
§ 361.987. Refunds.
1. This section shall 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 under a written agreement between the licensee and payee to process payments for goods or services provided by the payee.
2. Every licensee shall refund to the sender, within ten days of receipt of the sender's written request for a refund, any and all money received for transmission unless any of the following occurs:
(1) The money has been forwarded within ten days of 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 within ten days of the date on which the money was received for transmission;
(3) 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 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 section;
(4) 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
(5) 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 in the event the sender has multiple transactions outstanding.
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(L. 2024 S.B. 1359)
---- end of effective 28 Aug 2024 ----
Frequently Asked Questions About Missouri § 361.987
What does Revised Statutes of Missouri § 361.987 cover?
Section 361.987 ("Refunds.") is part of the Revised Statutes of Missouri, the codified statutory law of Missouri. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Missouri § 361.987?
A common citation format is "Revised Statutes of Missouri § 361.987" (Missouri). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Missouri law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Missouri official source linked on this page or consult a licensed Missouri attorney.
How does Missouri § 361.987 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Missouri can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Missouri.