Vermont § 2561 - Refunds

§ 2561. Refunds

• (a) This section does not apply to: (1) money received for transmission subject to the federal Remittance Rule, 12 C.F.R. Part 1005, subpart B, as may be amended; 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 and all money received for transmission unless
  any of the following occurs: (1) The money has been forwarded within 10 days following 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 10 days following 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 10 days following 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. (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. (Added 2023, No. 110 (Adj. Sess.), § 47, eff. July 1, 2024.)