Code of Maryland Regulations
Title 09 - MARYLAND DEPARTMENT OF LABOR
Subtitle 03 - COMMISSIONER OF FINANCIAL REGULATION
Chapter 09.03.14 - Money Transmitters
Section 09.03.14.15 - Refunds

(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 pursuant to a written agreement between the licensee and payee to process payments for goods or services provided by the payee.

(1) The money has been forwarded within 10 days of the date on which the money was received for transmission and prior to receipt of the request for a refund;

(2) Instructions have been given committing an equivalent amount of money to the person designated by the sender within 10 days of the date on which the money was received for transmission and prior to receipt of the request for a refund;

(3) The agreement between the licensee and the sender instructs the licensee to forward the money at a time that is beyond 10 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 regulation;

(4) The refund request does not enable the licensee to:

(5) 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

(6) The licensee attempted in good faith to forward the money within 10 days of receipt from the sender and forwarded the money prior to the receipt of the request for a refund.