§1005.34. Procedures for cancellation and refund of remittance transfers.
12 C.F.R. § 1005.34
Sender right of cancellation and refund. Except as provided in § 1005.36(c), a remittance transfer provider shall comply with the requirements of this section with respect to any oral or written request to cancel a remittance transfer from the sender that is received by the provider no later than 30 minutes after the sender makes payment in connection with the remittance transfer if:
The request to cancel enables the provider to identify the sender's name and address or telephone number and the particular transfer to be cancelled; and
The transferred funds have not been picked up by the designated recipient or deposited into an account of the designated recipient.
Time limits and refund requirements. A remittance transfer provider shall refund, at no additional cost to the sender, the total amount of funds provided by the sender in connection with a remittance transfer, including any fees and, to the extent not prohibited by law, taxes imposed in connection with the remittance transfer, within three business days of receiving a sender's request to cancel the remittance transfer.
Notes, amendments, and revision history
Source
Source: 77 FR 6285, Feb. 7, 2012, unless otherwise noted.
Authority
Authority: 12 U.S.C. 5512, 5581; 15 U.S.C. 1693b. Subpart B is also issued under 12 U.S.C. 5601 and 15 U.S.C. 1693o-1.
Source
Source: 76 FR 81023, Dec. 27, 2011, unless otherwise noted.