2011 California Code
Financial Code
DIVISION 1.2. MONEY TRANSMISSION ACT [2000 - 2172]
CHAPTER 6. Consumer Disclosures
Section 2102
(a) Every licensee or its agent shall refund to the customer within 10 days of receipt of the customer 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 10 days of the date of receipt.
(2) Instructions have been given committing an equivalent amount of money to the person designated by the customer within 10 days of the date of the receipt of the money from the customer.
(3) The customer instructs the licensee to transmit the money at a time beyond 10 days. If the customer gives instructions as to when the money shall be forwarded or transmitted and the moneys have not yet been forwarded or transmitted, the licensee or its agent shall refund the customer s money within 10 days of receipt of the customer s written request for a refund.
(4) Refund would violate law.
(b) In the case of money received for transmission, a receipt shall be provided by a licensee or its agent to all customers which shall be made available to the customer in English and in the language principally used by that licensee or that agent to advertise, solicit, or negotiate, either orally or in writing, at that branch office if other than English. The receipt shall either include or have attached a conspicuous statement in English and in the language principally used by the licensee or that agent to advertise, solicit, or negotiate, either orally or in writing at that branch office if other than English in a size equal to at least 10 point bold type, as follows:
RIGHT TO REFUND |
You, the customer, are entitled to a refund of the money to be transmitted as the result of this agreement if _____ (name of licensee) does not forward the money received from you within 10 days of the date of its receipt, or does not give instructions committing an equivalent amount of money to the person designated by you within 10 days of the date of the receipt of the funds from you unless otherwise instructed by you. |
If your instructions as to when the moneys shall be forwarded or transmitted are not complied with and the money has not yet been forwarded or transmitted, you have a right to a refund of your money. |
If you want a refund, you must mail or deliver your written request to _____ (name of licensee) at _____ (mailing address of licensee). If you do not receive your refund, you may be entitled to your money back plus a penalty of up to $1,000 and attorney s fees pursuant to Section 2102 of the California Financial Code. |
(c) A cause of action under this section may be brought in small claims court if it does not exceed the jurisdiction of that court, or in any other appropriate court. The customer shall be entitled to recover each of the following:
(1) Any and all money received for transmission, plus any fees and charges paid by the customer.
(2) A penalty in an amount not to exceed one thousand dollars ($1,000). The court shall award the prevailing party costs and attorney s fees.
(Added by Stats. 2011, Ch. 243, Sec. 4. Effective January 1, 2012.)
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