Iowa Code § 533C.702
Refunds
Redline — January 1, 2012 → current.View current text →
Current — January 1, 2025
As of January 1, 2012
1. The superintendent may issue an order suspending or revoking the designation of an authorized delegate if the superintendent finds that:
a. The authorized delegate violated this chapter or a rule adopted or an order issued under this chapter.
b. The authorized delegate did not cooperate with an examination or investigation by the superintendent.
c. The authorized delegate engaged in fraud, intentional misrepresentation, or gross negligence.
d. The authorized delegate is convicted of a violation of a state or federal anti-money laundering statute.
e. The competence, experience, character, or general fitness of the authorized delegate or a person in control of the authorized delegate indicates that it is not in the public interest to permit the authorized delegate to provide money services.
f. The authorized delegate is engaging in an unsafe or unsound practice.
2. In determining whether an authorized delegate is engaging in an unsafe or unsound practice, the superintendent may consider the size and condition of the authorized delegate’s provision of money services, the magnitude of the loss, the gravity of the violation of this chapter or a rule adopted or order issued under this chapter, and the previous conduct of the authorized delegate.
3. An authorized delegate may apply for relief from a suspension or revocation of designation as an authorized delegate according to procedures prescribed by the superintendent.
Referred to in
1. Every licensee shall refund to the sender within ten 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:
a. The money has been forwarded within ten days of the date on which the money was received for transmission.
b. 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.
c. 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.
d. 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.
e. The refund request does not enable the licensee to identify the sender’s name and address, telephone number, or the particular transaction to be refunded in the event the sender has multiple transactions outstanding.
2. This section does not apply to money received for transmission subject to the remittance transfer rule of the federal Electronic Fund Transfer Act, 12 C.F.R. §1005.30 – 1005.36, as amended, or pursuant to a written agreement between the licensee and payee to process payments for goods or services provided by the payee.
Official source: Iowa Legislature. Reproduced from public-domain Iowa statutes; confirm against the official source for the current text. Not legal advice.