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Current as of January 01, 2025 | Updated by Findlaw Staff
Within 10 days after receiving a written request for a refund, a money transmission licensee shall refund to a customer money equal to the money or equivalent value received from the customer for a money transmission, unless
(1) before receiving the written request
(A) the money has been transmitted to the person designated by the customer to receive the money transmission and the person has taken possession of the money; in this section, “transmitted” means made available to the person designated by the customer to receive the money, whether or not the person designated by the customer has taken possession of the money; or
(B) instructions have been given making a monetary equivalent available to the person designated by the customer to receive the money transmission;
(2) the money transmission licensee has reason to believe that a crime has occurred, is occurring, or may occur as a result of transmitting or refunding the money as requested by the customer; or
(3) the money transmission licensee is otherwise prohibited by law from making a refund.
Cite this article: FindLaw.com - Alaska Statutes Title 6. Banks and Financial Institutions § 06.55.840. Refunds - last updated January 01, 2025 | https://codes.findlaw.com/ak/title-6-banks-and-financial-institutions/ak-st-sect-06-55-840/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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