AZ SB1034

Requires money transmission licensees to provide consumer fraud warnings before transmitting money for personal, family, or household purposes.

Warnings must include information about fraud risks, dangers of sending money to unknown persons, how to stop a transmission if available, and that money may not be returned once transmission is complete.

Licensees must deliver warnings either in person through documents or prominent display with contrasting text, or electronically with contrasting text before any money transmission occurs.

Exempts electronic funds transfers where money is not transferred directly to another person or is not immediately available, transfers made with gift certificates, and licensees providing annual fraud prevention training to employees.

Became effective April 8, 2024.