MN SF3800

Licensees must transmit all money received for transmission within five business days of receipt from the sender, unless the sender orders otherwise, the licensee reasonably believes a crime may occur, or the transmission is payment for goods or services.

Licensees must conspicuously disclose to merchants their authority to place holds or delays on transmissions for more than five business days and describe the general circumstances under which delays may occur.

Licensees must transmit funds to merchants within the time frame agreed upon in the merchant agreement.

Licensees must respond to sender or recipient inquiries about delayed transmissions with the reason for the failure, unless doing so violates state or federal law.

Licensees must refund all money received for transmission within ten days of a refund request unless the money has already been transmitted, delivery instructions have been given, or law prohibits the refund.