REFUNDS.

(a) This section does not apply to money received for money transmission that is:

(1) subject to the federal requirements for remittance transfers under 12 C.F.R. Part 1005, Subpart B; or

(2) under a written agreement between a money transmission licensee and a payee to process payments for goods or services provided by the payee.

(b) A money transmission licensee shall refund any and all money received for money transmission services to the sender not later than the 10th day after the date of receipt of the sender's written request for a refund unless:

(1) the money has been forwarded not later than the 10th day after the date on which the money was received for transmission;

(2) instructions have been given committing an equivalent amount of money to the person designated by the sender not later than the 10th day after the date on which the money was received for transmission;

(3) an agreement between the licensee and the sender instructs the licensee to forward the money at a time that is later than the 10th day after the date on which the money was received for transmission;

(4) 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; or

(5) the refund request does not enable a money transmission licensee to identify:

(A) the sender's name and address or telephone number; or

(B) the particular transaction to be refunded in the event the sender has multiple transactions outstanding.

(c) If funds have not yet been forwarded in accordance with the terms of an agreement between a money transmission licensee and a sender under Subsection (b)(3), the licensee shall issue a refund in accordance with the other provisions of this section.