                                 CODE OF VIRGINIA

(EFFECTIVE JULY 1, 2026) REFUNDS (§ 6.2-1946)

A. Every licensee shall refund to the sender within 10 days of receipt of the
sender&#8217;s written request for a refund of any or all money received for
transmission unless any of the following occurs:

   1. The money has been forwarded within 10 days of 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 within 10 days of the date on which the
   money was received for transmission;

   3. The agreement between the licensee and the sender instructs the licensee to
   forward the money at a time that is beyond 10 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;

   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 or regulation has occurred, is occurring, or may
   occur; or

   5. The refund request does not enable the licensee to identify (i) the
   sender&#8217;s name and the sender&#8217;s address or telephone number or (ii)
   the particular transaction to be refunded in the event the sender has multiple
   transactions outstanding.

B. The provisions of subsection A shall not apply to (i) money received for
transmission subject to the federal Remittance Rule (12 C.F.R. Part 1005,
Subpart B) or (ii) money received for transmission pursuant to a written
agreement between the licensee and payee to process payments for goods or
services provided by the payee.

HISTORY: 2025, c. 214.