(a) Sender right of cancellation and refund. Except as provided in section 1005.36(c), a remittance transfer
provider shall comply with the requirements of this section with respect to
any oral or written request to cancel a remittance transfer from the sender
that is received by the provider no later than 30 minutes after the sender
makes payment in connection with the remittance transfer if:
(1) The request to cancel enables the provider to identify the sender’s
name and address or telephone number and the particular transfer to be
cancelled; and
(2) The transferred funds have not been picked up by the designated
recipient or deposited into an account of the designated
recipient.
(b) Time limits and refund requirements. A remittance transfer provider shall refund, at no additional cost to
the sender, the total amount of funds provided by the sender in connection
with a remittance transfer, including any fees and, to the extent not
prohibited by law, taxes imposed in connection with the remittance transfer,
within three business days of receiving a sender’s request to cancel the
remittance transfer.
