Senate Engrossed

 

revenue department; technical correction

(now: money transmission; notice)

 

 

 

 

 

State of Arizona

Senate

Fifty-sixth Legislature

Second Regular Session

2024

 

 

 

 

SENATE BILL 1034

 

 

 

 

 

 

 

An Act

 

amending title 6, chapter 12, article 1, Arizona Revised Statutes, by adding section 6-1235; relating to money transmission.

 

 

(TEXT OF BILL BEGINS ON NEXT PAGE)

 

Be it enacted by the Legislature of the State of Arizona:

Section 1. Title 6, chapter 12, article 1, Arizona Revised Statutes, is amended by adding section 6-1235, to read:

START_STATUTE6-1235. Money transmission; transmission of money by wire or electronic transfer; consumer fraud warnings; requirements; applicability

A. A person that is in the business of money transmission shall clearly and PROMINENTLY display consumer fraud warnings that include all of the following:

1. The risks of consumer fraud and how to find additional information about consumer fraud regarding money transmission.

2. Information about the dangers of transmitting money to unknown persons or to persons whom the sender cannot verify.

3. Information about how to stop a money transmission, if that option is available.

4. Information warning the sender that monies may not be returned once the money transmission is complete.

B. the person shall communicate the information as prescribed in subsection A of this section to a consumer before transmitting any money by either of the following methods:

1. in person, DIRECTLY to the consumer or Displayed prominently in the place of business. The written warning shall be in a type that contrasts with the background against which the written warning appears.

2. Through electronic transmission. The written warning shall be in a type that contrasts with the background against which the written warning appears.

C. This section does not apply to either of the following:

1. An electronic funds transfer where the monies are not transferred directly to another person and are not available for immediate use.

2. An electronic funds transfer that is made with a gift certificate. END_STATUTE