The bill SB1034 amends the Arizona Revised Statutes by adding section 6-1235, which pertains to money transmission. It mandates that licensees engaged in the business of receiving money for transmission on behalf of consumers for personal, family, or household purposes must provide consumer fraud warnings. These warnings must include information on the risks of consumer fraud, the dangers of sending money to unknown or unverified persons, how to stop a money transmission if possible, and a notice that funds may not be returned once the transmission is complete.

The bill specifies that the licensee must provide these consumer fraud warnings to the consumer before transmitting any money, either in person through direct documents or materials, by displaying them prominently at the location where the money is received for transmission, or through electronic transmission. The warnings must be in a type that contrasts with the background for visibility. The bill also outlines exemptions for certain types of electronic funds transfers and for licensees that provide annual fraud prevention training to their employees.

Statutes affected:
Introduced Version: 42-1008
Senate Engrossed Version: 6-1235
House Engrossed Version: 6-1235
Chaptered Version: 6-1235