The proposed bill, SB1034, amends existing Arizona law regarding money transmission by requiring licensees who receive money for transmission on behalf of consumers for personal, family, or household purposes to provide specific consumer fraud warnings. These warnings must include information about the risks of consumer fraud, dangers of sending money to unknown individuals, options for stopping a transmission, and a warning that funds may not be recoverable once sent. The bill mandates that these warnings be provided to consumers before any money is transmitted, either in person or through electronic means.

Additionally, the bill specifies that the consumer fraud warnings must be presented in a contrasting type to ensure visibility. It exempts certain transactions from these requirements, such as electronic funds transfers that do not involve direct transfers to another person or those made with gift certificates. Furthermore, licensees that provide annual fraud prevention training to their employees are also exempt from these requirements. Overall, the bill aims to enhance consumer protection in money transmission practices.

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