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2012 -- H 7788 | |
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LC01386 | |
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STATE OF RHODE ISLAND | |
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IN GENERAL ASSEMBLY | |
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JANUARY SESSION, A.D. 2012 | |
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A N A C T | |
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RELATING TO COMMERCIAL LAW - GENERAL REGULATORY PROVISIONS - | |
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UNFAIR SALES PRACTICES | |
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Introduced By: Representatives O`Grady, and Valencia | |
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Date Introduced: February 28, 2012 | |
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Referred To: House Corporations | |
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It is enacted by the General Assembly as follows: | |
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SECTION 1. Chapter 6-13 of the General Laws entitled "Unfair Sales Practices" is |
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hereby amended by adding thereto the following section: |
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6-13-21. Prohibition on expiration of money orders. – “Personal money order” means |
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any instrument for the transmission or payment of money in relation to which the purchaser or |
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remitter appoints or purports to appoint the seller as his or her agent for the receipt, transmission, |
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or handing of money, whether the instrument is signed by the seller or by the purchaser or |
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remitter or some other person. Any person, firm or corporation that sells personal money orders |
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shall be required to record the sales and keep an accurate and complete record of each personal |
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money order sold. The record shall include the date of sale, the full value of the personal money |
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order and the identification number assigned to the personal money order. The retailer shall |
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further be required to give to the purchaser of the personal money order a written and numbered |
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receipt evidencing the sale of the personal money order. It shall be unlawful for any person, firm, |
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or corporation of any kind to charge any surcharge or additional fee on the personal money order |
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or to limit the time for the redemption of a personal money order or to place an expiration date |
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upon the personal money order. No personal money order or any agreement with respect to such |
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personal money order may contain language suggesting that an expiration date may apply to the |
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personal money order. Any person, firm or corporation that shall violate the provisions of this |
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section shall be punished by a fine of not more than two hundred dollars ($200). Due to the |
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unlimited redemption period, the division of taxation shall not escheat the funds paid for those |
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unredeemed personal money orders. |
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SECTION 2. This act shall take effect upon passage. |
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LC01386 | |
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EXPLANATION | |
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BY THE LEGISLATIVE COUNCIL | |
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OF | |
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A N A C T | |
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RELATING TO COMMERCIAL LAW - GENERAL REGULATORY PROVISIONS - | |
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UNFAIR SALES PRACTICES | |
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This act would prohibit the expiration of, or assessment of charges on, personal money |
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orders. |
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This act would take effect upon passage. |
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LC01386 | |
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