Refund Law & Legal Definition
Consumer purchase refund laws vary by state, but many specify that the refund policy of the store must be provided to customers in a noticeable manner. For example, some states require that signs must be posted at each sales counter, on tags attached to the merchandise, or at store entries.
The signs must specify:
Whether a refund, store credit or an exchange will be given.
The time period during which the customer must return the merchandise.
The types of merchandise covered.
Any conditions which govern the transaction such as the requirement for an original receipt.
Income tax payments may also trigger a refund. If you file a complete and accurate tax return and you are due a refund, your refund is supposed to be issued within six weeks from the date the IRS receives your return. If you filed electronically (including use of TeleFile), refund checks will be issued within three weeks after the acknowledgment date.
Many other types of transactions may involve refunds, and often contract terms govern the right to receive a partial or total refund, and conditions that apply.
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