Section 2074 - Requirements to Establish an Advance Deposit Wagering Account with a California Entity(a) Accounts shall be established in person, by mail, telephone or Other Electronic Media before any wagering shall be conducted. An Account shall only be established in the name of a natural person and is non-transferable.(b) Any individual prohibited from wagering under Rule 1980 shall be prohibited from establishing an Account or placing a wager.(c) The information required to establish an Account shall include:(1) Account Holder's full legal name.(2) Principal residence address.(4) Social security number.(5) Identification or certification to prove the Account Holder is at least 18 years of age.(6) Whether the Account Holder wants to use a credit card to make deposits to their Account.(d) The entity shall employ electronic verification with respect to each Account Holder's name, principal residence address, date of birth and Social Security number at the time of Account establishment by a Board-approved national, independent, individual reference company or another independent technology approved by the Board which meets or exceeds the reliability, security, accuracy, privacy and timeliness provided by individual reference service companies.(e) The entity may refuse to establish an Account if it is found that any of the information supplied is untrue or incomplete.(f) When an Account is established the entity shall designate an Account Number for each Account. The number can be changed provided the Account Holder is informed prior to any change.(g) The Account Holder shall designate a Means of Personal Identification to use to access their Account.(h) The entity shall inform the Account Holder of the assigned Account Number and provide a copy of its Advance Deposit Wagering procedures, terms and conditions as well as any information that pertains to the operation of the Account.(i) Each entity shall, at all times, comply with Internal Revenue Service (IRS) requirements for reporting and withholding proceeds from Advance Deposit Wagers by Account Holders and shall send to Account Holders subject to IRS reporting or withholding a Form W2-G summarizing the information for tax purposes following a winning wager being deposited into an Account. Upon written request, the entity shall provide Account Holders with summarized tax information on Advance Deposit Wagering activities.Cal. Code Regs. Tit. 4, § 2074
1. New section filed 1-3-2002; operative 1-3-2002 pursuant to Government Code section 11343.4 (Register 2002, No. 1). Note: Authority cited: Sections 19440 and 19590, Business and Professions Code. Reference: Section 19604, Business and Professions Code.
1. New section filed 1-3-2002; operative 1-3-2002 pursuant to Government Code section 11343.4 (Register 2002, No. 1).