N.J. Admin. Code § 13:45A-36.17

Current through Register Vol. 56, No. 21, November 4, 2024

Section 13:45A-36.17 - Player funds

(a) A fantasy sports operator shall not allow a participant to transfer funds to any other participant.

(b) After a participant's identity has been verified, a participant shall be allowed to withdraw funds maintained in his or her account, whether such account is opened or closed. Such requests must be honored within five business days of the request. For purposes of this section, a request for withdrawal will be considered honored if it is processed by the fantasy sports operator, notwithstanding a delay by a payment processor, credit card issuer, or the custodian of a financial account.

(c) A fantasy sports operator shall not allow a participant's account to be overdrawn unless caused by payment processing issues outside of the control of the fantasy sports operator.

(d) A fantasy sports operator may decline to honor a request to withdraw funds if the fantasy sports operator believes in good faith that the participant engaged in either fraudulent conduct or conduct that would put the fantasy sports operator in violation of the law. In such cases, the fantasy sports operator shall:

1. Provide notice to the participant of the nature of the investigation of the account; and

2. Conduct an investigation in a reasonable and expedient fashion, providing the participant additional written notice of the status of the investigation every 10th business day starting from the day the original notice was provided to the participant.

N.J. Admin. Code § 13:45A-36.17

Adopted by 51 N.J.R. 1764(a), effective 12/2/2019