N.J. Admin. Code § 13:70-3.46

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

Section 13:70-3.46 - Horsemen's bookkeeper account

(a) Each track association shall establish a horsemen's bookkeeper account to hold monies deposited by thoroughbred owners. The horsemen's bookkeeper shall maintain a record of each account crediting such account, as applicable, with all earnings, awards or deposits. The horsemen's bookkeeper shall also deduct payments as directed by the account holder or his or her authorized agent and collect assessments for the cost of workers' compensation insurance coverage pursuant to this chapter and the rules promulgated by the New Jersey Horse Racing Injury Compensation Board as set forth at N.J.A.C. 13:73.

(b) The horsemen's bookkeeper at each racetrack in New Jersey shall transmit on a weekly basis all monies collected for the cost of workers' compensation insurance or self-insurance coverage to the New Jersey Racing Commission, which shall deposit these monies in a separate account for the use of the New Jersey Horse Racing Injury Compensation Board.

(c) All thoroughbred track associations shall be required to invest in either New Jersey business savings accounts, bank certificates of deposit or United States Treasury notes, the sums deposited by the owners of thoroughbred horses with the horsemen's bookkeeper. Such investments are to be held in the name of the track association's horsemen's bookkeeper account. No more than 80 percent of said funds shall be invested at any time. No less than 20 percent of all the funds shall, at all times, be available for use by the track association's horsemen's bookkeeper. The funds not invested shall be deposited in a separate trust account and shall, at no time, be commingled with any other funds of the track association.

(d) The income realized from the invested funds shall be used firstly, to reimburse the track association for one-half of the cost and expense of operating the horsemen's bookkeeper's account, with the remainder of the income being used for programs managed by the Horsemen's Benevolent and Protective Association, and designed to benefit the racing industry.

(e) The specific programs and anticipated budget for the Horsemen's Benevolent and Protective Association for any calendar year shall be submitted to the New Jersey Racing Commission for its approval no later than December 1 of the preceding calendar year. The programs and budget may be amended during said calendar year with prior approval of the New Jersey Racing Commission.

N.J. Admin. Code § 13:70-3.46

R.1976 d.125, effective 4/22/1976.
See: 8 New Jersey Register 47(b), 8 New Jersey Register 308(a).
Amended by R.1985 d.204, effective 5/6/1985.
See: 17 New Jersey Register 173(a), 17 New Jersey Register 1135(a).
(c) deleted text: "with the remainder ... of thoroughbred horses" and substituted "with the remainder ... New Jersey Racing Commission."
Amended by R.2000 d.34, effective 1/18/2000.
See: 31 New Jersey Register 3047(b), 32 New Jersey Register 321(d).
Rewrote (a); inserted new (b) through (d); and recodified former (b) through (d) as (e) through (g).
Amended by R.2002 d.71, effective 3/4/2002.
See: 33 New Jersey Register 3624(a), 34 New Jersey Register 1019(a).
In (a), substituted "13:73" for "13:70A-1.1 et seq."; deleted (b) and (c), and recodified existing (d) through (g) as (b) through (e).