N.J. Admin. Code § 13:74-3.2

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

Section 13:74-3.2 - Prerequisites to a grant of renewal of an account wagering license

(a) These procedures shall apply where the account wagering licensee has been granted an initial license for account wagering, which initial license has not lapsed, where the grant of that initial license occurred pursuant to the provisions of the Act and 13:74-3.1, and where the account wagering licensee or its successor in interest makes proper application for the renewal of the initial account wagering license or a previously renewed account wagering license itself subject of the initial license grant.

(b) A renewal of an account wagering license, as issued by the Commission, shall run for a one year period commencing January 1 and ending on December 31 of the same year. Where, however, an initial one year account wagering license granted pursuant to the procedure set forth in 13:74-3.1 shall by operation of the calendar expire on a date which would result in a lapse of such license if these dates were to be complied with, the Commission on a one-time basis and at no additional cost to the account wagering licensee may grant a renewal of the initial license period to the last day of December of the year in question.

(c) A renewal license for an existing account wagering license shall be made by the account wagering licensee on a form prescribed by the Commission, accompanied by a non-refundable filing fee of $ 5,000, and shall be filed in a complete manner no later than October 15 of the year prior to that of which the license renewal is sought.

(d) A renewal application shall not be considered complete unless it complies with the requirements set forth in 13:74-3.1(b), (c), (d) and (e).

(e) Following the Executive Director's determination that the renewal application is complete, the Executive Director shall at the cost of the account wagering licensee cause a hearing to be held before the Commission. Any such hearing may be held at a properly convened public meeting of the Commission, and at a location in this State in the Commission's discretion.

(f) Following the Commission's consideration of the renewal application, and prior to the expiration date of the initial or previously renewed license under which the account wagering system is then operating, the Commission subject to the review and approval of the Attorney General shall issue an account wagering renewal license if appropriate. An account wagering renewal license shall be issued to the account wagering licensee where it demonstrates by clear and convincing evidence that:

1. Wagers placed through the account wagering system shall continue to be accurately processed, with sufficient safeguards to maintain the integrity of the horse racing industry in this State;

2. The grant of a renewal license will not be inimical to the interests of the public and the horse racing industry in this State;

3. The participation agreement meets the requirements of the Act to the satisfaction of the Commission and Attorney General; and

4. The account wagering licensee is in compliance with the Act, this chapter and any conditions imposed upon it by the Commission.

(g) An account wagering renewal license shall specify the effective dates of the renewal license, the methods of account wagering authorized by the renewal license, and other conditions or terms the Commission may deem appropriate, including, but not limited to, the requiring of an annual audit of the account wagering licensee's books and records pertaining to account wagering, as well as the imposition of any condition consistent with 13:74-11.2.

N.J. Admin. Code § 13:74-3.2