N.J. Admin. Code § 13:74-7.5

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

Section 13:74-7.5 - Debits to a wagering account

(a) Upon receipt by the account wagering licensee of an account wager placed in accordance with the Act, this chapter and the internal control procedures of the account wagering licensee, the account wagering licensee shall promptly debit the account holder's wagering account in the amount of the wager.

(b) An account holder may request a withdrawal of the available funds in his or her wagering account or any portion thereof. The account wagering licensee shall authorize a disbursement of the amount requested to the account holder consistent with its internal control procedures where there are sufficient funds in the wagering account and where the account holder provides to the account wagering licensee, the licensee's agent, or in the account wagering licensee's discretion to a permit holder or off-track wagering facility for transmittal purposes, or such other entity as approved by the Commission, each of the following: proper identification; a correct confidential account number; a correct personal identification number; and a properly completed and executed withdrawal slip on a form approved by the Commission. Where a withdrawal is requested by an account holder by telephone, or by other electronic means as approved by the Commission, an executed withdrawal form will not be required where the account holder has previously and in writing authorized the account wagering licensee to accept withdrawal requests by such approved electronic means.

(c) No later than three business days following the receipt of a properly completed and executed withdrawal form, which shall be processed by the account wagering licensee at a location consistent with the requirements of 13:74-7.8, the account wagering licensee shall send, to the address specified in the wagering application for the account holder, a check made payable to the account holder in the amount requested and available in his or her account. The address provided by the account holder in the application to establish the wagering account shall be deemed to be the proper address for this purpose, unless the account holder has properly amended his or her application to reflect a new address consistent with the procedures established by the account wagering licensee for such purpose.

N.J. Admin. Code § 13:74-7.5