N.J. Admin. Code § 13:74C-4.1

Current through Register Vol. 56, No. 24, December 18, 2024

Section 13:74C-4.1 - Establishment of an exchange wagering account

(a) A person may only place an exchange wager, from a location within this State, if he or she has established an exchange wagering account in accordance with the Act and this chapter. To establish an exchange wagering account, a person must be a New Jersey resident and 18 years of age or older. An exchange wagering account shall be established in the name of a natural person only, and shall not be assigned or otherwise transferred. A natural person may only hold and maintain one exchange wagering account at any time. An exchange wagering account shall be established with and through the exchange wagering licensee, and no person or entity other than the exchange wagering licensee shall accept an exchange wager from a person within this State. An exchange wagering account shall not be assignable or transferrable.

(b) A person on the self-exclusion list established pursuant to N.J.S.A. 5:5-65.1 is prohibited from establishing an exchange wagering account. Any person not in good standing with the Commission shall not be entitled to open or maintain an exchange wagering account. The exchange wagering application form shall include questions directed toward determining if the applicant is qualified to receive an account in view of this section.

(c) An exchange wagering account may be established by a prospective account holder completing an application form developed by the exchange wagering licensee, and approved by the Commission. The application is to be submitted, together with the prospective account holder's principal residence address and a signed certification including proof of age and residency of the applicant, to the exchange wagering licensee for processing consistent with its internal control procedures, the Act, and this chapter. The exchange wagering licensee shall have discretion to accept an exchange wagering application from an applicant either appearing in-person, by telephone, sent by mail, or by electronic media approved by the Commission, including the internet and by wireless devices, to any of the following locations in this State: the in-State premises of the exchange wagering licensee; or such other location approved by the Commission. All account wagering applications shall be processed and maintained at a location as required pursuant to N.J.A.C. 13:74C-3.3.

(d) The signed certification of an applicant, which shall accompany an application to establish an exchange wagering account, shall include a statement that a false or misleading statement made in regard to an application may subject the applicant to prosecution, to an enforcement action initiated by the Commission consistent with this chapter, and to rejection of the application or cancellation of the exchange wagering account by the exchange wagering licensee without notice.

(e) An exchange wagering account application shall include or be accompanied by notice, as approved by the Commission, that the address provided by the prospective account holder in the application shall be deemed the proper address for the purposes of mailing checks, account withdrawals, notices, including as concerns dormant accounts, and the mailing of other materials.

(f) The exchange wagering licensee shall provide the prospective account holder, at the time of the opening of an exchange wagering account, with the operation rules adopted by the exchange wagering licensee concerning exchange wagering account deposits, exchange wagering account withdrawals, the disclosure requirements at N.J.A.C. 13:74C-5.8(b), a non-accumulation of interest disclosure as to exchange wagering accounts, maintenance requirements of the exchange wagering account including rules concerning dormant accounts, credit or debit card usage rules, a procedure to amend an exchange wagering account application to update the exchange wagering account holder's address or other information required by the exchange wagering licensee, any reporting obligations of the exchange wagering licensee for taxation purposes, the requirement that exchange wagers be placed by exchange wagering account holders from a location within this State, the dispute resolution procedure adopted by the exchange wagering licensee pursuant to N.J.A.C. 13:74C-4.7, the complaint procedure to the Commission as set forth at N.J.A.C. 13:74C-4.9, and any other aspects of the operation of the exchange wagering account as determined by the exchange wagering licensee. The exchange wagering account holder shall be deemed to have accepted the rules of exchange wagering account operation upon opening or not closing the account. The exchange wagering licensee shall notify the exchange wagering account holder whenever the rules governing the exchange wagering account are changed, which notification shall occur before the new rules become effective, so as to allow sufficient opportunity for the exchange wagering account holder to close his or her exchange wagering account in advance of those new rules becoming effective.

(g) Nothing in this section shall be interpreted to disallow the exchange wagering licensee and account wagering licensee from developing and submitting to the Commission for approval: a single application form that would allow an eligible New Jersey resident to establish, by and through such application, separate account wagering and exchange wagering accounts; or a single application form, which would allow an eligible New Jersey resident to establish a single exchange wagering account from which both exchange wagers and account wagering wagers could be made. The Commission shall, in either case, approve such an application where, by clear and convincing evidence, it is demonstrated that each of the requirements of the Act and this chapter, and each of the requirements of the Off-Track and Account Wagering Act, P.L. 2001, c. 199, and N.J.A.C. 13:74, have been satisfied.

N.J. Admin. Code § 13:74C-4.1

Adopted by 47 N.J.R. 807(b), effective 4/20/2015.

Adopted by 56 N.J.R. 413(a), effective 3/18/2024