N.J. Admin. Code § 13:74C-4.4
Current through Register Vol. 56, No. 24, December 18, 2024
Section 13:74C-4.4 - Credits to an exchange wagering account and payments on winning exchange wagers(a) Subject to the right of the exchange wagering licensee to refuse for any reason all or any part of any deposit to an exchange wagering account, and consistent with the internal control procedures of the exchange wagering licensee, an exchange wagering account holder may make a deposit into his or her exchange wagering account by remitting funds to the exchange wagering licensee.(b) Any funds intended for deposit by an exchange wagering account holder into his or her exchange wagering account shall be made payable to the exchange wagering licensee in the form of: cash deposit utilizing a properly completed and executed deposit slip approved by the Commission; a credit or debit card or cards specifically approved by the exchange wagering licensee, upon the account holder's direct and personal instructions (which instructions may be given by telephone or other electronic means); check, money order, negotiable order of withdrawal utilizing a properly executed deposit slip approved by the Commission; or wire transfer or electronic transfer. A deposit to an exchange wagering account shall only be accepted where the exchange wagering account holder first provides a correct account number and a correct confidential personal identification number for the account. A receipt for each deposit shall be issued to the exchange wagering account holder, but the receipt need not reflect the current account balance. A deposit to an exchange wagering account, by credit card or debit card, shall only be accepted by the exchange wagering licensee in a maximum amount consistent with its internal control procedures, as approved by the Commission, for each exchange wagering account holder. The funds deposited into an exchange wagering account shall not bear interest to the exchange wagering account holder. The internal control procedures of the account wagering licensee shall set forth procedures addressing such interest funds, which shall in all cases be disbursed as exchange revenues, for distribution as provided at N.J.A.C. 13:74C-3.5.(c) Credit for winnings from wagers placed with funds in an exchange wagering account shall be promptly posted to the exchange wagering account by the exchange wagering licensee, consistent with its internal control procedures. Following the exchange wagering licensee's proper debit of an exchange wagering account, for an exchange wager or wagers properly accepted by the exchange wagering licensee pursuant to N.J.A.C. 13:74C-4.3, the net winnings due shall be credited to the exchange wagering account of the exchange wagering account holder who won the wager, less any applicable take out, or transaction or other fees due the exchange wagering licensee, as provided for pursuant to N.J.A.C. 13:74C-5.9(b) and 5.11.(d) Credit for refunded exchange wagers shall be promptly posted to the wagering account by the exchange wagering licensee, consistent with its internal control procedures.(e) An exchange wager account holder may not place an exchange wager drawn upon sums deposited into his or her exchange wagering account, regardless of the manner of deposit of those funds, unless the deposit has first been administratively processed by the exchange wagering licensee, the funds subject to the deposit have been credited to the exchange wagering account of the exchange wagering account holder, the funds subject to the deposit have satisfied any banker's or other required clearance, and the funds subject to the deposit are actually available within the exchange wagering account. Holding periods shall be determined by the exchange wagering licensee, who shall make such information available to the exchange wagering account holder upon request.N.J. Admin. Code § 13:74C-4.4
Adopted by 47 N.J.R. 807(b), effective 4/20/2015.Adopted by 56 N.J.R. 413(a), effective 3/18/2024