N.J. Admin. Code § 13:74C-4.5

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

Section 13:74C-4.5 - Debits to an exchange wagering account and placing of exchange wagers; required suspensions of exchange wagering accounts by exchange wagering licensee

(a) Upon receipt by the exchange wagering licensee of an exchange wager placed in accordance with the Act, this chapter, and the internal control procedures of the exchange wagering licensee, the exchange wagering licensee shall promptly debit the exchange wagering account holder's exchange wagering account in the amount of the wager. As condition precedents to debiting any account, the exchange wagering licensee shall first be satisfied and determine that there are sufficient funds in the exchange wagering account to cover the amount of the exchange wager, as well as any additional applicable transaction or other fees due the exchange wagering licensee, as provided for or authorized by this chapter, and that the wager is of a type that can be identically matched within a given market to an identically opposing exchange wager or exchange wagers.

(b) An exchange wagering account holder may request a withdrawal of the available funds in his or her exchange wagering account or any portion thereof. If there are sufficient funds in the exchange wagering account to cover the withdrawal amount requested, after taking into consideration any existing exchange wagers made by the exchange wagering account holder, the exchange wagering licensee shall authorize a disbursement of the amount requested to the exchange wagering account holder consistent with its internal control procedures and where the exchange wagering account holder provides to the exchange wagering licensee: 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 exchange wagering account holder, by telephone, or by other electronic means as approved by the Commission, an executed withdrawal form will not be required where the exchange wagering account holder has previously and, in writing, authorized the exchange 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 exchange wagering licensee at a location consistent with the requirements at N.J.A.C. 13:74C-3.3, the exchange wagering licensee shall cause the withdrawal amount to be issued and sent, in an amount no more than that requested, and payable to the holder of the exchange wagering account. The withdrawal amount may be issued, in the discretion of the exchange wagering licensee, by cash, by check, or by electronic transfer. If the withdrawal amount is issued by means of check, such disbursement shall be sent to the address specified in the exchange wagering account application of the exchange wagering account holder, and made payable to the exchange wagering account holder in the amount requested and available in his or her exchange wagering account. The address provided by the exchange wagering account holder in the application to establish the exchange wagering account shall be deemed to be the proper address for this purpose, unless the exchange wagering account holder has properly amended his or her exchange wagering account application to reflect a new address consistent with the procedures established by the exchange wagering licensee for such purpose. All other methods of withdrawal payments shall be properly recorded by the exchange wagering licensee, consistent with its internal control procedures.

(d) Notwithstanding its receipt of a properly completed exchange wagering account withdrawal request, the exchange wagering licensee shall suspend an exchange wagering account, or decline to fulfill a withdrawal request, where it reasonably suspects fraud, that the exchange wagering account holder was ineligible to make one or more of the exchange wagers made from the exchange wagering account, or where the Commission Executive Director has notified the exchange wagering licensee that the Commission is conducting an investigation into the exchange wagering account or exchange wagering system, and directs, in writing, that the exchange wagering licensee suspend the exchange wagering account, or not to fulfill any withdrawal requests associated with the particular exchange wagering account.

N.J. Admin. Code § 13:74C-4.5

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

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