N.J. Admin. Code § 13:74C-4.6

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

Section 13:74C-4.6 - Dormant exchange wagering accounts

(a) The exchange wagering licensee, consistent with this chapter and its internal control procedures, may, in its discretion, cause a dormant exchange wagering account to be closed.

(b) The exchange wagering licensee, at least 30 days before the date on which any dormant account is to be closed, shall forward by regular and certified mail to the address of the exchange wagering account holder, as set forth in the exchange wagering account holder's exchange wagering account application (or properly amended exchange wagering account application), notice of the date on which the exchange wagering account shall be closed. The notice shall specify that, upon any closure of the exchange wagering account, the funds within the exchange wagering account shall be disbursed as set forth at (c) below. The notice shall further provide what actions the exchange wagering account holder must take, consistent with the internal control procedures of the exchange wagering licensee, in order for the exchange wagering account holder to secure the funds in the exchange wagering account prior to its closure, or alternatively, and subject to the discretion of the exchange wagering licensee, to cause the exchange wagering account not to be closed and remain an active exchange wagering account.

(c) Where an exchange wagering account is closed, consistent with this section, the funds that were within the closed exchange wagering account shall be disbursed as exchange revenues, for distribution as provided at N.J.A.C. 13:74C-3.5.

N.J. Admin. Code § 13:74C-4.6

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

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