N.J. Admin. Code § 13:74C-4.7

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

Section 13:74C-4.7 - Exchange wagering system records maintenance; exchange wagering account disputes

(a) The exchange wagering licensee shall maintain complete records of every deposit, withdrawal, wager, and winning payoff for each exchange wager, which records shall be made available to the Commission upon request. Such records shall be stored and maintained at a location required pursuant to N.J.A.C. 13:74C-3.3.

(b) For exchange wagers and other transactions made by direct telephone call, the exchange wagering licensee shall make a voice recording of the entire transaction and shall not accept any such exchange wager or transaction if the voice recording system is inoperable. The voice recording of the exchange wagering account holders' finalization of the wager shall be deemed to be the actual wager or record of transaction, regardless of what wager was entered by and into the exchange wagering system. The voice recording records shall be made available to the Commission upon request.

(c) For exchange wagers or transactions made by computer or other electronic means approved by the Commission, the exchange wagering licensee shall maintain a printable record of the entire transaction and shall not accept any such exchange wager or transaction if the printable record system is inoperable. The record of the finalization of the wager shall be deemed to be the actual wager or record of transaction, regardless of what wager was entered by and into the exchange wagering system. The records shall be made available to the Commission upon request.

(d) For exchange wagers or transactions made by an exchange wagering account holder in-person, the exchange wagering licensee shall maintain a printable record of the entire transaction and shall not accept any such exchange wager or transaction if the printable record system is inoperable. The record of the finalization of the wager shall be deemed to be the actual wager or record of transaction, regardless of what exchange wager was entered by and into the exchange wagering system. The records shall be made available to the Commission upon request.

(e) The exchange wagering licensee shall provide each exchange wagering account holder, upon reasonable request, and consistent with its internal control procedures, with a statement of account showing each exchange wagering deposit, each exchange wagering account withdrawal, each credit to the exchange wagering account, and each debit to the exchange wagering account made during the time period reported by the account statement. The exchange wagering account holder may dispute any transaction in accordance with the exchange wagering licensee's dispute resolution procedure, which procedure shall be set forth in the exchange wagering licensee's internal control procedures. In any dispute initiated in accordance with such procedure, or as otherwise permitted by the exchange wagering licensee in its discretion, the exchange wagering account holder shall have the right to review the voice recording or printable record of his or her exchange wagering account transaction or exchange wager as described at (b), (c), and (d) above. The decision of the exchange wagering licensee as to any dispute shall not be the subject of any appeal to the Commission, and shall constitute a final decision on the part of the exchange wagering licensee. The records referred to in this subsection shall be made available to the Commission upon request.

(f) The exchange wagering licensee shall maintain all records required by this section for a period of time consistent with the ability of an exchange wagering account holder to dispute a transaction consistent with its internal control procedures and, except as otherwise noted within this subsection, for a period of not less than six months from the date of the related exchange wagering transaction. All telephone voice recordings of exchange wagering transactions shall be maintained for a period of not less than 30 days from the date of the related exchange wagering transaction. All exchange wagering account applications or amendments thereto shall be retained by the exchange wagering licensee for a minimum period of one year following the rejection of the application by the exchange wagering licensee, or where an exchange wagering account has been established, for a minimum period of one year following the closure of the related exchange wagering account.

N.J. Admin. Code § 13:74C-4.7

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

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