N.M. Admin. Code § 15.1.24.14

Current through Register Vol. 35, No. 21, November 5, 2024

Section 15.1.24.14 - ANNUITIES

A. Payments of progressive jackpots exceeding $50,000 may be paid in annual equal installments over periods and in amounts set forth in 15.1.10.26 NMAC or as otherwise approved by the board or its designee. A progressive gaming machine paying by annuity shall have a notice prominently posted on it that the jackpot will be paid over time. The posted notice also shall disclose the number of payments and the time interval between the payments. The first payment shall be made immediately after verification of the jackpot as set forth in this part.

B. Progressive jackpots that are to be paid by annuities shall be reviewed and verified in writing submitted to the board by an independent certified public accountant prior to payment of any amount due.

C. A racetrack gaming operator licensee that is liable for payment of an annuity, cash, or other prize with a cash value exceeding $50,000 shall secure the amount by a cash deposit, irrevocable bond, irrevocable letter of credit, irrevocable trust, or other security instrument satisfactory to the board or its designee.

N.M. Admin. Code § 15.1.24.14

15.1.24.14 NMAC - N, 5/31/00; A, 5/15/07; A, 12/15/10