N.M. Admin. Code § 15.2.7.9

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

Section 15.2.7.9 - ACCOUNT WAGERING

A. GENERAL: The association may offer a system of account wagering to its patrons whereby wagers are debited and payouts credited to a sum of money, deposited in an account by the patron, that is held by the association. The association shall notify the patron, at the time of opening the account, of any rules the association has made concerning deposits, withdrawals, average daily balance, user fees, interest payments and any other aspect of the operation of the account. The association shall notify the patron whenever the rules governing the account are changed, such notification occurring before the new rules are applied to the account and including the opportunity for the patron to close or cash in the account. The patron shall be deemed to have accepted the rules of account operation upon opening or not closing the account. The association shall request authorization from the commission before a system of account wagering is offered.

B. ACCOUNT OPENING: The association may offer to open for its patrons:

(1) short-term accounts that are operational only for the performance during which they were opened and only at the site where they were opened, whereby wagers are placed by the account holder at a self-service terminal;

(2) long-term accounts that are operational for any performance offered by the association, whereby wagers are placed by the account holder at a self-service terminal or by telephone within the enclose of the racetrack;

(3) voucher accounts that are operational for any performance offered by the association, whereby wagers are placed by the account holder at any ticket issuing terminal operated by the association; the patron may choose to credit winning payouts in cash and may choose to close or cash-in the account at any time.

C. REFUSALS: The association may reserve the right at any time to refuse to open an account, to accept a wager, or to accept a deposit.

D. PATRON INFORMATION: Each short-term or long-term account holder shall provide such personal information as the association and the commission require, including an address to which communications are to be delivered. The association shall provide, for each short-term or long-term account holder, a confidential account number and password to be used by the patron to confirm validity of every account transaction.

E. DEPOSITS: Deposits may be made in cash or by check, whereby the proceeds of the check may first need banker's clearance. Holding periods will be determined by the association and advised to the account holder. A receipt for the deposit must be issued to the account holder, but does not need to reflect the current account balance.

F. SUFFICIENT ACCOUNT BALANCE: Each account holder shall be deemed to be aware of the status of that account at all times. Wagers will not be accepted which would exceed the available balance of that account. Any account not updated when a transaction is completed shall be inoperable until the transaction is posted and the account balance updated.

G. ACCOUNT CREDITS: When an account is entitled to a payout or refund, said monies will be credited to the respective accounts, thus increasing the credit balance. It is the responsibility of the account holder to verify proper credits and, if in doubt, notify the association within the agreed upon time frame for consideration. Unresolved disputes may be forwarded to the commission by the association or the account holder. No claim will be considered by the commission unless submitted in writing and accompanied by supporting evidence.

H. ACCOUNT OPERATION:

(1) The association must maintain complete records of every deposit, withdrawal, wager and winning payout for each short and long-term account. Voucher accounts shall be recorded in a manner similar to a ticket. These records shall be made available to the commission upon request.

(2) For wagers made for an account by telephone, the association shall make a voice recording of the entire transaction and shall not accept any such wager if the voice recording system is inoperable.

(3) Any account wagering system must provide for the account holder's review and finalization of a wager before it is accepted by the association. Neither the account holder nor the association shall change a wager after the account holder has reviewed and finalized the wager. In the case of a wager made by telephone, the voice recording of the transaction shall be deemed to be the actual wager, regardless of what was recorded by the pari-mutuel system.

I. ACCOUNT CLOSURE: The association may close any account when the holder thereof attempts to operate with insufficient balance or when the account is dormant for a period approved by the commission. In either case, the association shall refund the remaining balance of the account.

N.M. Admin. Code § 15.2.7.9

15.2.7.9 NMAC - Rp, 15 NMAC 2.7.9, 3/15/2001