Okla. Admin. Code § 325:25-1-23

Current through Vol. 42, No. 4, November 1, 2024

Section 325:25-1-23 - Nomination payment races

(a) It is the organization's responsibility, as licensee, to ensure the payment of all purse monies and to submit requested information to the Commission although some entity or person other than the organization may be the race sponsor.

(b) The organization shall provide the Commission with a copy of written race conditions and executed contracts between the organization and race sponsors, including escrow provisions made by the organization or between the organization and race sponsor on behalf of the nominators, utilizing an FDIC or FSLIC financial institution(s) to maintain the escrow account(s) for all nomination payment races run at the organization's race meeting(s). The organization shall provide the Commission with a list(s) by race name and dates of trials/finals of any race for which nomination payments will be accepted at a race meeting. Adjacent to each race name shall be stated:

(1) that the track receives the race and nomination payment monies, or

(2) the identity of the association and person who receives nominations and sustaining payment monies for referenced races.

(c) Prior to the closing of nominations, the organization shall file with the Commission a copy of the nomination blank and all written advertisements for races to be run during a race meeting. Any added or supplemental purse money advertised or otherwise stated in written race conditions shall be deposited in the escrow account no later than the deadline date for the first eligibility payment for that race. Any added or supplemental purse money must be clearly identified as such in race conditions, in nomination lists, and in escrow reports. The written conditions of the race must clearly state to whom interest earned on nomination/sustaining payments received from horsemen or added money is retained or paid. All amounts or percentages to be deducted from nomination or sustaining payments or from added money must be disclosed to the horsemen in the written race conditions. For all nomination races the organization shall furnish the Commission and the Owners of horses previously made eligible by compliance with the conditions of such race, with a list of all horses nomination distinguishing those horses which remain eligible. The list shall be distributed within fifteen (15) days after the due date of each nomination and sustaining payment and shall include name of race; name of horse; name of Owner; itemization of payments and gross purse to date, including any added monies, applicable interest, and supplementary payments.

(d) Periodically, within fifteen (15) days after each eligibility or payment date and the date horses pass the entry box, the organization shall provide a written escrow report to the Commission reflecting verifications for each nomination payment race from the financial institution(s) where escrow accounts are maintained. The escrow report shall include the financial institution representative; names of nominators; total number of entries; names of horses remaining eligible; names of horses dropped; an itemization of amount of payments and added money received including totals; amount of interest accrued to date; amounts and dates of each withdrawal, if any; each deduction from monies received, e.g., uncollected checks, advertising, promotion, administrative costs; and the stated purpose of each withdrawal or deduction.

(e) Additionally, within fifteen (15) days after the official running of the nomination payment race or upon any refund or payment distributable pursuant to race conditions or Commission rules, the organization shall provide to the Commission the final escrow report for each race including itemization as required above in periodic reports and final certification by the escrow institution(s) that checks were made payable to the purse winners at the addresses specified in the final escrow report according to the official order of finish or other determination made by the Stewards, the Commission, or a court of law.

Okla. Admin. Code § 325:25-1-23

Amended at 30 Ok Reg 502, eff 5-15-13