16 Tex. Admin. Code § 309.298

Current through Register Vol. 49, No. 48, November 29, 2024

Section 309.298 - Stakes and Other Prepayment Races

(a) An association shall file with the Commission, for executive secretary approval, a copy of the race conditions and the nomination blank for all stakes or other prepayment races before distributing the conditions to the public.

(b) The nomination blank must state all conditions of the race, including:

(1) the payment schedule;

(2) the dates and conditions for the race and any trials;

(3) the source and amount of any added money;

(4) the distribution of all funds paid into the race, including the percentages allocated for advertising, administration, and other expenses, provided that no such expenses may be made or incurred by an association;

(5) terms for obtaining refunds, if any; and

(6) all other conditions pertaining to the race.

(c) The association shall maintain one account in an F.D.I.C. secured financial institution, for which only funds received for stakes and other prepayment races may be deposited, except as otherwise authorized by these rules. The account must require, for all withdrawals, the signatures of two officers of the association.

(d) The association shall designate an official as the stakes nomination secretary who shall be responsible for the collection and deposit of all stakes, nomination, futurity and derby payments, preparation of the list of horses and their owners nominated for stakes, nomination, futurity and derby races and serving as the point of contact for the Commission staff for questions or information regarding stakes and other prepayment races. The association shall include the name of the person designated as the stakes nomination secretary in the list of officials prepared pursuant to § RSA 313.4 of this title (relating to Approval of Officials). The association shall include the person designated as the stakes nomination secretary in an insurance policy or fidelity bond covering employee dishonesty.

(e) Not later than five days after the date nominations close, the association shall provide to the Commission a list of all horses nominated for the race. Not later than five days after each payment date, the association shall prepare a list of the horses remaining eligible for the race, including the names of all owners of each horse. If necessary, the association shall prepare an amended list. The association shall provide a copy of each list to the stewards and post a copy of the list in the racing office. The association shall maintain appropriate documentation to prove the eligibility of each nomination.

(f) Not later than five business days after receiving a request by the executive secretary, the association shall provide a written report regarding the activity and status of the escrow account in which the race funds are maintained. The report must include the name of the financial institution in which the account is held, the dates and amounts of deposits into the account by each nominator or sponsor, the dates and amounts of all withdrawals or deductions from the account, and for what purpose each withdrawal or deduction was made.

(g) Not later than five business days after a race subject to this section is conducted, the association shall provide to the executive secretary the final report for the distribution of the purse for stakes and other prepayment races.

16 Tex. Admin. Code § 309.298

The provisions of this §309.298 adopted to be effective October 21, 1999, 24 TexReg 8970; amended to be effective July 22, 2002, 27 TexReg 6294; amended to be effective January 8, 2004, 29 TexReg 375