W. Va. Code R. § 179-8-113

Current through Register Vol. XLII, No. 1, January 3, 2025

Section 179-8-113 - Credit Extension Procedures; Establishment of Procedures

113.1. The casino licensee may extend credit to a patron only in the manner provided in its credit procedures approved by the Commission. The casino licensee is responsible for establishing policies and procedures to extend credit to patrons. The policies and procedures shall provide that each credit transaction is promptly and accurately recorded.

113.2. The procedures proposed by a casino licensee shall ensure that:

113.2.a. Each credit transaction is promptly and accurately recorded in appropriate credit records; and

113.2.b. Credit may be extended only in a commercially reasonable manner considering the assets, liabilities, prior payment history, and income of the patron.

113.3. The casino licensee shall not extend credit beyond the approved credit line limit approved by the Commission.

113.4. The casino licensee shall provide to the Director a monthly report detailing credit issued, an aging of outstanding credit amounts, and collection activities taken with respect to aging accounts and accounts written off as uncollectible.

113.5. A credit instrument is identical to a personal check and may be deposited in, or presented for payment to, a bank or other financial institution where the patron maintains an account.

113.6. Credit instruments issued at a gambling table shall affect adjusted gross receipts in the following ways:

113.6.a. Each credit instrument issued at a gaming table is evidenced with an issuance document inserted into the drop box and becomes an increase to the table drop;

113.6.b. Each redeemed credit instrument at a gaming table will be evidenced by a redemption document inserted into the drop box and becomes a decrease to the table drop; and

113.6.c. Chips that are issued by the cage for cash or the issuance of credit instruments do not increase table drop.

113.7. Procedures approved by the Commission for the extension of credit by the casino licensee to a patron shall control and regulate the issuance of credit directly by the casino to a gaming patron. The casino licensee shall submit to the Commission its proposed procedures for extending credit which shall at a minimum:

113.7.a. Ensure that markers issued by the casino licensee are issued only in accordance with the specific or general authorization of this rule;

113.7.b. Ensure that the functions, duties, and responsibilities of the casino licensee's employees involved in the extension of credit are appropriately segregated and performed in accordance with sound practices by competent, qualified personnel;

113.7.c. Ensure that a casino employee is not in a position to perpetuate and conceal errors or irregularities in the normal course of his or her duties; and

113.7.d. Ensure that procedures are conducted with integrity and in accordance with the Act and this rule.

W. Va. Code R. § 179-8-113