Mississippi Administrative Code › Title 35 - Department of Revenue › Part 5 - Gaming › Subpart 05 - Internal Controls › Chapter 05 - Credit Play › Section 35-5-05-05-100

Current through June 25, 2024
The following standards represent minimum acceptable
					 credit procedures. For any computer applications, alternate documentation
					 and/or procedures which provide at
least
the level of control
					 described by these standards will be acceptable.
1. The following information will be the
				  minimum recorded for patrons who will have credit limits or be issued credit
				  greater than $1,000 (excluding payroll checks, cashier's checks and traveler's
				  checks): Patron's name, current address, and signature, identification
				  verifications, authorized credit limit, documentation of the credit history
				  check and the authorization by an individual designated by management to
				  approve credit limits, and credit issuances and payments.
2. Prior to extending credit, if the
				  following information is not on file, the patron's credit documentation is
				  examined to determine the following: Properly authorized credit limit, whether
				  remaining credit is sufficient to cover the advance, and identity of the
				  patron.
3. Credit extensions over a
				  specified dollar amount are authorized by personnel designated by
				  management.
4. Proper authorization
				  of credit extension over 10 percent of the previously established limit or
				  $1,000, whichever is greater, is documented.
5. The job functions of credit authorization,
				  such as establishing the patron's credit worthiness, and credit extension, as
				  an example monitoring patron's credit play activity, are segregated between pit
				  personnel and the individual involved in actual credit authorization for credit
				  extensions to a single patron of $10,000 or more per day. This limit applies
				  whether credit was extended in the pit or the cage.
6. If personal checks, cashier's checks or
				  payroll checks are cashed, the cage cashier will: Examine and record at least
				  one item of patron identification such as a driver's license, record a bank
				  number or credit card number (not required for payroll checks and cashier's
				  checks), and make a reasonable effort to verify business authenticity of
				  payroll checks.
7. Counter checks
				  are not accepted by the licensee unless the information required by item #1 has
				  been documented.
8. When counter
				  checks are accepted, the following will be included on the check: The patron's
				  name and signature, the dollar amount of the check (both alpha and numeric),
				  date of issuance, and signature or initials of the individual approving the
				  check.
9. When travelers checks are
				  presented: The cashier must comply with examination and documentation
				  procedures as required by the issuer and checks in excess of $100 denominations
				  are not cashed unless at least one form of identification is examined and
				  recorded.
10. A reasonable effort
				  must be made to collect outstanding casino accounts receivable.
11. If outstanding credit instruments are
				  transferred to collection agencies or other collection representatives, a copy
				  of the credit instrument and a receipt from the collection representative are
				  obtained and maintained until such time as the credit instrument is returned or
				  payment is received.
12. A detailed
				  listing is maintained to document all outstanding credit instruments which have
				  been transferred to others as indicated above.
13. The above listing is prepared or reviewed
				  by an individual independent of credit transactions and collections
				  thereon.
14. All payments received
				  on outstanding credit instruments are permanently recorded on the licensee's
				  records.
15. When partial payments
				  are made on credit instruments, they are evidenced by a multi-part receipt (or
				  another equivalent document) which contains: The same preprinted number on all
				  copies, patron's name, date of payment, dollar amount of payment (or remaining
				  balance if a new marker is issued), signature or initials of individual
				  receiving payment, and number of marker on which payment is being
				  made.
16. Access to the credit
				  information, outstanding credit instruments and written off credit instruments
				  is restricted to those positions which require access and are so authorized by
				  management.
17. All extensions of
				  pit credit transferred to the cage and subsequent payments are documented on a
				  credit instrument control form. Records of all correspondence, transfers to and
				  from outside agencies, and other documents related to issued credit instruments
				  are maintained.
18. Written-off
				  credit instruments must be authorized in writing. Such authorizations are made
				  by at least two management officials who are from departments independent of
				  the credit transaction.
19.
a.The receipt or disbursement of front money
				  or a customer cash deposit is evidenced by at least a two-part document with
				  one copy going to the customer and one copy remaining in the cage file. The
				  multi-part form contains the following information: Same preprinted number on
				  all copies, customer's name and signature, date of receipt and disbursement,
				  dollar amount of deposit, and type of deposit (cash, check, chips).
b. Procedures are established to: Maintain a
				  detailed record by patron name and date of all funds on deposit, maintain a
				  current balance of all customer cash deposits which are in the cage/vault
				  inventory or accountability, and reconcile this current balance with the
				  deposits and withdrawals at least daily.