New Jersey Administrative Code › Title 13 - LAW AND PUBLIC SAFETY › Chapter 74C - EXCHANGE WAGERING › Subchapter 4 - STANDARDS FOR EXCHANGE WAGERING SYSTEM › Section 13:74C-4.4 - Credits to an exchange wagering account and payments on winning exchange wagers

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Subject to
				the right of the exchange wagering licensee to refuse for any reason all or any
				part of any deposit to an exchange wagering account, and consistent with the
				internal control procedures of the exchange wagering licensee, an exchange
				wagering account holder may make a deposit into his or her exchange wagering
				account by remitting funds to the exchange wagering licensee.
(b) Any funds intended for deposit by an
				exchange wagering account holder into his or her exchange wagering account
				shall be made payable to the exchange wagering licensee in the form of: cash
				deposit utilizing a properly completed and executed deposit slip approved by
				the Commission; a credit or debit card or cards specifically approved by the
				exchange wagering licensee, upon the account holder's direct and personal
				instructions (which instructions may be given by telephone or other electronic
				means); check, money order, negotiable order of withdrawal utilizing a properly
				executed deposit slip approved by the Commission; or wire transfer or
				electronic transfer. A deposit to an exchange wagering account shall only be
				accepted where the exchange wagering account holder first provides a correct
				account number and a correct confidential personal identification number for
				the account. A receipt for each deposit shall be issued to the exchange
				wagering account holder, but the receipt need not reflect the current account
				balance. A deposit to an exchange wagering account, by credit card or debit
				card, shall only be accepted by the exchange wagering licensee in a maximum
				amount consistent with its internal control procedures, as approved by the
				Commission, for each exchange wagering account holder. The funds deposited into
				an exchange wagering account shall not bear interest to the exchange wagering
				account holder. The internal control procedures of the account wagering
				licensee shall set forth procedures addressing such interest funds, which shall
				in all cases be disbursed as exchange revenues, for distribution as provided at
				N.J.A.C.
				13:74C-3.5.
(c) Credit for winnings from wagers placed
				with funds in an exchange wagering account shall be promptly posted to the
				exchange wagering account by the exchange wagering licensee, consistent with
				its internal control procedures. Following the exchange wagering licensee's
				proper debit of an exchange wagering account, for an exchange wager or wagers
				properly accepted by the exchange wagering licensee pursuant to
				N.J.A.C.
				13:74C-4.3, the net winnings due shall be
				credited to the exchange wagering account of the exchange wagering account
				holder who won the wager, less any applicable take out, or transaction or other
				fees due the exchange wagering licensee, as provided for pursuant to
				N.J.A.C.
				13:74C-5.9(b)  and
				5.11.
(d) Credit for refunded
				exchange wagers shall be promptly posted to the wagering account by the
				exchange wagering licensee, consistent with its internal control
				procedures.
(e) An exchange wager
				account holder may not place an exchange wager drawn upon sums deposited into
				his or her exchange wagering account, regardless of the manner of deposit of
				those funds, unless the deposit has first been administratively processed by
				the exchange wagering licensee, the funds subject to the deposit have been
				credited to the exchange wagering account of the exchange wagering account
				holder, the funds subject to the deposit have satisfied any banker's or other
				required clearance, and the funds subject to the deposit are actually available
				within the exchange wagering account. Holding periods shall be determined by
				the exchange wagering licensee, who shall make such information available to
				the exchange wagering account holder upon request.