New Jersey Administrative Code › Title 13 - LAW AND PUBLIC SAFETY › Chapter 74C - EXCHANGE WAGERING › Subchapter 4 - STANDARDS FOR EXCHANGE WAGERING SYSTEM › Section 13:74C-4.5 - Debits to an exchange wagering account and placing of exchange wagers; required suspensions of exchange wagering accounts by exchange wagering licensee

Current through Register Vol. 56, No. 14, July 15, 2024
(a) Upon receipt by
				the exchange wagering licensee of an exchange wager placed in accordance with
				the Act, this chapter, and the internal control procedures of the exchange
				wagering licensee, the exchange wagering licensee shall promptly debit the
				exchange wagering account holder's exchange wagering account in the amount of
				the wager. As condition precedents to debiting any account, the exchange
				wagering licensee shall first be satisfied and determine that there are
				sufficient funds in the exchange wagering account to cover the amount of the
				exchange wager, as well as any additional applicable transaction or other fees
				due the exchange wagering licensee, as provided for or authorized by this
				chapter, and that the wager is of a type that can be identically matched within
				a given market to an identically opposing exchange wager or exchange
				wagers.
(b) An exchange wagering
				account holder may request a withdrawal of the available funds in his or her
				exchange wagering account or any portion thereof. If there are sufficient funds
				in the exchange wagering account to cover the withdrawal amount requested,
				after taking into consideration any existing exchange wagers made by the
				exchange wagering account holder, the exchange wagering licensee shall
				authorize a disbursement of the amount requested to the exchange wagering
				account holder consistent with its internal control procedures and where the
				exchange wagering account holder provides to the exchange wagering licensee:
				proper identification; a correct confidential account number; a correct
				personal identification number; and a properly completed and executed
				withdrawal slip on a form approved by the Commission. Where a withdrawal is
				requested by an exchange wagering account holder, by telephone, or by other
				electronic means as approved by the Commission, an executed withdrawal form
				will not be required where the exchange wagering account holder has previously
				and, in writing, authorized the exchange wagering licensee to accept withdrawal
				requests by such approved electronic means.
(c) No later than three business days
				following the receipt of a properly completed and executed withdrawal form,
				which shall be processed by the exchange wagering licensee at a location
				consistent with the requirements at
				N.J.A.C.
				13:74C-3.3, the exchange wagering licensee
				shall cause the withdrawal amount to be issued and sent, in an amount no more
				than that requested, and payable to the holder of the exchange wagering
				account. The withdrawal amount may be issued, in the discretion of the exchange
				wagering licensee, by cash, by check, or by electronic transfer. If the
				withdrawal amount is issued by means of check, such disbursement shall be sent
				to the address specified in the exchange wagering account application of the
				exchange wagering account holder, and made payable to the exchange wagering
				account holder in the amount requested and available in his or her exchange
				wagering account. The address provided by the exchange wagering account holder
				in the application to establish the exchange wagering account shall be deemed
				to be the proper address for this purpose, unless the exchange wagering account
				holder has properly amended his or her exchange wagering account application to
				reflect a new address consistent with the procedures established by the
				exchange wagering licensee for such purpose. All other methods of withdrawal
				payments shall be properly recorded by the exchange wagering licensee,
				consistent with its internal control procedures.
(d) Notwithstanding its receipt of a properly
				completed exchange wagering account withdrawal request, the exchange wagering
				licensee shall suspend an exchange wagering account, or decline to fulfill a
				withdrawal request, where it reasonably suspects fraud, that the exchange
				wagering account holder was ineligible to make one or more of the exchange
				wagers made from the exchange wagering account, or where the Commission
				Executive Director has notified the exchange wagering licensee that the
				Commission is conducting an investigation into the exchange wagering account or
				exchange wagering system, and directs, in writing, that the exchange wagering
				licensee suspend the exchange wagering account, or not to fulfill any
				withdrawal requests associated with the particular exchange wagering
				account.