New Jersey Administrative Code › Title 13 - LAW AND PUBLIC SAFETY › Chapter 74C - EXCHANGE WAGERING › Subchapter 4 - STANDARDS FOR EXCHANGE WAGERING SYSTEM › Section 13:74C-4.1 - Establishment of an exchange wagering account

Current through Register Vol. 56, No. 14, July 15, 2024
(a) A person may only place an exchange
				wager, from a location within this State, if he or she has established an
				exchange wagering account in accordance with the Act and this chapter. To
				establish an exchange wagering account, a person must be a New Jersey resident
				and 18 years of age or older. An exchange wagering account shall be established
				in the name of a natural person only, and shall not be assigned or otherwise
				transferred. A natural person may only hold and maintain one exchange wagering
				account at any time. An exchange wagering account shall be established with and
				through the exchange wagering licensee, and no person or entity other than the
				exchange wagering licensee shall accept an exchange wager from a person within
				this State. An exchange wagering account shall not be assignable or
				transferrable.
(b) A person on the
				self-exclusion list established pursuant to
				N.J.S.A.
				5:5-65.1 is prohibited from establishing an
				exchange wagering account. Any person not in good standing with the Commission
				shall not be entitled to open or maintain an exchange wagering account. The
				exchange wagering application form shall include questions directed toward
				determining if the applicant is qualified to receive an account in view of this
				section.
(c) An exchange wagering
				account may be established by a prospective account holder completing an
				application form developed by the exchange wagering licensee, and approved by
				the Commission. The application is to be submitted, together with the
				prospective account holder's principal residence address and a signed
				certification including proof of age and residency of the applicant, to the
				exchange wagering licensee for processing consistent with its internal control
				procedures, the Act, and this chapter. The exchange wagering licensee shall
				have discretion to accept an exchange wagering application from an applicant
				either appearing in-person, by telephone, sent by mail, or by electronic media
				approved by the Commission, including the internet and by wireless devices, to
				any of the following locations in this State: the in-State premises of the
				exchange wagering licensee; or such other location approved by the Commission.
				All account wagering applications shall be processed and maintained at a
				location as required pursuant to
				N.J.A.C.
				13:74C-3.3.
(d) The signed certification of an applicant,
				which shall accompany an application to establish an exchange wagering account,
				shall include a statement that a false or misleading statement made in regard
				to an application may subject the applicant to prosecution, to an enforcement
				action initiated by the Commission consistent with this chapter, and to
				rejection of the application or cancellation of the exchange wagering account
				by the exchange wagering licensee without notice.
(e) An exchange wagering account application
				shall include or be accompanied by notice, as approved by the Commission, that
				the address provided by the prospective account holder in the application shall
				be deemed the proper address for the purposes of mailing checks, account
				withdrawals, notices, including as concerns dormant accounts, and the mailing
				of other materials.
(f) The
				exchange wagering licensee shall provide the prospective account holder, at the
				time of the opening of an exchange wagering account, with the operation rules
				adopted by the exchange wagering licensee concerning exchange wagering account
				deposits, exchange wagering account withdrawals, the disclosure requirements at
				N.J.A.C.
				13:74C-5.8(b), a
				non-accumulation of interest disclosure as to exchange wagering accounts,
				maintenance requirements of the exchange wagering account including rules
				concerning dormant accounts, credit or debit card usage rules, a procedure to
				amend an exchange wagering account application to update the exchange wagering
				account holder's address or other information required by the exchange wagering
				licensee, any reporting obligations of the exchange wagering licensee for
				taxation purposes, the requirement that exchange wagers be placed by exchange
				wagering account holders from a location within this State, the dispute
				resolution procedure adopted by the exchange wagering licensee pursuant to
				N.J.A.C.
				13:74C-4.7, the complaint procedure to the
				Commission as set forth at
				N.J.A.C.
				13:74C-4.9, and any other aspects of the
				operation of the exchange wagering account as determined by the exchange
				wagering licensee. The exchange wagering account holder shall be deemed to have
				accepted the rules of exchange wagering account operation upon opening or not
				closing the account. The exchange wagering licensee shall notify the exchange
				wagering account holder whenever the rules governing the exchange wagering
				account are changed, which notification shall occur before the new rules become
				effective, so as to allow sufficient opportunity for the exchange wagering
				account holder to close his or her exchange wagering account in advance of
				those new rules becoming effective.
(g) Nothing in this section shall be
				interpreted to disallow the exchange wagering licensee and account wagering
				licensee from developing and submitting to the Commission for approval: a
				single application form that would allow an eligible New Jersey resident to
				establish, by and through such application, separate account wagering and
				exchange wagering accounts; or a single application form, which would allow an
				eligible New Jersey resident to establish a single exchange wagering account
				from which both exchange wagers and account wagering wagers could be made. The
				Commission shall, in either case, approve such an application where, by clear
				and convincing evidence, it is demonstrated that each of the requirements of
				the Act and this chapter, and each of the requirements of the Off-Track and
				Account Wagering Act,
				P.L.
				2001, c. 199, and
				N.J.A.C. 13:74, have been satisfied.