Iowa Admin. Code r. 491-14.14

Current through Register Vol. 47, No.14, January 8, 2025

Rule 491-14.14 - Licensing of internet fantasy sports contest service providers

(1)Operation. The internet fantasy sports contest service provider shall submit the following for commission approval:

a. Internal controls for the operation of the account.

b. A detailed description and certification of systems and procedures used by the internet fantasy sports contest service provider to validate the identity, age and location of licensee account holders and to validate the legality of wagers accepted.

c. Certification of secure retention of all records related to internet fantasy sports contests and accounts for a period of not less than three years or such longer period as specified by the commission.

d. Certification of prompt commission access to all records relating to account holder identity, age and location in hard-copy or standard electronic format acceptable to the commission.

e. Verification that the player is not on the statewide voluntary self-exclusion list set forth in Iowa Code section 99F.4(22) prior to establishing an account.

(2)Record keeping.

a. Record storage required. Internet fantasy sports contest service providers shall maintain adequate records of business operations, which shall be made available to the administrator upon request. These records shall include:

(1) All correspondence with the administrator and other governmental agencies on the local, state, and federal level.

(2) All correspondence between the licensee and any of its customers who are applicants or licensees under Iowa Code chapter 99E.

(3) Financial records of all transactions with players and all other licensees under these regulations.

b. Record retention. The records listed in paragraph 14.14(2)"a" shall be retained as required by 491-subrule 5.4(14).

(3)Violation of laws or regulations. Violation of any provision of any laws of the state or of the United States of America or of any rules of the commission may constitute an unsuitable method of operation, subjecting the licensee to limiting, conditioning, restricting, revoking or suspending the license, or fining the licensee, or any combination of the above. The commission has the discretion to suspend fantasy sports contest operations of its licensees by written order if necessary.

Iowa Admin. Code r. 491-14.14

Adopted by IAB August 28, 2019/Volume XLII, Number 5, effective 7/31/2019

Amended by IAB April 8, 2020/Volume XLII, Number 21, effective 5/13/2020