N.J. Admin. Code § 13:74-7.1

Current through Register Vol. 56, No. 24, December 18, 2024

Section 13:74-7.1 - Establishment of a wagering account

(a) A person may only place an account wager if he or she has established a wagering account in accord with the Act and this chapter. To establish a wagering account, a person must be a New Jersey resident and 18 years of age or older. A 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 wagering account at any time. A wagering account shall be established with and through the account wagering licensee, and no person or entity other than the account wagering licensee shall accept an account wager from a person within this State.

(b) A wagering account may be established by a prospective account holder completing an application form developed by the account 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 account wagering licensee for processing consistent with its internal control procedures, the Act and this chapter. The account wagering licensee shall have discretion to accept an account wagering application from an applicant appearing in-person at, or sent by mail or other means approved by the Commission to any of the following locations in this State:

1. The phone bank;

2. The premises of the account wagering licensee or its agent;

3. The premises of an off-track wagering facility;

4. The premises of a racetrack facility; or

5. The premises of such other entity as approved by the Commission and determined by the Commission to be consistent with the Act and this chapter. All account wagering applications shall be processed at a location as required by N.J.A.C. 13:74-7.8.

(c) The signed certification of an applicant, which shall accompany an application to establish a 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 wagering account by the account wagering licensee without notice.

(d) A 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.

(e) A wagering account application shall include or be accompanied by notices, as approved by the Commission, in compliance with N.J.A.C. 13:74-7.6 and 7.12.

(f) The account wagering licensee shall provide the prospective account holder, at the time of the opening of a wagering account, with the operation rules adopted by the account wagering licensee concerning wagering account deposits, wagering account withdrawals, a non-accumulation of interest disclosure as to wagering accounts, maintenance requirements of the wagering account including rules concerning dormant accounts, credit or debit card usage rules, a procedure to amend an account wagering application to update the account holder's address or other information required by the account wagering licensee, any reporting obligations of the account wagering licensee for taxation purposes, the dispute resolution procedure adopted by the account wagering licensee pursuant to N.J.A.C. 13:74-7.16(e), the complaint procedure to the Commission as set forth in N.J.A.C. 13:74-7.17(a), and any other aspects of the operation of the account as determined by the account wagering licensee. The account holder shall be deemed to have accepted the rules of account operation upon opening or not closing the account. The account wagering licensee shall notify the account holder whenever the rules governing the wagering account are changed, which notification shall occur before the new rules are applied to the account to allow opportunity for the account holder to close the account in advance of those new rules becoming effective.

N.J. Admin. Code § 13:74-7.1