N.J. Admin. Code § 13:74-7.15

Current through Register Vol. 56, No. 21, November 4, 2024

Section 13:74-7.15 - Dormant accounts

(a) The account wagering licensee, consistent with this chapter and its internal control procedures, may in its discretion cause a dormant account to be closed.

(b) The account wagering licensee, at least 30 days before the date on which any dormant account is to be closed, shall forward by regular and certified mail to the address of the account holder as set forth in the account holder's account wagering application (or properly amended application) notice of the date on which the account shall be closed. The notice shall provide that, upon any closure of the account, the funds within the account shall be disbursed as set forth in (c) below. The notice shall further provide what actions the account wagering licensee must take, consistent with the internal control procedures of the account wagering licensee, in order for the account holder to secure the funds in the account prior to its closure, or alternatively and subject to the discretion of the account wagering licensee, to cause the wagering account not to be closed and remain an active account.

(c) Where a wagering account is closed consistent with this section, the funds which were within the closed account shall be disbursed as follows: 50 percent shall be retained by the account wagering licensee; and the remaining 50 percent shall be transmitted within 30 days of the closing of the account to the Commission for deposit into Racing Industry Special Fund as established pursuant to the Act. The account wagering licensee, when transmitting such funds to the Commission, shall include a copy of the report concerning the closing of the related wagering account required to be maintained by 13:74-7.2(d).

N.J. Admin. Code § 13:74-7.15