Current through Register Vol. 35, No. 11, June 11, 2024
Section 15.2.2.9 - GAMINGA.Associations' financial requirements:(1) An association who is a gaming operator shall pay twenty percent of the net take to purses.(2) An association shall provide a weekly report of the previous week's daily net take payment to purses every Monday to the commission and the New Mexico horsebreeders' association each week except for legal holidays which will be submitted on the next business day.(3) All monies remitted by the association to the gaming account shall be reconciled and settled within 30 days of the generation of monthly reports from the gaming control board.(4) An association will be liable for all portions of the gaming funds for purses from such time as the funds are received into the gaming machines until the funds are deposited into the designated interest bearing accounts. The commission may take whatever action is available under the existing rules regarding fines, suspension or revocation of license should the association fail to deposit the funds in accordance with Paragraph (1) of Subsection B of Section 15.2.2.9 NMAC.(5) The twenty-percent of the net take to purses shall be distributed as follows: Nineteen and three tenths percent of the net daily take deposited by the association will be distributed weekly by the associations to the New Mexico horsebreeders' association to the purse fund; eighty and seven tenths percent of the net daily take deposited by the associations will be distributed to the existing purse structures determined and approved by the commission.
B.Organizations' financial requirements:(1) The associations shall establish interest-bearing accounts, designated as gaming funds for purses. The associations shall deposit, by 1:00 o'clock p.m. Monday of each week except for legal holidays which will be deposited on the next business day, twenty percent of the daily net take as defined in the gaming control act.(2) The associations and the New Mexico horsebreeders' association shall keep accurate, complete, and legible records with reports to the commission to include:(a) monthly reconciliation of amounts collected to account statements;(b) copy of account authorizing signatures;(c) any changes in authorizing signatures; and(d) detail of disbursements from the accounts.15.2.2.9 NMAC - Rp, 15 NMAC 2.2.9, 3/15/2001; A, 12/30/2003, Amended by New Mexico Register, Volume XXXIII, Issue 10, May 24, 2022, eff. 5/24/2022