N.Y. Comp. Codes R. & Regs. tit. 9 § 5112.1

Current through Register Vol. 46, No. 45, November 2, 2024

Section 5112.1 - Identification of financial institution

(a) Establishment of accounts. Prior to the commencement of the operation of any video lottery gaming facility, the video lottery gaming agent shall submit to the commission for approval the name and location of a financial institution authorized to do business in the State together with:

(1) the account number for the account designated by the video lottery gaming agent for the deposit of video lottery gaming revenues;

(2) the account number for the account designated by the video lottery gaming agent for the deposit of the portion of the vendor fee to be used exclusively for capital investments ; and

(3) the financial institution's routing information for collection and distribution of video lottery gaming revenue.

(b) Financial institution. The financial institution shall be a bank or trust company, as defined by the State banking law, that is authorized to do business in the State and that maintains an office for the transaction of business within the State. The video lottery gaming agent shall authorize such bank or trust company to transfer revenue to the commission or the commission's duly authorized representative in a manner consistent with these regulations.

(c) Use of accounts. The accounts designated by the video lottery gaming agent pursuant to this Part shall be used exclusively for either:

(1) the deposit and distribution of the daily video lottery gaming revenue; or

(2) the deposit and distribution of capital investments .

The video lottery gaming agent shall not commingle other funds into such accounts.

(d) Required notice. Each video lottery gaming agent shall provide the commission 30 days advance notice of any proposed account changes in order to ensure the uninterrupted distribution of video lottery gaming revenue to the commission.

N.Y. Comp. Codes R. & Regs. Tit. 9 § 5112.1

Amended New York State Register November 24, 2021/Volume XLIII, Issue 47, eff. 11/24/2021