Current through Register Vol. 54, No. 36, September 7, 2024
Section 305.73 - Moneys and funds on account(a) All moneys and funds on account for the horsemen with the horsemen's bookkeeper shall be maintained as follows: (1) Separate and apart from moneys and funds of the licensed racing entity or any other association or entity;(2) In a trust or similar type of account designated as Horsemen's Trust Account; and(3) In an account insured by the Federal Deposit and Insurance Corporation or the Federal Savings and Loan Insurance Corporation.(b) The horsemen's bookkeeper shall be bonded with proof of the bond submitted to the Commission upon request.(c) The amount of purse money earned is credited in the currency of the jurisdiction in which the race was run. There shall be no appeal for any exchange rate loss at the time of transfer of funds from another jurisdiction.