Md. Code Regs. 36.10.13.26

Current through Register Vol. 51, No. 17, August 23, 2024

Section 36.10.13.26 - Cash Equivalents

A. A sports wagering licensee may accept a negotiable instrument in the form of a cash equivalent from a bettor to enable the bettor to take part in sports wagering.

B. If applicable, a sports wagering licensee may accept a cash equivalent only during the hours of operation approved by the Commission for a sports wagering facility under COMAR 36.10.15.02.

C. A sports wagering licensee shall develop and include in the internal controls submitted to and approved by the Commission under Regulation .04 of this chapter procedures addressing the acceptance and verification of cash equivalents meeting the requirements of this chapter.

D. A sports wagering licensee's internal controls shall:

(1) Enumerate the type of cash equivalents complying with this chapter to be accepted;

(2) Detail the specific verification procedures required by each issuer;

(3) Require that a general cashier:

(a) Perform the specific verification procedures required by each issuer;

(b) Prepare and maintain documentation evidencing the verification of a cash equivalent accepted; and

(c) Examine a cash equivalent for counterfeiting, forgery, or alteration;

(4) If applicable, detail the criteria for cashiers' cage supervisor or accounting department supervisor involvement in the verification process; and

(5) Include procedures for verifying the authenticity of a bettor's signature on a cash equivalent in conformance with the signature authentication procedures in Regulation .19 of this chapter.

Md. Code Regs. 36.10.13.26

Amended effective 49:1 Md. R.16, eff. 1/13/2022