N.Y. Comp. Codes R. & Regs. tit. 9 § 4207.29

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

Section 4207.29 - Establishment of purse accounts

(a) Each racing association shall establish as a trust account for horsemen a Horsemen's Purse Account in which it shall deposit the purse money for each day's racing at least two days preceding such day. The trustee or trustees, who must be approved by the commission, of said account shall be bonded in the amount of $150,000.

(b) Each racing association shall establish separate trust accounts for each stakes race in which the horsemen's contribution shall be deposited as received. The added money pledged by the racing association shall be deposited in said account at least one week prior to the running of said stake race.

(c) Proof of each account shall be submitted on a monthly basis to the State Racing and Wagering Board by bank letter or bank statement.

(d) Withdrawals from said accounts shall be made only by check drawn to the order of those licensed horsemen entitled to purses in the races for which the deposits were made and only after such races have been designated and cleared as official for purse purposes by the judges.

(e) Nothing herein shall constitute a bar to the recovery of purses paid out; if subsequent to payment thereof, the commission shall order that the purse be redistributed.

(f) A violation of this rule may result in a fine not to exceed $25,000, in a suspension, or in any other penalty as the commission may impose.

N.Y. Comp. Codes R. & Regs. Tit. 9 § 4207.29