N.Y. Comp. Codes R. & Regs. tit. 9 § 4500.12

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

Section 4500.12 - Credits to accounts

(a) As prescribed by Racing, Pari-Mutuel Wagering and Breeding Law § 1012(7), the account holder's deposits to the wagering account shall be submitted by the account holder to the account wagering licensee and shall be in the form of one of the following:

(1) cash given to the account wagering licensee;

(2) check, money order, negotiable order of withdrawal, or wire or electronic transfer, payable and remitted to the account wagering licensee; or

(3) charges made to an account holder's debit or credit card upon the account holder's direct and personal instruction, which instruction may be given by telephone communication or other electronic means to the account wagering licensee or its agent by the account holder if the use of the card has been approved by the account wagering licensee.

(b) Deposits shall be credited to the account promptly after receipt and verification of funds.

(c) Funds from winning wagers shall be credited to the account immediately after a race is declared official. Funds from winning wagers subject to Internal Revenue Service reporting requirements, however, shall be held and not available for use until compliance with applicable Internal Revenue Service reporting requirements.

(d) Credits for other transactions are permitted only to the extent of the account wagering licensee's approved plan of operation.

N.Y. Comp. Codes R. & Regs. Tit. 9 § 4500.12

Amended New York State Register July 26, 2017/Volume XXXIX, Issue 30, eff. 7/26/2017