N.Y. Comp. Codes R. & Regs. tit. 9 § 4500.4

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

Section 4500.4 - Establishment of an account

(a) Accounts shall be used for wagering and related purposes only.

(b) Account wagering licensees may establish accounts for individuals provided the following minimum requirements are met:

(1) An account holder shall be a natural person 18 years of age or older.

(2) Accounts may be opened in accordance with procedures set forth in a plan of operation approved by the commission.

(3) An account holder shall provide his or her age, principal residential address, mailing address (if different), phone number and date of birth.

(4) The account holder must have completed an application as set forth in Racing, Pari-Mutuel Wagering and Breeding Law section 1012(8)(b). In the case of an online application, the applicant shall provide an electronic signature to attest to the accuracy of the information provided.

(5) Except in the case of an online application, the name of each new account holder shall be confirmed in accordance with the Federal government's standards for evaluating and confirming government issued identification and credentials (U.S. Department of Homeland Security Employment Verification Form I-9). A copy of each properly validated credential shall be maintained with the appropriate account application. In the case of an online application, the account wagering licensee shall verify the applicant's identity using, at a minimum, the name, address, and date of birth of the applicant through a credit reporting agency, public database or similarly reliable sources as provided for in the plan of operation. If there is a discrepancy between the minimum information submitted and the information provided by the electronic verification described above or if no information on the applicant is available from such electronic verification, then the account wagering licensee shall not open the account and shall require verification through the Federal government's standards for evaluating and confirming government issued identification and credentials (U.S. Department of Homeland Security Employment Verification Form I-9). In addition, a multi-jurisdictional account wagering provider shall use the services of an independent third party to perform identity and verification services with respect to establishing an account for any person who is a resident of the State of New York, as prescribed by Racing, Pari-Mutuel Wagering and Breeding Law Section 1012-a(3).

(6) The account wagering licensee shall issue a card or other document representative of the account.

(7) The account wagering licensee shall provide to the account holder rules governing the conduct of account wagering.

(8) The account wagering licensee shall notify the account holder whenever rules have changed and provide a copy of such changes.

(9) The account wagering licensee may require a minimum balance consistent with their internal controls.

(10) Bank account number and other necessary information shall be provided if the account holder desires to make electronic fund transfers.

An application may be accepted or rejected by the account wagering licensee as set forth in Racing, Pari-Mutuel Wagering and Breeding Law section 1012(8)(c).

(c) Bearer Accounts.

(1) Notwithstanding the provisions of subdivision (b) of this section, an account wagering licensee may establish an account for a customer without collecting the information found in paragraphs (2) through (5) of subdivision (b) of this section provided that:

(i) the account can be used only in person through a teller or self-service machine at a duly approved location; and

(ii) the account cannot be used for internet and telephone wagering.

(2) The account wagering licensee shall issue an account card (or other document representative of such account) and PIN for each bearer account.

(3) The account wagering licensee may establish guidelines for the expiration of such accounts consistent with its approved plan of operation.

(4) A wager placed through a bearer account cannot be cancelled once the account holder has accepted such wager and such wager has been processed by the account wagering licensee.

(5) In addition to the requirements of Racing, Pari-Mutuel Wagering and Breeding Law section 1012, all other provisions of this Part shall apply to bearer accounts, with the exception of the following:

(i) withdrawals shall be made only in person by the person bearing the account card (or other document representative of such account), upon verification of the PIN, at a facility approved by the commission;

(ii) account statements pursuant to section 4500.13 of this Part are not required to be mailed but must be made available to the person possessing the card issued in paragraph (2) of this subdivision;

(iii) the provisions of sections 4500.5 and 4500.6 of this Part do not apply; and

(iv) accounts shall be closed only in person by the account holder by presenting the account card (or other document representative of such account) and after verification of the PIN or pursuant to other applicable provisions of the law.

N.Y. Comp. Codes R. & Regs. Tit. 9 § 4500.4

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

Amended New York State Register June 3, 2020/Volume XLII, Issue 22, eff. 6/3/2020