S.D. Admin. R. 20:04:33:67

Current through Register Vol. 51, page 57, November 12, 2024

Section 20:04:33:67 - Account debits

The hub licensee may only debit an account as follows:

(1) Upon receipt by the hub licensee of information instructing that a wagering transaction is to be placed, the hub licensee may only debit the account in the amount of the wager at the time the wager is sent to the totalizator;

(2) For fees for service or other transaction-related charges by the hub licensee; or

(3) Authorized withdrawal from an account when one of the following exists:

(a) The account holder of an account appears personally at the hub licensees location and provides the following:

(i) Proper identification;

(ii) The correct secure personal identification code; and

(iii) A properly completed and signed withdrawal slip; or

(b) The account holder sends to the hub licensee a properly completed and signed withdrawal slip. Upon receipt of a properly completed and signed withdrawal slip the hub licensee shall, within five business days of its receipt, send a check by certified mail with return receipt requested to the account holder if there are sufficient funds in the account to cover the withdrawal. The check shall be payable to the account holder and in the amount of the requested withdrawal. If funds are not sufficient to cover the withdrawal, the account holder shall be notified in writing and those funds in the account shall be withdrawn and sent to the account holder within the five-day time period. Electronic funds transfers may be used for withdrawals in lieu of a check at the discretion of the account holder and the hub licensee in accordance with financial institution funds availability schedule.

S.D. Admin. R. 20:04:33:67

32 SDR 32, effective 8/30/2005.

General Authority: SDCL 42-7-56(15)(16).

Law Implemented: SDCL 42-7-56(15)(16), 42-7-58.1.