5:5-143 Credits to a wagering account.
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/nj/title-5/chapter-5/5-5-143A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
17. a. Credits to a wagering account shall be made as follows:
(1)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:
(a)cash given to the account wagering licensee;
(b)check, money order, negotiable order of withdrawal, or wire or electronic transfer, payable and remitted to the account wagering licensee; or
(c)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.
(2)Credit for winnings from wagers placed with funds in a wagering account and credit for account wagers on horses that are scratched shall be posted to the account by the account wagering licensee.
(3)The account wagering licensee shall have the right to refuse for any reason all or part of any wager or deposit to the account.
(4)Funds deposited in the account shall not bear interest to the account holder.
b. Debits to a wagering account shall be made as follows:
(1)Upon receipt by the account wagering licensee of an account wager properly placed pursuant to section 18 of this act, the account wagering licensee shall debit the account holder's wagering account in the amount of the wager.
(2)The account wagering licensee may authorize a withdrawal from a wagering account when the account holder submits to the licensee, the licensee's agent, a participating permit holder, a licensed off-track wagering facility or such other entity as may be approved by the commission the following:
(i)proper identification;
(ii)the correct personal identification number; and
(iii)a properly completed and executed withdrawal slip on a form approved by the commission.
Upon receipt of a properly completed and executed withdrawal form, and if there are sufficient funds in the account to cover the withdrawal, the licensee shall send, within three business days of receipt, a check to the holder at the address specified in the application for the wagering account. The check shall be made payable only to the holder of the wagering account and in the amount of the requested withdrawal.
L.2001,c.199,s.17.