Bill Text: NJ A3525 | 2010-2011 | Regular Session | Introduced
Bill Title: Requires withdrawal from account wagering system account be paid to patron by electronic means when so requested.
Spectrum: Partisan Bill (Republican 1-0)
Status: (Introduced - Dead) 2010-12-06 - Introduced, Referred to Assembly Regulatory Oversight and Gaming Committee [A3525 Detail]
Download: New_Jersey-2010-A3525-Introduced.html
Sponsored by:
Assemblyman VINCENT J. POLISTINA
District 2 (Atlantic)
SYNOPSIS
Requires withdrawal from account wagering system account be paid to patron by electronic means when so requested.
CURRENT VERSION OF TEXT
As introduced.
An Act concerning the manner in which certain funds are paid to patrons by the account wagering system and amending P.L.2001, c.199.
Be It Enacted by the Senate and General Assembly of the State of New Jersey:
1. Section 17 of P.L.2001, c.199 (C.5:5-143) is amended to read as follows:
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, which form shall solicit from the account holder the necessary information to allow for the electronic transfer of the funds requested to be withdrawn directly into the account holder's bank account, if the account holder so requests.
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. However, upon request by the account holder and provision of the necessary information on the withdrawal slip, the funds requested to be withdrawn shall be deposited electronically into the account holder's bank account.
(cf: P.L.2001, c.199, s.17)
2. This act shall take effect immediately.
STATEMENT
Under current law, the holder of an account wagering account, which enables the placement of wagers on in-State and out-of-State horse races from funds in the account, may request the account wagering licensee to authorize a withdrawal from such account, upon the account holder's submission of proper identification, the correct personal identification number, and a properly completed and executed withdrawal slip. The law directs the licensee, if there are sufficient funds in the account to cover the withdrawal, to send a check to the account holder at the address specified in the application for the wagering account, within three business days of receipt of the withdrawal form.
This bill requires the licensee, upon request by the account holder and provision of the necessary information on the withdrawal slip, to deposit electronically into the account holder's personal bank account the funds requested by the account holder to be withdrawn.
