Bill Text: NJ A397 | 2024-2025 | Regular Session | Introduced

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Bill Title: Provides that amounts remaining in inactive Internet gaming accounts will be abandoned property after three years under unclaimed property law.

Spectrum: Slight Partisan Bill (Republican 3-1)

Status: (Introduced) 2024-01-09 - Introduced, Referred to Assembly Tourism, Gaming and the Arts Committee [A397 Detail]

Download: New_Jersey-2024-A397-Introduced.html

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ASSEMBLY, No. 397

STATE OF NEW JERSEY

221st LEGISLATURE

 

PRE-FILED FOR INTRODUCTION IN THE 2024 SESSION

 

 

Sponsored by:

Assemblyman  ROBERT AUTH

District 39 (Bergen and Passaic)

Assemblyman  JOE DANIELSEN

District 17 (Middlesex and Somerset)

 

Co-Sponsored by:

Assemblymen S.Kean and DiMaio

 

 

 

 

SYNOPSIS

     Provides amounts remaining in inactive Internet gaming accounts will be abandoned property after three years under unclaimed property law.

 

CURRENT VERSION OF TEXT

     Introduced Pending Technical Review by Legislative Counsel.

  

An Act concerning amounts remaining in inactive Internet gaming accounts and amending P.L.2013, c.27.

 

     Be It Enacted by the Senate and General Assembly of the State of New Jersey:

 

     1.    Section 22 of P.L.2013, c.27 (C.5:12-95.24) is amended to read as follows:

     22.  All amounts remaining in Internet gaming accounts inactive or dormant for [such] a period of three years, and under such conditions as established by regulation by the division, shall be [paid 50% to the casino licensee and 50% to the casino control fund] unclaimed property under the "Uniform Unclaimed Property Act," P.L.1989, c.58 (C.46:30B-1 et seq.).  Before closing a wagering account pursuant to this section, the casino licensee shall attempt to contact the account holder by mail, phone and computer.

(cf: P.L.2013, c.27, s.22)

 

     2.    This act shall take effect immediately.

 

 

STATEMENT

 

     This bill provides that amounts remaining in Internet gaming accounts that are inactive or dormant for three years will be unclaimed property under the "Uniform Unclaimed Property Act," N.J.S.A.46:30B-1 et seq.  Under existing law, amounts in these inactive or dormant accounts for a period determined by the Division of Gaming Enforcement are paid 50% to the casino licensee and 50% to the casino control fund.