Louisiana Administrative Code
Title 35 - HORSE RACING
Part XIII - Wagering
Chapter 120 - Account Wagering
Section XIII-12029 - Deposits and Withdrawals
Universal Citation: LA Admin Code XIII-12029
Current through Register Vol. 50, No. 9, September 20, 2024
A. Deposits to and withdrawals from existing accounts shall be permitted in such form and by such procedures as the licensee may require, provided that any requirements set forth in these rules shall be included therein.
B. Deposits made to a wagering account may be made as follows.
1. Deposits made to a
wagering account by the account holder shall be submitted or mailed by the
account holder to the staff or agents of the licensee at such locations and
addresses as the licensee may designate from time to time, and shall be in the
form of one of the following:
a. cash given to
the staff at an account wagering center, or a racetrack or off-track wagering
facility within the state; or
b.
check, money order or negotiable order of withdrawal; or
c. charges made to an account holder's credit
or debit card or other means of electronic funds transfer, upon the direct and
personal instruction of the account holder, which may be given by telephone or
other electronic device (or other means approved by the commission) to the
licensee by the account holder if the use of the card or other means of funds
transfer has been approved by the account wagering center.
2. Credit for winnings from wagers placed
with funds in a wagering account, credit for account wagers on horses that are
scratched, and other payments or refunds to which the account holder is
entitled shall be posted to the account by the account wagering
center.
3. The account wagering
system shall not accept wagers or information assisting in the placement of
wagers in excess of the amount posted to the credit of an account at the time
the wager is placed.
C. Debits to a wagering account may be made as follows.
1. Upon receipt by a licensee of a wager or
information assisting in the placement of wagers properly placed under
applicable statutes and the Rules of Racing, the licensee
shall debit the account holder's account in the amount of the wager.
2. A licensee may authorize a withdrawal from
a wagering account when one of the following exists.
a. The holder of a wagering account applies
in person at an account wagering center, or a racetrack or off-track wagering
facility within the state, and provides proper identification, the correct
personal identification account number, and a properly completed and signed
withdrawal form.
b. The account
holder has authorized the licensee to make such a withdrawal. Where there are
sufficient funds in the account to cover the withdrawal, the account wagering
center shall, within five business days of receipt, send a check to the account
holder at the current address on record for the wagering account. The check
shall be payable to the holder of the account and in the amount of the
requested withdrawal, subject to compliance with the Rules of
Racing, the licensee's rules, and federal and state laws (including
but not limited to compliance with federal rules concerning the reporting or
withholding of federal income tax). If funds are not sufficient to cover the
withdrawal, or the full amount requested is otherwise not being sent, the
account holder will be notified in writing and those funds in the account,
subject to compliance with the Rules of Racing, the licensee's
rules, and federal and state laws, will be withdrawn and sent to the account
holder within five business days. Electronic transfers may be used for
withdrawals in lieu of a check at the discretion of the account holder and the
account wagering center.
3. A licensee may debit an account for fees
for service or other transaction-related charges.
D. Checks offered for deposit shall not be posted to the credit of the account holder until the "hold" period established by the licensee has elapsed. Holding periods will be determined by the licensee and advised to the account holder.
AUTHORITY NOTE: Promulgated in accordance with R.S. 4:149, R.S. 4:149.1, R.S. 4:149.2 and R.S. 4:149.5.
Disclaimer: These regulations may not be the most recent version. Louisiana may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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