Mississippi Administrative Code
Title 13 - Gaming
Part 7 - ACCOUNTING RECORDS
Chapter 11 - CREDIT PLAY
Rule 13-7-11.1 - Minimum Acceptable Credit Procedure
Universal Citation: MS Code of Rules 13-7-11.1
Current through September 24, 2024
(a) The following standards represent minimum acceptable credit procedures. For any computer applications, alternate documentation and/or procedures which provide at least the level of control described by these standards will be acceptable.
1. The following information will be the
minimum recorded for patrons who will have credit limits or be issued credit
greater than $1,000 (excluding payroll checks, cashier's check and traveler's
checks):
i. Patron's name,
ii. current address, and
iii. signature,
iv. identification verifications,
v. authorized credit limit,
vi. documentation of credit history checks by
management to approve credit limits, and
vii. credit issuances and payments.
2. Prior to extending credit, the
patron's credit documentation is examined to determine the following:
i. Properly authorized credit
limit,
ii. whether remaining credit
is sufficient to cover the advance, and
iii. identity of the patron.
3. Credit extensions over a
specific dollar amount are authorized by personnel designated by
management.
4. Proper authorization
of credit extension over 10 percent of the previously established limit or
$1,000, whichever is greater, is documented.
5. The job functions of credit authorization,
such as establishing the patron's credit worthiness, and credit extension, as
an example monitoring patron's credit play activity, are segregated for credit
extensions to a single patron of $10,000 or more per day. This limit applies
whether credit was extended in the pit or the cage.
6. If personal checks, cashier's checks or
payroll checks are cashed, the cage cashier will:
i. Examine and record at least one item of
patron identification such as a driver's license,
ii. record of bank number or credit card
number (not required for payroll checks and cashier's checks), and
iii. make a reasonable effort to verify
business authenticity of payroll checks.
7. Counter checks are not accepted by
licensee unless the information required by item #1 has been documented and
forms are pre-numbered.
8. When
counter checks are accepted, the following will be included on the check:
i. The patron's name and signature,
ii. the dollar amount of the check, (both
alpha and numeric),
iii. bank
account number,
iv. date of
issuance, and
v. signature or
initial of the individual approving the check.
9. When travelers checks are presented: The
cashier must comply with examination and documentation procedures as required
by the issuer and checks in excess of $100 denominations are not cashed unless
at least one form of identification is examined and recorded.
10. A reasonable effort must be made to
collect outstanding casino accounts receivable.
11. If outstanding credit instruments are
transferred to collection agencies or other collection representatives, a copy
of the credit instrument is returned or payment is received.
12. A detailed listing is maintained to
document all outstanding credit instruments which have been transferred to
others as indicated above.
13. The
above listing is prepared or reviewed by an individual independent of credit
transaction and collections thereon.
14. All payments received on outstanding
credit instruments are permanently recorded on the licensee's
records.
15. When partial payments
are made on credit instruments, they are evidenced by a multi-part receipt (or
another equivalent document) which contains:
i. The same preprinted number on all
copies,
ii. patron's
name,
iii. date of
payment,
iv. dollar amount of
payment (or remaining balance if a new marker is issued),
v. signature or initials of individual
receiving payment, and
vi. number
of marker on which payment is being made.
16. Access to the credit information,
outstanding credit instruments and written off credit instruments is restricted
to those positions which require access and are so authorized by
management.
17. All extensions of
pit credit transferred to the cage and subsequent payments are documented on a
credit instrument control form. Records of all correspondence, transfers to and
from outside agencies, and other documents related to issued credit instruments
are maintained.
18. Written-off
credit instruments must be authorized in writing. Such authorization are made
by at least two management officials who are from departments independent of
the credit transaction.
19. The
receipt of disbursement of front money or a customer cash deposit is evidenced
by at least a two-part document with one copy going to the customer and one
copy remaining in the cage file. The multi-part form contains the following
information:
i. Same preprinted number on all
copies,
ii. customer's name and
signature,
iii. date of receipt and
disbursement,
iv. dollar amount of
deposit, and
v. type of deposit
(cash, checks, chips).
(b) Procedures are established to:
1. Maintain a detailed record by patron name
and date of all funds on deposit,
2. maintain a current balance of all customer
cash deposits which are in the cage/vault inventory or accountability,
and
3. reconcile this current
balance with the deposits and withdrawals at least daily. (Adopted: 04/21/1994;
Readopted: 04/29/1995.)
Miss. Code Ann. § 75-76-45
Disclaimer: These regulations may not be the most recent version. Mississippi 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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