New Mexico Administrative Code
Title 15 - GAMBLING AND LIQUOR CONTROL
Chapter 1 - GAMES AND GAMING GENERAL PROVISIONS
Part 10 - CONDUCT OF GAMING ACTIVITY UNDER THE GAMING CONTROL ACT
Section 15.1.10.26 - PERIODIC PAYMENTS
Current through Register Vol. 35, No. 18, September 24, 2024
A. Periodic payments of winnings and non-cash prizes awarded to a patron as the result of any licensed game offered by a racetrack gaming operator licensee shall be made if one of the following is established as the method of funding the periodic payments:
B. The funding of periodic payments shall be completed within 30 days of the date the patron wins or is awarded a prize.
C. Periodic payments shall not be used for winnings of, or noncash prizes worth, fifty thousand dollars ($50,000) or less. Periodic payments for total amounts won greater than fifty thousand ($50,000) shall be paid as follows:
D. Periodic payments of non-cash prizes awarded shall be offered if the patron has the right to decide whether to receive the non-cash prize or cash equivalent of the non-cash prize each time a periodic payment is due. The cash equivalent shall be the actual cost to the licensee of the non-cash prize on the day such prize was won. The amount of the periodic payments to be funded shall be determined by the present value of the cash equivalent of the noncash prize based on the prime rate.
E. For any licensed game for which periodic payments are or may be used, the racetrack gaming operator licensee shall display signs on each gaming device setting forth either the amount or the terms of the payment to be made.
F. If the licensee fails to fund the periodic payments as required by this rule, the licensee shall immediately notify the board in writing and shall immediately cease offering any licensed game for which periodic payments are used.
G. The present value of all winnings and non-cash prizes offered payable by a periodic payment shall be used in calculating the minimum bankroll of the location.
H. The board may waive one or more of the requirements of this section if the racetrack gaming operator licensee submits a written request for waiver to the board and the board makes a written finding that such waiver is not contrary to the public interest and the purposes of the act.