New Mexico Administrative Code
Title 15 - GAMBLING AND LIQUOR CONTROL
Chapter 2 - HORSE RACING
Part 2 - ASSOCIATIONS
Section 15.2.2.9 - GAMING
Universal Citation: 15 NM Admin Code 15.2.2.9
Current through Register Vol. 35, No. 18, September 24, 2024
A. Associations' financial requirements:
(1) An association who is a gaming operator
shall pay twenty percent of the net take to purses.
(2) An association shall provide a weekly
report of the previous week's daily net take payment to purses every Monday to
the commission and the New Mexico horsebreeders' association each week except
for legal holidays which will be submitted on the next business day.
(3) All monies remitted by the association to
the gaming account shall be reconciled and settled within 30 days of the
generation of monthly reports from the gaming control board.
(4) An association will be liable for all
portions of the gaming funds for purses from such time as the funds are
received into the gaming machines until the funds are deposited into the
designated interest bearing accounts. The commission may take whatever action
is available under the existing rules regarding fines, suspension or revocation
of license should the association fail to deposit the funds in accordance with
Paragraph (1) of Subsection B of Section 15.2.2.9 NMAC.
(5) The twenty-percent of the net take to
purses shall be distributed as follows:
Nineteen and three tenths percent of the net daily take deposited by the association will be distributed weekly by the associations to the New Mexico horsebreeders' association to the purse fund; eighty and seven tenths percent of the net daily take deposited by the associations will be distributed to the existing purse structures determined and approved by the commission.
B. Organizations' financial requirements:
(1) The associations shall establish
interest-bearing accounts, designated as gaming funds for purses. The
associations shall deposit, by 1:00 o'clock p.m. Monday of each week except for
legal holidays which will be deposited on the next business day, twenty percent
of the daily net take as defined in the gaming control act.
(2) The associations and the New Mexico
horsebreeders' association shall keep accurate, complete, and legible records
with reports to the commission to include:
(a)
monthly reconciliation of amounts collected to account statements;
(b) copy of account authorizing
signatures;
(c) any changes in
authorizing signatures; and
(d)
detail of disbursements from the accounts.
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