Ariz. Admin. Code § R19-4-113 - Reserve Requirements and Bank Accounts

A. Responsible parties shall maintain a reserve in the form of cash, cash equivalents, payment processor reserves, payment processor receivables, an irrevocable letter of credit, a bond, or any combination of the aforementioned, in an amount that is the greater of either $500,000 or the amount that is necessary to ensure the responsible party's ability to cover all outstanding event wagering liability and the funds held for player accounts.

B. The responsible party shall maintain bank account or accounts for funds in player accounts that are separate and distinct from all other corporate accounts, unless otherwise agreed to by the Department. The account or accounts for player funds shall be used for all player deposits, receipts, and disbursements relating to event wagering under the Act. The responsible party shall utilize a software accounting system that separates and distinguishes all receipts and disbursements regarding or in any way relating to event wagering activity under the Act, the operation, and the construction or operation of event wagering facilities.

C. The responsible party shall notify the Department no less than one hundred eighty (180) days prior to ceasing operations and shall provide a written plan to settle any outstanding liabilities and/or refund player account funds.

Notes

Ariz. Admin. Code § R19-4-113

Adopted by final exempt rulemaking at 27 A.A.R. 1167, effective 7/26/2021. Amended by final exempt rulemaking at 28 A.A.R. 919, effective 4/15/2022.