Iowa Admin. Code r. 491-11.1 - Definitions

Current through Register Vol. 44, No. 20, April 6, 2022

"Administrator" means the administrator of the racing and gaming commission or the administrator's designee.

"Coin" means tokens, nickels, and quarters of legal tender.

"Commission" means the racing and gaming commission.

"Currency" means any coin or paper money of legal tender and paper forms of cashless wagering.

"Discount rate" means either the current prime rate as published in the Wall Street Journal or a blended rate computed by obtaining quotes for the purchase of qualified investments at least three times per month.

"Distributor's license" means a license issued by the administrator to any entity that sells, leases, or otherwise distributes gambling games or implements of gambling to any entity licensed to conduct gambling games pursuant to Iowa Code chapter 99F.

"Facility" means an entity licensed by the commission to conduct gaming operations in Iowa.

"Facility grounds" means all real property utilized by the facility in the conduct of its gaming activity, including the grandstand, concession stands, offices, parking lots, and any other areas under the jurisdiction of the commission.

"Gambling game" means any game of chance approved by the commission for wagering, including, but not limited to, gambling games authorized by this chapter.

"Government sponsored enterprise debt instrument" means a negotiable, senior, noncallable debt obligation issued by an agency of the United States or an entity sponsored by an agency of the United States that on the date of funding possesses an issuer credit rating equivalent to the highest investment grade rating given by Standard & Poor's or Moody's Investment Services.

"Implement of gambling" means any device or object determined by the administrator to directly or indirectly influence the outcome of a gambling game; collect wagering information while directly connected to a gambling game; facilitate the operation of an electronic wagering account as defined by rule 491-12.1(99F); or be integral to the conduct of a commission-authorized gambling game.

"Independent financial institution" means a bank approved to do business in the state of Iowa or an insurance company admitted to transact insurance in the state of Iowa with an A.M. Best insurance rating of "A" or other equivalent rating.

"Manufacturer's license" means a license issued by the administrator to any entity that assembles, fabricates, produces, or otherwise constructs a gambling game or implement of gambling used in the conduct of gambling games pursuant to Iowa Code chapter 99F.

"Present value" means the current value of a future payment or series of payments, discounted using the discount rate.

"Qualified investment" means an Iowa state issued debt instrument, a United States Treasury debt instrument or a government sponsored enterprise debt obligation.

"Reserve" means an account with an independent financial institution or brokerage firm consisting of cash, qualified investments, or other secure funding method approved by the administrator used to satisfy periodic payments of prizes.

"Slot machine" means a mechanical or electronic gambling game device into which a player may deposit currency or forms of cashless wagering and from which certain numbers of credits are awarded when a particular configuration of symbols or events is displayed on the machine.

"Storage media" means EPROMs, ROMs, flash-ROMs, DVDs, CD-ROMs, compact flashes, hard drives and any other types of program storage device.

Notes

Iowa Admin. Code r. 491-11.1
ARC 7757B, IAB 5/6/09, effective 6/10/09; ARC 8029B, IAB 8/12/09, effective 9/16/09; ARC 9987B, IAB 2/8/12, effective 3/14/12; ARC 1456C, IAB 5/14/2014, effective 6/18/2014 Amended by IAB February 1, 2017/Volume XXXIX, Number 16, effective 3/8/2017 Amended by IAB February 10, 2021/Volume XLIII, Number 17, effective 3/17/2021

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