Iowa Code r. 491-14.10 - Segregation account requirements and financial reserves
(1)
Segregation. Fantasy
sports contest service providers shall segregate all fantasy sports contest
player funds from operational funds.
(2)
Financial reserves. For
the protection of the funds of contest participants held in paid fantasy sports
accounts, the fantasy sports contest service provider shall maintain a reserve
in the form of cash, cash equivalents, an irrevocable letter of credit, payment
processor reserves and receivables, a bond, or a combination thereof in the
amount of the deposits in internet fantasy sports contest player accounts.
a. The method of reserve shall be submitted
and approved by the commission prior to implementation.
b. The amount of the reserve shall be equal
to, at a minimum, the sum of all registered players' funds held in player
accounts originating in Iowa.
c.
If, at any time, the licensee's total reserve is less than the amount required
by the reserve calculation, the licensee shall notify the commission of this
deficiency within 72 hours.
d. Each
licensee shall continuously monitor and maintain a record of all player
deposits and the licensee's cash reserves to ensure compliance with the cash
reserves requirement.
e. The
licensee shall provide the commission with documentation including the amount
of deposits in players' accounts and the amount in cash reserves as of the last
day of each month. The information is due by the fifteenth day of the month for
the preceding month.
Notes
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.