Iowa Code r. 491-14.14 - Licensing of internet fantasy sports contest service providers
(1)
Operation. The internet fantasy sports contest service
provider shall submit the following for commission approval:
a. Internal controls for the operation of the
account.
b. A detailed description
and certification of systems and procedures used by the internet fantasy sports
contest service provider to validate the identity, age and location of licensee
account holders and to validate the legality of wagers accepted.
c. Certification of secure retention of all
records related to internet fantasy sports contests and accounts for a period
of not less than three years or such longer period as specified by the
commission.
d. Certification of
prompt commission access to all records relating to account holder identity,
age and location in hard-copy or standard electronic format acceptable to the
commission.
e. Verification that
the player is not on the statewide voluntary self-exclusion list set forth in
Iowa Code section 99F.4(22)
prior to establishing an account.
(2)
Record keeping.
a. Record storage required. Internet fantasy
sports contest service providers shall maintain adequate records of business
operations, which shall be made available to the administrator upon request.
These records shall include:
(1) All
correspondence with the administrator and other governmental agencies on the
local, state, and federal level.
(2) All correspondence between the licensee
and any of its customers who are applicants or licensees under Iowa Code
chapter 99E.
(3) Financial records
of all transactions with players and all other licensees under these
regulations.
b. Record
retention. The records listed in paragraph 14.14(2)"a" shall
be retained as required by 491-subrule 5.4(14).
(3)
Violation of laws or
regulations. Violation of any provision of any laws of the state or of
the United States of America or of any rules of the commission may constitute
an unsuitable method of operation, subjecting the licensee to limiting,
conditioning, restricting, revoking or suspending the license, or fining the
licensee, or any combination of the above. The commission has the discretion to
suspend fantasy sports contest operations of its licensees by written order if
necessary.
Notes
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