Or. Admin. Code § 137-025-0189 - Linked Progressive Bingo Game Escrow Agents - Generally

(1) Persons or organizations acting as escrow agents for linked progressive bingo game prizes must be licensed by the Department pursuant to ORS Chapter 464 and the administrative rules adopted pursuant to that law. Licensees shall be licensed pursuant to ORS 696.505 et seq. or shall comply with subparagraph (2) below. To act as an escrow agent, licensees shall be third parties independent of any Linked Progressive Bingo Contractor or bingo licensee involved in the operation of the linked progressive bingo game. All funds held in escrow for charitable gaming licensers shall be held in a designated escrow account or deposit with a commercial bank, located within the state of Oregon and approved by the Department.

(2) A Linked Progressive Bingo Game Escrow Agent not licensed pursuant to ORS 696.505 et seq. shall deposit with the Department a corporate surety bond running to the State of Oregon, executed by a surety company satisfactory to the Department in the amount of $25,000.

(3) An escrow agent may satisfy the preceding requirement by depositing with the State Treasurer an amount equal to $25,000 in a form satisfactory to the Department for the faithful performance of the agent's linked progressive bingo game activity.

(4) The designated escrow agent for a particular linked progressive bingo game shall, upon obtaining the relevant information from the host licensee, immediately obtain a cashier's check for the winning amount, made payable to the winner, and shall prepare the appropriate federal W2G form. The escrow agent shall then immediately deliver the check to the winner in a manner consistent with the winner's expressed method of delivery as communicated to the host licensee.

Notes

Or. Admin. Code § 137-025-0189

DOJ 8-2004, f. & cert. ef. 5-19-04; DOJ 8-2018, amend filed 05/30/2018, effective 5/31/2018; DOJ 15-2018, minor correction filed 07/03/2018, effective 7/3/2018

Statutes/Other Implemented: ORS 167.118 & ORS 464.250