16 Tex. Admin. Code § 402.503 - Bingo Gift Certificates
(a) A bingo gift
certificate may be sold, issued, or redeemed for bingo paper, pull-tab bingo or
card-minding devices provided that the licensed authorized organization or
unit, as defined in Occupations Code, §
2001.431(1),
maintains adequate records relating to the gift certificate as provided in this
section.
(b) A licensed authorized
organization's cost of printing the bingo gift certificate is an allowable
bingo expense and shall be paid out of the bingo checking account. In order to
maintain adequate records relating to gift certificates, all gift certificates
shall be pre-numbered and consecutively issued.
(c) A bingo gift certificate may not be
awarded as a prize for bingo unless the value of the certificate is paid for by
the licensed authorized organization and recorded as a bingo prize on the daily
schedule of prizes for the bingo occasion.
(d) A bingo gift certificate may not be
awarded as a door prize unless the value of the certificate is paid for before
it is awarded as a door prize.
(e)
Each bingo gift certificate shall be:
(1)
imprinted with the name and address of the licensed location(s) where the gift
certificate may be redeemed for bingo paper, pull-tab bingo or card-minding
devices;
(2) imprinted with the
monetary value of the certificate;
(3) imprinted with the name of the licensed
authorized organization(s) authorized to accept the bingo gift certificate at
the licensed location;
(4)
imprinted with the expiration date or a blank space for the licensed authorized
organization or unit to fill in an expiration date; and
(5) paid for by the customer in full at the
time it is issued by the licensed authorized organization or unit.
(f) A licensed authorized
organization may not accept a gift certificate in exchange for bingo paper,
pull-tab bingo or card-minding devices if the licensed authorized organization
is not licensed to conduct bingo at the licensed location(s) imprinted on the
gift certificate.
(g) Reporting
Requirements:
(1) Funds from the sale of the
gift certificate shall be maintained separately from the bingo funds. Such
funds are not considered bingo funds until the gift certificate is redeemed for
a bingo card, pull-tab bingo, or a card-minding device.
(2) Funds remaining from an expired or
unredeemed gift certificate shall be disbursed equally among the participating
licensed authorized organizations and deposited into each of their respective
general fund accounts.
(3) When a
gift certificate is redeemed, the sale of bingo paper, card-minding device, or
pull-tab bingo shall be reported for that occasion. The gift certificate, when
redeemed, shall be exchanged for cash from the gift certificate funds and
deposited into the bingo account by the end of the third business day after the
bingo occasion.
(4) At the end of
each month, the licensed authorized organizations collectively shall reconcile
the gift certificates purchased, sold, expired, redeemed, or remaining during
the month to the cash on hand.
(h) Records Retention. The purchase invoice
or receipt from the printing of a gift certificate and the reconciliation
documents relating to the sale or redemption of gift certificates must be
maintained and available for inspection by the Commission for a period of four
years.
(i) Gift Certificate Log. A
gift certificate log shall be maintained collectively by the participating
licensed authorized organizations at the location(s) and shall include the
following for each gift certificate:
(1)
certificate number;
(2) certificate
value;
(3) date of issue;
(4) expiration date;
(5) date of redemption; and
(6) if awarded as a bingo or door prize, the
date of the bingo occasion and the date the prize is awarded.
Notes
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