N.Y. Racing, Pari-Mutuel Wagering and Breeding Law § 1012-a: Multi-jurisdictional account wagering providers

§ 1012-a. Multi-jurisdictional account wagering providers. A

multi-jurisdictional account wagering provider shall only be licensed

under the following conditions:

1. the multi-jurisdictional account wagering provider is licensed by

the state in which it is located and, if required, by each state in

which it operates;

2. the character and the background of the multi-jurisdictional

account wagering provider is such that granting the applications for a

license is in the public interest and the best interest of honest horse

racing;

3. the multi-jurisdictional account wagering provider shall utilize

the services of an independent third party to perform identity and

verification services with respect to the establishment of wagering

accounts for persons who are residents of the state of New York;

4. the commission shall be allowed access to the premises of the

multi-jurisdictional account wagering provider to visit, investigate

and, place such expert accountants and other persons it deems necessary

for the purpose of insuring compliance with the rules and regulations of

the commission;

5. if not already registered, the multi-jurisdictional account

wagering provider shall agree promptly to take those steps necessary to

qualify to do business in New York state, and to maintain such status in

good standing throughout the license period;

6. multi-jurisdictional account wagering providers shall:

(a) pay a market origin fee equal to five and forty-five hundredths

percent on each wager accepted from New York residents.

(b) pay an additional fee equal to one percent on each wager accepted

from New York residents which shall be directed to the general fund of

the state treasury.

(c) make the required payments to the market origin account on or

before the fifth business day of each month and such required payments

shall cover payments due for the period of the preceding calendar month;

provided, however, that such payments required to be made on April

fifteenth shall be accompanied by a report under oath, showing the total

of all such payments, together with such other information as the

commission may require. A penalty of five percent and interest at the

rate of one percent per month from the date the report is required to be

filed to the date the payment shall be payable in case any payments

required by this subdivision are not paid when due. If the commission

determines that any moneys received under this subdivision were paid in

error, the commission may cause the same to be refunded without interest

out of any moneys collected thereunder, provided an application therefor

is filed with the commission within one year from the time the erroneous

payment was made. The commission shall pay into the racing regulation

account, under the joint custody of the comptroller and the commission,

the total amount of the fee collected pursuant to paragraph (a) of this

subdivision.