General Account Wagering

Associations may, either directly or through a service provider authorized and licensed by the Commission, offer a system of account wagering to its patrons whereby wagers are debited and payoffs credited to a sum of money, deposited in an account by the patron that is held by the association. The association shall notify the patron, at the time of opening the account, of any rules the association has made concerning deposits, withdrawals, average daily balance, user fees, interest payments and any other aspect of the operation of the account. The association shall notify the patron whenever the rules governing the account are changed, such notification occurring before the new rules are applied to the account and including the opportunity for the patron to close or cash-in the account. The patron shall be deemed to have accepted the rules of account operation upon opening or not closing the account. The association shall annually request authorization from the Commission before a system of account wagering is offered. Included in the associations’ request shall be information related to any planned, non-monetary, incentive programs and account security plans. If a service provider is used, copies of any and all agreements between the service provider and the association regarding the services to be provided by the service provider to the association in respect to the association’s account wagering operations will be give to the Commission.