Minnesota Administrative Rules

7880.0070 CLOSING OF ACCOUNTS.

Subpart 1.

Account holders.

An account holder has the right to close an account at any time for any reason.

Subp. 2.

Providers.

Nothing in this chapter prohibits an advance deposit wagering provider from at any time closing an account for reasonable business reasons.

Subp. 3.

Inactivity.

An advance deposit wagering provider may close an account on which there has been no activity for at least six months.

Subp. 4.

Requirement to close account.

An advance deposit wagering provider shall close an account if it determines:

A.

the information used to open the account was false;

B.

the account has been used in furtherance of any illegal activity; or

C.

the account has been used in violation of any state or federal law or rule.

An advance deposit wagering provider shall provide a written report to the commission within 30 days whenever an account is closed pursuant to this subpart.

Subp. 5.

Procedures.

Except as provided in subpart 6, whenever an account is closed, an advance deposit wagering provider shall, within seven calendar days:

A.

ensure that all required debits and credits have been made; and

B.

return to the account holder all money then on deposit by sending a check to the primary residence address of the account holder.

Subp. 6.

Account holder deceased.

In the event an account holder is deceased, unclaimed cash balances in the account shall be released to the decedent's legal representative upon receipt of a copy of a valid death certificate, after which the account shall be closed.

Statutory Authority:

MS s 14.389; 240.131

History:

41 SR 809

Published Electronically:

January 5, 2017