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1010 Hurley Way, Suite 300
Sacramento, California 95825
(916) 263 - 6000

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Rule No.Rule Title
2089Errors in Payments of Exchange Wagers
Rule TextIf an error occurs in the payment of amounts for exchange wagers, the following shall apply: (a) In the event the error results in an over-payment to the account holder, the exchange provider may prohibit the withdrawal of funds equal to the overpayment. The exchange provider shall within one business day notify the account holder of the overpayment and shall be entitled to recover from such account holder the amount of the overpayment. (1) An account holder who disputes an overpayment may, within 90 calendar days of the date of the overpayment, request in writing that the Board determine the validity of such overpayment. (b) In the event the error results in an under-payment: (1) Within one business day the exchange provider shall notify the account holder of such underpayment. (2) An account holder must submit a claim for the underpayment within 90 calendar days inclusive of the date on which the alleged underpayment occurred. The exchange provider shall investigate such claims and shall pay each claim, or a part thereof, which it determines to be valid, and shall notify the claimant in writing if his claim is rejected as invalid. (3) Any claim not filed with the exchange provider within 90 calendar days inclusive of the date on which the alleged under-payment occurred shall be deemed waived and the exchange provider shall have no further liability therefore. (4) Any natural person whose claim is rejected by the exchange provider may, within 45 calendar days from the date he received the notice of rejection, request in writing that the Board determine the validity of the claim. Failure to file such request with the Board within the said time shall constitute a waiver of the claim. (5) A hearing shall be held on each such rejected claim timely filed with the Board. The Board shall give notice of such hearing to the claimant and the exchange provider. The Board may determine a claim to be valid, in whole or in part, and thereafter order the exchange provider to pay to the claimant the amount of the claim determined to be valid, or may deny the claim in whole or in part. Any such determination shall be final and binding on all parties. NOTE: Authority cited: Sections 19420, 19440, 19590 and 19604.5, Business and Professions Code. Reference: Sections 19593 and 19604.5, Business and Professions Code. HISTORY: 1. New rule filed 8-6-13; effective 8-6-13.
 

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