Sec. 36.03.10.29. Deposit of Counter Checks

A. A facility operator shall deposit a counter check in its bank account or present the counter check directly to the player’s bank:

(1) No later than:

(a) 14 days after the date of the check for a check of $1,000 or less;

(b) 21 days after the date of the check for a check greater than $1,000 but not more than $2,500;

(c) 45 days after the date of the check for a check greater than $2,500; or

(d) 60 days after the date of the check for a check greater than $10,000; or

(2) In accordance with a deposit schedule agreed to between the facility operator and the player if the deposit schedule:

(a) Does not authorize deposit more than 60 days after the date of the check;

(b) May not be amended or modified to change the deposit date of a counter check after acceptance of the counter check from the player; and

(c) Was at the time of the initial authorization of credit or an approved change in a credit limit:

(i) Agreed to and approved by the employee who extended the credit; and

(ii) Documented in the credit file.

B. A facility operator shall deposit a replacement check accepted from a player in a substitution, consolidation, or partial redemption transaction in its bank account or present the replacement check directly to the player’s bank:

(1) On the deposit date of the initial counter check in accordance with Regulation .28D of this chapter; and

(2) In accordance with one of the deposit options of §A of this regulation.

C. A facility operator shall deposit in its bank account or present directly to the player’s bank a personal check accepted in full redemption of a counter check on the next day.

D. A facility operator:

(1) If there are a series of consolidation or redemption transactions with a player, may substitute a current counter check for the earliest dated counter check returned to the player in the first of the series of consolidation or redemption transactions; and

(2) In computing the time periods in §§A, B, and C of this regulation, shall consider the last day of the period to be included unless it is a Saturday, Sunday, or a State or federal holiday, in which event the time period runs until the next banking day.

E. A facility operator shall develop and include in the internal controls submitted to and approved under Regulation .05 of this chapter procedures and controls addressing the deposit of counter checks and replacement checks.

F. A facility operator’s internal controls shall include:

(1) Procedures and controls addressing:

(a) Release of a counter check or replacement check for presentment to a player’s bank to:

(i) A principal employee of the facility operator; or

(ii) An attorney; and

(b) Correction, prior to deposit or presentment or on redeposit of a returned check, of data entry errors in:

(i) Bank name;

(ii) Bank routing number;

(iii) Bank account number; or

(iv) Micro-encoding number; and

(2) A prohibition against correcting information that identifies the verified bank account on which the counter check was originally drawn.