Regulation .45 Wind Down and Cessation of Operation.
Regulation .45 Wind Down and Cessation of Operation.LinkCopy Citation
A.
Definitions. In this regulation, the following terms have the meaning indicated:
(1)
“Cease operations” or “cessation of operations” means the date and time after which a sports wagering licensee temporarily or permanently stops accepting wagers in Maryland.
(2)
“Wind down” means the process before and after a cessation of operations by which a sports wagering licensee ends its sports wagering operations in Maryland.
B.
A sports wagering licensee that intends to cease operations shall submit to the Commission notice of its intent to cease operations at least 7 days before its proposed cessation of operations.
C.
No more than 5 business days after submitting notice of its intent to cease operations, a sports wagering licensee shall submit to the Commission a wind down plan that specifies how the licensee will:
(1)
Announce to its bettors, vendors, and the public when it will cease operations and wind down, including timelines;
(2)
In clear and conspicuous terms, explain to bettors their rights and remedies associated with the licensee’s cessation of operations and wind down;
(3)
Distribute winnings to a bettor holding an unredeemed winning sports wagering ticket;
(4)
Distribute winnings to a bettor holding a sports wagering ticket for sporting events with outcomes that have not yet been determined;
(5)
Pay all amounts in a bettor’s sports wagering account to the bettor;
(6)
Close a bettor’s account;
(7)
Close its platform to further public access;
(8)
Distribute funds representing unredeemed winning tickets to the Problem Gambling Fund 182 days after the wager outcome has been determined;
(9)
Transfer funds from bettor accounts to the State Comptroller if funds cannot be paid to the account owner;
(10)
Satisfy current and future financial and reporting obligations related to its sports wagering operations; and
(11)
Ensure the Commission has all information necessary to access and use a letter of credit, bond, or similar assurance mechanism to satisfy financial obligations, if needed.
D.
A sports wagering licensee’s submissions required under
§B of this regulation shall include verbatim, the communications it proposes to use to notify bettors of rights and remedies associated with its cessation of operations and wind down.
E.
The Commission may:
(1)
Approve a sports wagering licensee’s wind down plan;
(2)
Approve submissions required in the wind down plan;
(3)
Require changes to a wind down plan; or
(4)
Reject the wind down plan.
F.
A sports wagering licensee may only notify a bettor after the Commission approves the wind down plan.
G.
At the conclusion of the wind down, a sports wagering licensee shall submit a report to the Commission as notification that it has completed all actions necessary and is terminating all operations in the State.
H.
Nothing in this regulation is intended to change a requirement or obligation imposed under another statute or regulation.