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Can you summarize AZRS 5-1313?
Escrow account; insurance; cash-on-hand; financial practices; audit; post-employment restrictions
Short Summary
This legal document, part of the Arizona Revised Statutes governing event wagering, outlines various requirements and regulations for licensees in the industry. The document covers several aspects, including the establishment of a bond in escrow and the amount of cash that must be kept on hand to ensure adequate reserves for payouts. It also specifies insurance requirements for licensees and sets minimum requirements for effective control over internal fiscal affairs, such as safeguarding assets, maintaining reliable records, and implementing risk management practices. The document further mandates internal and independent audits of licensees, submission of periodic financial reports to the department, and the implementation of policies and procedures to mitigate the risk of fraud, cheating, or money laundering. Additionally, it addresses any post-employment restrictions for department employees necessary to maintain the integrity of event wagering in the state. Licensees are allowed to maintain the bond at approved banks or entities, with the licensee being the beneficiary of any accrued interest on the bond.
Whom does it apply to?
Licensees
What does it govern?
Escrow account, insurance, cash-on-hand, financial practices, audit, post-employment restrictions
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No penalties are mentioned.
Jurisdiction
Arizona