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Can I collect bank account information from participants in Minnesota? What are the requirements?

Based on the additional context documents provided, it appears that you are asking about collecting bank account information from participants in Minnesota for advance deposit wagering. Here are the requirements:

Requirements for Collecting Bank Account Information for Advance Deposit Wagering in Minnesota

To collect bank account information from participants in Minnesota for advance deposit wagering, you must comply with the following requirements:

  1. License required: No person shall offer or accept advance deposit wagers from Minnesota residents after November 1, 2016, unless the person holds a license in good standing as an advance deposit wagering provider under chapter 7877 and complies with all requirements of this chapter and applicable laws and rules [2.1].
  2. Record keeping: An advance deposit wagering provider shall maintain a record of all deposits, credits, and debits, and a record of all wagers made for a minimum of two years. Upon request of the account holder, an advance deposit wagering provider shall provide any records it maintains on the account holder’s account. An advance deposit wagering provider shall make an account holder’s current account balance available to the account holder at all times. An advance deposit wagering provider shall allow the commission and its designees to review and audit all records related in any way to its licensure, financial solvency, accounts, and the conduct of wagering by Minnesota residents [2.3].

Based on the above requirements, it appears that you can collect bank account information from participants in Minnesota for advance deposit wagering if you comply with the relevant laws and regulations. However, it is important to note that this response is based solely on the context documents provided and may not be comprehensive or applicable to your specific situation. It is recommended that you consult with a legal professional for specific guidance on collecting bank account information for advance deposit wagering in Minnesota.

Source(s):
Jurisdiction

Minnesota