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

Based on the provided context documents, it appears that you cannot collect bank account information from participants in New Jersey unless they have established a wagering account in accordance with NJAC 13:74-7.1. To establish a wagering account, a person must be a New Jersey resident and 18 years of age or older. A wagering account shall be established in the name of a natural person only, and shall not be assigned or otherwise transferred. A natural person may only hold and maintain one wagering account at any time. A wagering account shall be established with and through the account wagering licensee, and no person or entity other than the account wagering licensee shall accept an account wager from a person within this State [1.1].

Furthermore, the account wagering licensee shall only accept wagers from New Jersey residents who have established an account in accordance with the Act and this chapter. Prior to making any account inquiry or requesting any account transaction, an account holder shall provide his or her confidential personal identification number, to be selected in a manner subject to the discretion of the account wagering licensee consistent with its internal control procedures, and such other information as required by the account wagering licensee which may include the account holder’s confidential account number. The account wagering licensee shall not provide any account information or consummate any account transaction unless the account holder first provides the correct confidential personal identification number and satisfies any other requirements of the account wagering licensee [1.2].

Therefore, it is important to note that collecting bank account information from participants in New Jersey is subject to the regulations and requirements outlined in NJAC 13:74-7.1 and NJAC 13:74-7.3.

However, if you are a person who controls a New Jersey bank or New Jersey bank holding company that does not file a report with any other bank supervisory agency, you shall annually file with the Commissioner, on or before April 1 of each year, the following information on forms provided by the Department: 1. Name and address of the person; 2. A resume of material business activities and affiliations during the past five years; 3. A description of pending legal or administrative proceedings in which the person is a party and any criminal indictment or conviction of the individual issued by a state or federal court; and 4. A statement of assets and liabilities of the person for each of the five preceding fiscal years, together with related statements of income and sources and applications of funds for each of those fiscal years [2.1].

If you are a bank holding company or person that controls a New Jersey bank or a New Jersey bank holding company which is required to furnish the Federal Reserve System with a report of financial data and other information, you shall concurrently file a copy with the Commissioner. The form of such report shall be the current form required to be filed under regulations of the Board of Governors of the Federal Reserve System [2.2].

In conclusion, collecting bank account information from participants in New Jersey is subject to the regulations and requirements outlined in NJAC 13:74-7.1 and NJAC 13:74-7.3. If you are a person who controls a New Jersey bank or New Jersey bank holding company that does not file a report with any other bank supervisory agency, you shall annually file with the Commissioner. If you are a bank holding company or person that controls a New Jersey bank or a New Jersey bank holding company which is required to furnish the Federal Reserve System with a report of financial data and other information, you shall concurrently file a copy with the Commissioner [2.1][2.2].

Source(s):
Jurisdiction

New Jersey