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

Based on the context documents provided, it appears that you may be able to collect bank account information from participants in Oregon under certain circumstances. Here are the requirements:

Establishing An Account

To establish an account for account wagering, an application form must be signed or otherwise authorized in a manner acceptable to the commission and include the applicant’s full legal name, principal residence address, telephone number, and any other information required by the commission ^[1.1]. Each application submitted will be subject to electronic verification with respect to name, principal residence address, and date of birth by either a national, independent, individual reference service company or another technology which meets or exceeds the reliability, security, accuracy, privacy, and timeliness provided by individual reference service companies ^[1.1]. An account wagering center may require the applicant’s social security number to complete the verification process and for tax reporting purposes ^[1.1]. All account holder identities must be verified via electronic means or copies of other documents before a wager can occur ^[1.1].

Operation of an Account

Deposits to an account by an account holder shall be made in the following forms: cash deposit made at an approved outlet, or other deposit mechanisms as approved by the commission; check, money order or negotiable order of withdrawal given or sent to an account wagering center; charges made to an account holder’s credit card or debit card upon the direct and personal instruction of the account holder, which may be given by telephone to the account wagering center by the account holder if the use of the card has been approved by the account wagering center; transfer by means of an electronic funds transfer from a monetary account controlled by an account holder to his/her account, said account holder to be liable for any charges imposed by the transmitting or receiving entity with such charges to be deducted from the account ^[1.2].

Conclusion

Based on the context documents provided, it appears that you may be able to collect bank account information from participants in Oregon for account wagering purposes. However, the account wagering center may require the applicant’s social security number to complete the verification process and for tax reporting purposes. Additionally, all account holder identities must be verified via electronic means or copies of other documents before a wager can occur. It is important to note that these requirements may not apply to all situations, and you should consult with a legal professional to ensure compliance with all applicable laws and regulations.

Source(s):

• [1.1] Establishing An Account
• [1.2] Operation of an Account

Jurisdiction

Oregon

• Privacy