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Can you summarize 11 ILAC 1900.330?
STANDARDS OF CONDUCT > Record Retention
Short Summary
This document governs the record retention requirements for licensees in the sports wagering industry, specifically excluding occupational licensees. Each licensee, other than an occupational licensee, is required to maintain adequate records of their business operations in a secure place. These records must be made available to the Illinois Racing Board upon request. The records must be held for at least as long as prescribed by the periodically published Records Retention Schedule, or longer if required by accounting procedures, litigation needs, or state/federal law. The records can be maintained in a manner accessible to the Board or in a digital format prescribed by the Administrator. Additionally, master sports wagering licensees must keep accurate, complete, and legible records of any books, records, or documents pertaining to the sports wagering operation. All records must be organized and indexed for immediate accessibility by the Board. Prior approval from the Administrator is required before destroying any original book, record, or document. The Administrator is responsible for publishing and periodically updating the Retention Schedule.
Whom does it apply to?
Licensees in the sports wagering industry, excluding occupational licensees
What does it govern?
Record retention for licensees in the sports wagering industry
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Not specified.
Jurisdiction
Illinois