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Can you summarize TNRR Chapter 1360-03-05?
Charitable Solicitations and Gaming Division > Rules Related to the Fantasy Sports Act
Short Summary
These legal documents pertain to the operation of fantasy sports contests within the State of Tennessee and provide guidance to the fantasy sports industry and Tennessee consumers. The rules define various terms related to fantasy sports and specify requirements for fantasy sports operators, including disclosure requirements, restrictions on certain types of contests, and definitions of highly experienced players. The documents also outline the process and requirements for obtaining and renewing licenses for fantasy sports operators, including the submission of an application, disclosure of ownership, and criminal record checks. The Secretary of State is responsible for reviewing and approving or denying license applications. The documents further cover policies and procedures related to player deposits, verification of identity, tax clearance, financial information, operational compliance, and the establishment of a required reserve for player funds. Additionally, the documents address account monitoring practices, prohibiting the use of proxy servers and unauthorized scripts. Fantasy sports operators are required to maintain records of contests played, player classifications, entry fees, prizes awarded, deposits and withdrawals, and self-imposed limitations. The documents also outline the requirements for annual reporting and audits, as well as the schedule of civil penalties for violations of the Fantasy Sports Act. The penalties range from a minimum of $5,000 to the maximum allowed by law, depending on the specific violation. The documents do not mention any specific exemptions or penalties for non-compliance. Overall, these documents aim to regulate and ensure fair practices in the fantasy sports industry in Tennessee.
Whom does it apply to?
Fantasy sports operators, fantasy sports players, Tennessee consumers
What does it govern?
Operation of fantasy sports contests within the State of Tennessee and/or for the use of Tennessee citizens
What are exemptions?
Private contests are exempt from these rules
What are the Penalties?
The document does not specify any penalties for non-compliance or violations
Jurisdiction
Tennessee