New Jersey lawmakers are proposing a bill to protect funds from inactive online gambling accounts. The current law states that any funds from an account inactive for three years are to be split between the state’s Casino Control Fund and the gambling site’s license holder. However, a bipartisan group of lawmakers wants to change this by categorizing the money as unclaimed property under the Uniform Unclaimed Property Act. This would allow the rightful owners to claim their funds back from the state at a later date.
The proposed bill also requires online gambling operators to make efforts to contact accountholders through email, phone, and mail before closing their accounts. This move is aimed at increasing accountability in the sector and ensuring that money is returned to its rightful owners.
Overall, the bill seeks to address the issue of inactive online gambling accounts and ensure that funds are not lost but rather safeguarded for the rightful owners to claim in the future. It reflects a commitment to protecting consumers and promoting transparency in the online gambling industry.