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This entry was published on 2020-10-16
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Unclaimed winnings and refunds
Racing, Pari-Mutuel Wagering and Breeding Law (PML) CHAPTER 47-A, ARTICLE 5-A
§ 529. Unclaimed winnings and refunds. The commission shall require
each regional corporation to establish a non-escrowed account for
payment of outstanding winning tickets and for payment of refunds to
ticket holders entitled thereto under the rules of the commission.

1. All tickets must be presented for payment to the regional
corporation from which purchased prior to April first of the year
following the year of purchase.

2. Ninety-five percent of the balance of such account remaining
unclaimed as of the last day of February of such year shall be paid to
the department of taxation and finance by March fifteenth. On or before
April tenth of each year the balance of such account and any other
unclaimed amounts received in the course of conducting off-track betting
shall be paid by such corporation to the department of taxation and
finance. A penalty of five percent and interest at the rate of one
percent per month from the due date to the date of payment of the
unclaimed balance due March fifteenth or April tenth, as the case may
be, shall be payable in case such balance is not paid when due. Such
amounts, interest and penalties when collected by the department of
taxation and finance shall be deposited into the general fund of the
state treasury.