23.16.3204    RECORD KEEPING REQUIREMENTS

(1) An organization or individual conducting a fantasy sports league shall retain the following records for one year after the league winners are determined:

(a) name and address of each individual who participated as a member in the league;

(b) total amount collected for each of the following fees:

(i) entrance;

(ii) administrative; and

(iii) transaction.

(c) number of interim trades or purchases made by each member;

(d) proof of the purchase price of any merchandise prize awarded; and

(e) a list of the prizes awarded at the conclusion of the league season, including:

(i) the amount of each prize;

(ii) name of the member awarded each prize; and

(iii) total value of the payout of the fantasy league.

(2) Records required under this rule must be presented to the department upon request.

History: 23-5-115, MCA; IMP, 23-5-801, 23-5-805, MCA; NEW, 1991 MAR p. 1942, Eff. 10/18/91.