Amends TCA Title 4, Chapter 49, Part 1 and Title 66, Chapter 29, Part 1.

This bill provides that if the account of a person, 21 or older, placing a lawful wager with another person who holds a license issued under the Tennessee Sports Gaming Act ("bettor") is dormant for three years or more, and the account has an unused balance, then the licensee may remit the unused balance to the bettor in any manner in which the account was funded or by mailing a check by certified mail in the amount of the unused balance to the bettor at the bettor's address of record with the licensee. The licensee must not remit the unused balance to the state treasurer unless the licensee meets the conditions of (1) and (2) below. Regardless of how much time passes while a bettor's account has an unused balance, this bill prohibits the licensee from confiscating, taking possession of, forfeiting, or assuming the unused balance.<br /> <br /> NOTICE<br /> <br /> At least 90 days before remitting the unused balance to the bettor, this bill requires the licensee to provide the bettor with notice of the licensee's intent to remit the funds by email using the bettor's email of record with the licensee. <br /> <br /> REMITTANCE TO THE STATE TREASURER<br /> <br /> This bill provides that if a licensee is unable to return the unused balance of the account of a bettor, then the licensee:<br /> <br /> (1) Must exercise reasonable due diligence during the six-month period immediately following the three-year period of dormancy described above to locate the bettor for the purpose of returning the unused balance; and<br /> <br /> (2) May, after the six-month period, remit such unused balance to the state treasurer.<br /> <br /> This bill prohibits the licensee from aggregating unused account balances for purposes of remitting such balances to the state treasurer. A licensee must remit the unused balance of each account as described in this bill and provide the state treasurer with the most up-to-date information in possession of the licensee regarding the bettor who opened the account for purposes of assisting the state treasurer in locating the bettor.<br /> <br /> This bill provides that if the unused balance of the account of a bettor is remitted to the treasurer as described above, then the unused balance is deemed abandoned and unclaimed.<br />