CHELSEA STATE BANK
CUSTOMER INFORMATION
(Internet Gambling)
Unlawful Internet Gambling Enforcement Act (UIGEA) of 2006
The UIGEA, signed into law in 2006, prohibits any person engaged in the
business of betting or wagering (as defined in the Act) from knowingly
accepting payments in connection with the participation of another person
in unlawful internet gambling. The Dept of Treasury and the Federal
Reserve Board have issued a joint final rule, Regulation GG, to implement
this Act.
As defined in Regulation GG, unlawful Internet gambling means to “place,
receive or otherwise knowingly transmit a bet or wager by any means which
involves the use, at least in part, of the internet where such bet or
wager is unlawful under any applicable Federal or State law in the State
or Tribal lands in which the bet or wager is initiated, received or
otherwise made”.
As a customer of Chelsea State Bank,
these restricted transactions are prohibited from being processed through
your account or banking relationship with us. If you do engage in an
Internet gambling business and open a new account with us, we will ask
that you provide evidence of your legal capacity to do so.
Please see one of our Customer
Service representatives if you would like additional information on
UIGEA or Regulation GG, call Chelsea State Bank at 734-475-1355 or e-mail us at www.csbonline.com.
