§ 609a.4. Approval of credit limits.
(a) A credit limit, and any temporary or permanent increases thereto, shall be approved by either:
(1) Two or more employees holding the job positions of credit manager, assistant credit manager, credit shift manager, credit executive or other key employee in a direct reporting line above the credit manager provided that a credit supervisor who processed and verified a patron’s credit application may not grant credit or a credit limit increase to that patron.
(2) A credit committee composed of at least two of the employees in paragraph (1) which may approve credit as a group.
(b) The approval of credit shall be recorded in the patron’s credit file and include:
(1) Other information used to support the credit limit and any changes thereto, including the source of the information, if the information is not otherwise required to be recorded under this section.
(2) A brief summary of the key factors relied upon in approving or reducing the requested credit limit and any changes thereto.
(3) The reason credit was approved if derogatory information was obtained during the verification process.
(4) The signatures of the employees approving the credit limit, together with the date and time of the authorization, shall be recorded before any actual extension of credit is tendered. A certificate holder may obtain verbal or electronic authorization from one of the employees required to approve credit limits provided that the date and time that the verbal authorization was given is noted in the patron’s credit file or a copy of the electronic authorization is placed in the patron’s credit file. Upon arrival at the licensed facility, the employee who verbally or electronically approved a patron’s credit limit shall sign and date the patron’s credit file.
(c) Prior to approving a temporary or permanent credit limit increase, an employee of the certificate holder’s credit department shall:
(1) Obtain a written request from the patron which includes:
(i) The date and time of the patron’s request.
(ii) The amount of credit limit increase requested by the patron and if the increase requested is temporary or permanent.
(iii) The signature of the patron.
(2) Reverify the patron information required under § 609a.3(c)(2) (relating to application and verification procedures for granting credit).
(3) Consider the patron’s player rating based on a continuing evaluation of the amount and frequency of play subsequent to the patron’s initial receipt of credit.
(4) Include the information and documentation required under paragraphs (1)—(3) in the patron’s credit file.
(5) Comply with subsections (a) and (b).
Authority The provisions of this § 609a.4 amended under 4 Pa.C.S. § § 1202(b)(9)—(23), 1205, 1206(f) and (g), 1207(1) and (2), 1208(1)(iii), 1209(b), 1212, 1213, 13A11, 13A12—13A14, 13A15 and 1802 and Chapter 13.
Source The provisions of this § 609a.4 amended June 12, 2015, effective June 13, 2015, 45 Pa.B. 2829. Immediately preceding text appears at serial pages (362345) to (362346).
Cross References This section cited in 58 Pa. Code § 609a.19 (relating to use of an electronic credit system for the processing of Counter Checks and customer deposits).
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