| Frank Brings Separate Bill, Prevent UIGEA Online Casino Ban |
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Frank Brings Separate Bill to Prevent UIGEA Online Casino Ban
http://www.onlinecasinoadvisory.com/casino-news/online/frank-introduces-bill-preventing-online-casino-ban-42765.htm
The big news that Barney Frank introduced his bill to regulate online gambling this morning obscured Frank's authoring a second bill, in hand with the first. The purpose of the second bill is to prevent implementation of the UIGEA ban against online casino payment transactions.
Frank's gambling licensing act specifically exempts licensed Internet gambling sites from any UIGEA penalties. The bill says, "No financial transaction provider shall be held liable for engaging in financial activities and transactions for or on behalf of a licensee or involving a licensee, including payments processing activities."
But exemptions have not been sufficient to protect state lotteries in New Hampshire and North Dakota from being denied payments by worried credit providers. To prevent such occurrences, Frank also brought forth the Reasonable Prudence in Regulation Act.
The finalization of UIGEA rules under the midnight regulations of the Bush administration allowed financial institutions until December 1st, 2009, to face mandatory enforcement. Frank's bill extends that period for another year, to the 1st of December, 2010.
Gaming observers note that Frank is allowing time for Congress to withdraw UIGEA rules in favor of his regulations regarding licensing of Internet gambling. The second, smaller bill is issued to help the first one to work more smoothly, with less potential conflict from the UIGEA until Congress has time to coordinate laws.
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