Combating Illegal Gambling Reform and Modernization Act

[AI summary unavailable — showing source text] Combatting Illegal Gambling Reform and Modernization Act - Amends the Federal criminal code to revise provisions regarding interstate gambling. Increases the term of imprisonment for violations. Prohibits (with exceptions) any person engaged in a gambling business from knowingly using a communication facility for the transmission: (1) of bets or wagers, or betting information, in interstate or foreign commerce, within the special maritime and territorial jurisdiction of the United States, or to or from any place outside the jurisdiction of any nation regarding any transmission to or from the United States,; or (2) of a communication in such interstate or foreign commerce which entitles the recipient to receive money or credit as a result of bets or for information assisting in the placing of bets. Prohibits (with exceptions) any person engaged in a gambling business from knowingly accepting credit, an electronic fund transfer, a check, or the proceeds of certain other forms of financial transaction as the Secretary may prescribe in connection with the transmission of such a communication of information assisting the placing of bets. Lists exceptions, including certain: (1) transmis…