SB 356, as introduced, Yee. Gambling establishments: owner licensing.
Under existing law, a person is deemed unsuitable to hold a state gambling license to own a gambling establishment if the person, or any partner, officer, director, or shareholder of the person, has any financial interest in any business or organization that is engaged in a prohibited form of gambling, whether within or without this state, except as specified.
This bill would except from the application of this provision a person or entity that has been licensed in good standing as an owner of a gambling establishment for at least 5 years as of January 1, 2013, and that has obtained a financial interest in a gambling operation that is conducted only outside of the United States.
Vote: majority. Appropriation: no. Fiscal committee: no. State-mandated local program: no.
The people of the State of California do enact as follows:
Section 19858 of the Business and Professions
2Code is amended to read:
(a) Except as provided inbegin delete subdivision (b)end deletebegin insert subdivisions
4(b) and (c)end insert, a personbegin delete shall beend deletebegin insert isend insert deemedbegin delete to beend delete unsuitable to hold a
5state gambling license to own a gambling establishment if the
P2 1person, or any partner, officer, director, or shareholder of the
2person, has any financial interest in any business or organization
3that is engaged
in any form of gambling prohibited by Section 330
4of the Penal Code, whether within or without this state.
5(b) Subdivision (a) does not apply to a publicly traded racing
6association, a qualified racing association, or any person who is
7licensed pursuant to subdivision (b) or (c) of Section 19852.
8(c) Subdivision (a) does not apply to a person or entity that
9meets both of the following:
10(1) Holds a license in good standing as an owner of a gambling
11establishment pursuant to this chapter for at least five years as of
12January 1, 2013.
13(2) Has obtained a financial interest in a gambling operation
14that is conducted only outside of the United States.
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