California Business and Professions Code

§ 19641

BPC § 19641 Effective Jan 1, 2018Div. 8 · Ch. 4 · Art. 10

Statute text

(a)(1) Except as provided in subdivision (b), any redistributable money in a parimutuel pool subject to payment to a claimant pursuant to Section 19598, but not successfully claimed within that period, shall be paid to the board, as follows:

(A)An estimated payment equal to 20 percent of the preceding year’s unclaimed redistributable money paid pursuant to this paragraph shall be paid to the board on July 1, October 1, January 1, and April 1, or the next business day thereafter.

(B)On May 30, or the next business day thereafter, of the year following the close of a horse racing meeting, the association shall pay to the board all of the redistributable funds that are owed it pursuant to this paragraph, less estimated payments made pursuant to subparagraph (A).

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Legislative history

Amended by Stats. 2017, Ch. 420, Sec. 3. (AB 1723) Effective January 1, 2018.