California Business and Professions Code

§ 19852

BPC § 19852 Effective Jan 1, 2024Div. 8 · Ch. 5 · Art. 4

Statute text

Except as provided in Section 19852.2, an owner of a gambling enterprise that is not a natural person shall not be eligible for a state gambling license unless each of the following persons individually holds a state gambling license:

(a)If the owner is a corporation, then each officer, director, and shareholder, other than a holding or intermediary company, of the owner. The foregoing does not apply to an owner that is either a publicly traded racing association or a qualified racing association.

(b)If the owner is a publicly traded racing association, then each officer, director, and owner, other than an institutional investor, of 5 percent or more of the outstanding shares of the publicly traded corporation.

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Legislative history

Amended by Stats. 2023, Ch. 302, Sec. 2. (AB 1271) Effective January 1, 2024.