California Business and Professions Code

§ 19892

BPC § 19892 Effective Jan 1, 2025Div. 8 · Ch. 5 · Art. 6

Statute text

(a)The purported sale, assignment, transfer, pledge, or other disposition of any interest in a partnership or limited liability company that holds a gambling license, or the grant of an option to purchase the interest, is void unless approved in advance by the commission.

(b)(1) If at any time the commission denies a license to, or revokes the license of, an individual owner of any interest described in subdivision (a), the commission shall immediately notify the individual and the partnership or limited liability company of that fact.

(2)The individual denied a license, or whose license is revoked, shall sell their interest in an amount not greater than fair market value, within 60 calendar days of the denial or revocation. Upon a showing of due diligence, the commission may extend the time for selling the security.

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Legislative history

Amended by Stats. 2024, Ch. 138, Sec. 5. (SB 1519) Effective January 1, 2025.