810 Ky. Admin. Regs. 5:040

Current through Register Vol. 51, No. 5, November 1, 2024

Section 810 KAR 5:040 - Farm, corporate, or stable name

RELATES TO: KRS 230.215, 230.310

NECESSITY, FUNCTION, AND CONFORMITY: KRS 230.215(2) and 230.260(3) authorize the corporation to promulgate administrative regulations prescribing the conditions under which horse racing shall be conducted in Kentucky. This administrative regulation establishes requirements for the licensing of racing stables under the stable name and disclosure of ownership.

Section 1.

(1) Registration Required. A racing, farm, corporate, or stable name may be used by an owner or lessee if registered with:

(a) The U.S. Trotting Association; and

(b) The corporation.

(2) A person shall provide his or her name to the corporation if he or she has:

(a) An interest in the stable; or

(b) Intends to utilize its name.

(3) A person listed in a registered stable that is racing a horse shall have a license issued by the Kentucky Horse Racing and Gaming Corporation in accordance with 810 KAR 3:020. An owner and any person listed in a registered stable shall be liable for entry fees and penalties imposed upon the registered stable.

Section 2. Suspension. If one (1) of the owners or persons listed in a registered stable is suspended, all of the horses in that stable shall be included in the suspension.

Section 3. Corporate and Limited Partnership Ownership.

(1)

(a) If a horse is owned by a corporation, the corporation and any officer, director, or stockholder owning five (5) percent or more of the stock shall be licensed by the United States Trotting Association and the corporation.

(b) A stockholder owning less than five (5) percent of the stock shall be reported monthly by the corporation to the corporation, but shall not be required to be licensed by the corporation. The information to be reported shall include names and amount of stock owned, address, Social Security number, and date of birth.

(2)

(a) If a horse is owned by a limited partnership, the general partner and all limited partners owning an interest of five (5) percent or more shall be licensed by the United States Trotting Association and the corporation.

(b) A limited partner owning less than a five (5) percent interest shall be reported monthly to the corporation, and the required information shall include names and interests owned, address, Social Security number, and date of birth. A limited partner owning less than a five (5) percent interest shall not be required to be licensed by the corporation.

810 KAR 5:040

45 Ky.R.1949; 3133; eff. 5-31-2019; TAm eff. 7/1/2024.

STATUTORY AUTHORITY: KRS 230.215(2), 230.260(9), (11)