La. Admin. Code tit. 42 § III-2503

Current through Register Vol. 50, No. 6, June 20, 2024

Section III-2503 - Procedure for Proposed Transfer; Prior Approval

A. Any person seeking prior approval of a transfer of interest as required by this Chapter shall make application to the board or division. The application shall include:

1. all application forms, including personal history forms, required by the board or division;

2. all documents which evince the transfer of interest including any financing arrangements, if applicable;

3. all documents which evince any side agreements or related agreements regarding the transfer of interest; and

4. all other documents the division deems necessary for a full and complete investigation and evaluation of the proposed transferee's qualifications and suitability to hold the interest to be transferred.

B. All costs associated with the investigation of the application for a transfer shall be paid by the person seeking to acquire the interest. An application fee of $50,000 shall be paid at the time of filing of the application to defray the costs associated with the background investigation conducted by the division. Any portion of the application fee remaining upon completion of the background investigation shall be refunded to the person making application.

C. All persons required to obtain approval pursuant to this Chapter shall meet the qualification and suitability requirements as set forth in the Act and rules.

D. The board shall give the applicant notice of the granting of its application for a transfer of interest. The granting of an application for a transfer of interest may be subject to any condition, limitation, or restriction in the same manner as the granting of a license or permit. The applicant shall indicate its acceptance of any condition, limitation, or restriction by documentation approved by the board.

E. An applicant served with notice of a recommendation of denial of the application for transfer of interest may make written request for a hearing as provided in the Act and rules. The applicant shall provide by clear and convincing evidence that he is qualified and suitable in accordance with the Act and rules. Appeals of any decision of the hearing officer resulting from such hearing shall be made to the board as provided in the Act and rules.

La. Admin. Code tit. 42, § III-2503

Promulgated by the Department of Public Safety and Corrections, Gaming Control Board, LR 38:1624 (July 2012).

AUTHORITY NOTE: Promulgated in accordance with R.S. 27:15 and 24.