Bill Text: CA AB1168 | 2017-2018 | Regular Session | Introduced
NOTE: There are more recent revisions of this legislation. Read Latest Draft
Bill Title: Gambling: local moratorium.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Passed) 2018-09-26 - Chaptered by Secretary of State - Chapter 744, Statutes of 2018. [AB1168 Detail]
Download: California-2017-AB1168-Introduced.html
Bill Title: Gambling: local moratorium.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Passed) 2018-09-26 - Chaptered by Secretary of State - Chapter 744, Statutes of 2018. [AB1168 Detail]
Download: California-2017-AB1168-Introduced.html
CALIFORNIA LEGISLATURE—
2017–2018 REGULAR SESSION
| Assembly Bill | No. 1168 |
| Introduced by Assembly Member Gipson |
February 17, 2017 |
An act to amend Section 19880 of the Business and Professions Code, relating to gambling.
LEGISLATIVE COUNSEL'S DIGEST
AB 1168, as introduced, Gipson.
Gambling Control Act: corporations.
Existing law, the Gambling Control Act, provides for the licensure and regulation of various legalized gambling activities and establishments by the California Gambling Control Commission and the investigation and enforcement of those activities and establishments by the Department of Justice. Existing law requires a corporation to comply with specified requirements in order to obtain a gambling license, including a requirement that the corporation supply supplemental information to the department, including the amount of remuneration to persons other than directors and officers in excess of $100,000 per annum and a copy of its annual federal income tax return within 30 calendar days after that return is filed with the Internal Revenue Service. A willful violation of the Gambling Control Act is punishable as a misdemeanor.
This bill would change
the supplemental information required to be reported to include the amount of remuneration to persons other than directors and officers in excess of $95,000 per annum and to include a copy of the corporation’s annual federal income tax return within 30 business days after that return is filed with the Internal Revenue Service. Because a willful violation of these reporting requirements is punishable as a misdemeanor, the bill would impose a state-mandated local program.
The California Constitution requires the state to reimburse local agencies and school districts for certain costs mandated by the state. Statutory provisions establish procedures for making that reimbursement.
This bill would provide that no reimbursement is required by this act for a specified reason.
Digest Key
Vote: MAJORITY Appropriation: NO Fiscal Committee: YES Local Program: YESBill Text
The people of the State of California do enact as follows:
SECTION 1.
Section 19880 of the Business and Professions Code is amended to read:19880.
In addition to the requirements of Section 19852, in order to be eligible to receive a gambling license as the owner of a gambling enterprise, a corporation shall comply with all of the following requirements:(a) Maintain an office of the corporation in the gambling establishment.
(b) Comply with all of the requirements of the laws of this state pertaining to corporations.
(c) Maintain, in the corporation’s principal office in California or in the gambling establishment, a ledger that meets both of the following conditions:
(1) At all times reflects the ownership of record of every class of
security issued by the corporation.
(2) Is available for inspection by the department at all reasonable times without notice.
(d) Supply supplemental forms and information, in accordance with Section 19865, with the initial license application, and thereafter only on request, to the department, which shall include, but not be limited to, all of the following:
(1) The organization, financial structure, and nature of the business to be operated, including the names, personal and criminal history, and fingerprints of all officers and directors, and the names, addresses, and number of shares held by all stockholders of record.
(2) The rights and privileges acquired by the holders of different classes of authorized securities, including debentures.
(3) The terms and conditions on which securities are to be offered.
(4) The terms and conditions on all outstanding loans, mortgages, trust deeds, pledges, or any other indebtedness or security interest.
(5) The extent of the equity security holdings in the corporation of all officers, directors, and underwriters, and their remuneration as compensation for services, in the form of salary, wages, fees, bonuses, or otherwise.
(6) The amount of remuneration to persons other than directors and officers in excess of one hundred thousand dollars ($100,000)
ninety-five thousand dollars ($95,000) per annum.
(7) Bonus and profit-sharing arrangements.
(8) Management, consultant, and service contracts related to the operation of controlled gaming.
(9) Options existing, or to be created, in respect of their securities or other interests.
(10) Financial statements for at least three fiscal years preceding the year of registration, or, if the corporation has not been in existence for a period of three years, financial statements from the date of its formation. All financial statements shall be prepared in accordance with generally accepted accounting principles and audited by a licensee of the California Board of Accountancy.
(11) Any further financial data that the department, with the approval of the commission, may deem necessary or appropriate for the protection of the state.
(12) An annual profit-and-loss statement and an annual balance sheet, and a copy of its annual federal income tax return, within 30 calendar business days after that return is filed with the Internal Revenue Service.
