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Can you summarize 58 PACO Section 433a.4?
Principal Licenses > Interests in licensees held by entities.
Short Summary
This legal document governs the interests in licensees held by entities in the context of gaming control in Pennsylvania. It applies to entities that wish to possess direct or indirect ownership interests, rights, or control in slot machine or management company licensees, as well as licensed manufacturers, licensed suppliers, and licensed manufacturer designees. The document outlines the requirements for obtaining a principal license and the notification process for possessing ownership interests or rights. It also specifies the divestment requirement for entities whose application is denied or withdrawn. Additionally, the document provides exemptions for entities with indirect ownership interests of less than 5% in a publicly traded corporation. The Board may also require subsidiaries of licensees or entities with any financial interest in a licensee to be licensed as principals. Specific penalties for non-compliance or violation are not mentioned in this document.
Whom does it apply to?
Entities seeking to possess ownership interests or rights in licensees
What does it govern?
Interests in licensees held by entities
What are exemptions?
Entities with indirect ownership interest of less than 5% in a publicly traded corporation
What are the Penalties?
Not specified
Jurisdiction
Pennsylvania