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Can you summarize 11 CACR Section 2053?
Operation of Gambling Establishments > Adequate Financing.
Short Summary
This legal document, found in the California Code of Regulations, pertains to the operation of gambling establishments and specifically addresses the requirement of adequate financing. The Bureau of Gambling Control has the authority to request gambling establishments to provide evidence of adequate financing to ensure the protection of the public’s health, safety, and welfare. The document outlines two specific requirements for maintaining separate insured accounts with licensed financial institutions. The first account must hold funds equal to the total value of chips in use by the gambling establishment and can only be used for chip redemption. The second account must hold funds equal to the total amount of money deposited by patrons and can only be used to return the balance of those deposits. The document also allows for alternative forms of security acceptable to the Bureau. No specific penalties are mentioned in this document.
Whom does it apply to?
Gambling establishments
What does it govern?
Adequate financing for gambling establishments
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Not specified.
Jurisdiction
California