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Can you summarize 12 CTGS Chapter 226b?
Taxation - Chapters 201 to 229b (Secs. 12-1 to 12-872) > Disclosure Statements with Regard to Pari-Mutuel Betting - Secs. 12-583 to 12-586e
Short Summary
The provided legal document content pertains to two main aspects. Firstly, it governs the disclosure of financial information by licensees of the department. This includes the requirement for licensees to provide certified financial statements, names and addresses of interested parties, and copies of state and federal tax returns. The commissioner has the authority to request additional information from persons, business organizations, and shareholders. Failure to comply with the filing requirements may result in penalties such as license suspension or revocation, fines, or rescinding of contracts. The department is allowed to transmit the gathered information to other state agencies or departments, but state and federal tax returns are only accessible to the department and authorized state agencies. Licensees have the right to appeal any action taken by the commissioner under this section. Secondly, the document governs the billing of expenses incurred by the department for investigations related to initial applications, contracts, ownership transfers, and changes in board members or shareholders. The person or business organization under investigation is responsible for paying these expenses, which are billed on a quarterly basis or at the conclusion of the investigation. Failure to remit payment within fifteen days may result in penalties such as refusal to grant approval, license suspension or revocation, fines, rescission of contract, or a combination of these penalties. The funds received by the department are deposited into the General Fund. Additionally, the document states that furnishing false or fraudulent financial information under this chapter or section 12-562 is considered a class A misdemeanor. Lastly, a section is reserved for future use, without any specific information provided.
Whom does it apply to?
Licensees of the department, persons, business organizations, shareholders
What does it govern?
Disclosure of financial information by licensees of the department, billing of expenses incurred by the department for investigations
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
License suspension or revocation, fines, rescinding of contracts
Jurisdiction
Connecticut