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Can you summarize 16-633 MECM Ch. 35?
Fantasy Contests > License Application
Short Summary
This document outlines the requirements and information that applicants for a license to act as a fantasy contest operator must provide. The application must be submitted on specified forms and include the applicant’s physical address, contact person details, and disclosure of ownership interests. The applicant must also provide audited financial statements, a Certificate of Authority if incorporated outside of Maine, trade name registrations, and consent for a criminal background check. Additionally, the applicant must have minimum internal controls related to account verification, protection of fantasy contestant deposits, prevention of cheating or misuse of accounts, and specific controls for contests involving beginner fantasy contestants. The document also covers internal controls related to locking or making changes to fantasy contests, ensuring winning outcomes reflect knowledge and skill, and prohibiting the deposit of funds derived from credit extension. The applicant’s internal controls must be approved by the director before licensure. The application review process begins upon receipt of the application fee. The application and accompanying documents must be sworn or affirmed before a notary public. The applicant is required to notify the director of any outdated, inaccurate, or incomplete information and cooperate fully with the background investigation. The statutory authority for this document is 8 M.R.S. 1102(1)(D), 1106, and it became effective on June 13, 2021.
Whom does it apply to?
Applicants for a license to act as a fantasy contest operator
What does it govern?
License application for fantasy contest operators
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Not specified.
Jurisdiction
Maine