Ask Reggi Your Question Now
Can you summarize 205 CMR 116?
Massachusetts Gaming Commission (formerly State Racing Commission) > Persons required to be licensed or qualified
Short Summary
The provided legal document content pertains to the qualification requirements for individuals and entities in the Massachusetts gaming industry, as well as the transfer of gaming licenses and interests. It outlines the individuals and entities that are required to qualify for Category 1 or Category 2 licenses, including officers, directors, shareholders, lenders, underwriters, close associates, executives, agents, and employees of corporations, members, directors, managers, lenders, underwriters, close associates, executives, and agents of limited liability corporations, general partners, limited partners, lenders, underwriters, close associates, executives, and agents of limited partnerships, and partners, lenders, underwriters, close associates, executives, agents, and persons with control or direction over gaming licensees or applicants in partnerships. The document also mentions that the commission may require other persons or companies with a business association with the applicant or gaming licensee to undergo a qualifier review and determination process. The documents also outline the conditions under which the Massachusetts Gaming Commission may waive qualification requirements for certain categories of persons, such as applicant corporations with less than 5% common stock ownership, institutional investors holding up to 15% stock, and persons involved in financing gaming establishments. The documents specify the factors considered by the commission when deciding whether to grant a waiver and the process for seeking a waiver. Additionally, the documents state the notification requirements for changes in qualifiers and financing sources, and the procedures for handling such notifications. The documents also address the approval process for transfers of gaming licenses, including the requirement for approval by the Massachusetts Gaming Commission and the conditions for approval. The documents further govern the transfers of gaming licenses, ownership interests, and real property related to gaming establishments, specifying the requirements for trust agreements, the process for interim authorization, and the consequences of non-compliance. Overall, these documents establish the qualification requirements, transfer procedures, and notification requirements for individuals and entities in the Massachusetts gaming industry.
Whom does it apply to?
Applicants and licensees of Category 1 and Category 2 licenses in the Massachusetts gaming industry, individuals and entities involved in the transfer of gaming licenses and interests
What does it govern?
Qualification requirements for individuals and entities in the Massachusetts gaming industry, transfer of gaming licenses and interests, notification requirements for changes in qualifiers and financing sources
What are exemptions?
Exemptions are mentioned for certain transfers of less than 5% interest, transfers to bona fide banking or commercial financial institutions, and transfers approved by the Massachusetts Gaming Commission
What are the Penalties?
Specific penalties for non-compliance or violation are not mentioned in the documents.
Jurisdiction
Massachusetts