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Can you summarize 491 IAAC 14.2?
FANTASY SPORTS CONTESTS > Application for fantasy sports contest service provider license and licensing.
Short Summary
This document outlines the licensing requirements and standards for fantasy sports contest service providers in Iowa. It states that a license from the Racing and Gaming Commission is required for individuals or entities offering internet fantasy sports contests under Iowa Code chapter 99E. The qualifications of an applicant are determined based on factors such as financial stability, business ability and experience, good character and reputation, integrity of financial backers, and the age of board members. The commission may deny a license if certain conditions are met, such as a revoked or denied license in another jurisdiction, inadequate financial responsibility, failure to disclose true owners, knowingly making false statements, failure to meet monetary obligations, lack of good repute or moral character, or a felony conviction. The application procedure includes providing disclosure of ownership interest, directors, and officers, as well as background information on individuals with beneficial interests. Additionally, a bond or irrevocable letter of credit must be provided as evidence of fulfilling obligations. The document also mentions investigative and application fees, reporting of changes, ineligibility criteria, disclosure requirements, and the responsibility of license holders to comply with rules and regulations. Public disclosure of ownership documents is required, and licensees must promptly furnish additional information as requested by the administrator. Non-compliance with the document may result in penalties, including an aggravated misdemeanor for knowingly making false statements on the application.
Whom does it apply to?
Fantasy sports contest service providers seeking to offer internet fantasy sports contests in Iowa
What does it govern?
Licensing requirements and standards for fantasy sports contest service providers
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
A person who knowingly makes a false statement on the application is guilty of an aggravated misdemeanor.
Jurisdiction
Iowa