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Can you summarize 59.1 VACV Chapter 51?
Trade and Commerce > Fantasy Contests Act
Short Summary
The provided legal document content includes information related to the Fantasy Contests Act under the Code of Virginia’s Trade and Commerce section. It governs the suspension or revocation of registration for operators of fantasy contests. The Department has the authority to suspend or revoke a registration or impose a civil penalty of up to $1,000 for each violation. A hearing is required before any suspension or revocation can take place. The Department also has the power to summarily suspend a registration for a maximum of seven days if it determines that a violation has occurred and immediate action is necessary. The Department must schedule a hearing within seven business days after the registration is summarily suspended. If a registration is suspended or revoked, the Department must provide reasons for its decision, which can be appealed. The document also outlines the powers and duties of the Department in enforcing the Fantasy Contests Act, including establishing procedures, applying for injunctions, and conducting investigations. It specifies the requirements for registration and renewal of fantasy contest operators, as well as the procedures they must establish to ensure compliance with the law. The document also mentions the registration requirements for individuals acquiring control of a registered operator. It provides information on the process for seeking review of Department actions and the requirements for independent audits and testing. The document does not mention specific penalties for non-compliance or violations.
Whom does it apply to?
Operators of fantasy contests, the Department
What does it govern?
Suspension or revocation of registration for operators of fantasy contests, powers and duties of the Department in relation to the provisions of the Fantasy Contests Act, issuance and denial of registration for fantasy contests, registration requirements for fantasy contest operators, acquisition of control of a registered operator
What are exemptions?
Article 1 ( 18.2-325 et seq.) of Chapter 8 of Title 18.2 does not apply to fantasy contests conducted in accordance with this chapter. This section does not apply to any sports betting or related activity that is lawful under Article 2 ( 58.1-4030 et seq.) of Chapter 40 of Title 58.1.
What are the Penalties?
Any person, firm, corporation, association, agent, or employee who knowingly violates any procedure implemented under subsection D of 59.1-557 or any other provision of this chapter shall be liable for a civil penalty of not more than $1,000 for each such violation.
Jurisdiction
Virginia