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Can you summarize ALCA 8-19F-3?
FANTASY CONTESTS ACT. > Registration of operators; fees; taxes.
Short Summary
The provided legal document is a section of the Code of Alabama, specifically the Fantasy Contests Act, which governs the registration of fantasy contest operators, fees, and taxes. According to the document, fantasy contest operators are required to register with the regulator before offering any fantasy contest with an entry fee in the state. Operators who offered fantasy contests prior to May 1, 2016, are allowed to operate until May 31, 2019, provided they file an application for registration within 60 days of availability. The regulator is not allowed to adopt rules limiting or regulating the rules or administration of individual fantasy contests. The document also outlines the initial registration fees based on the operator’s national gross fantasy contest revenues, with a higher fee for operators exceeding ten million dollars in revenue. Additionally, fantasy contest operators are required to pay an annual registration renewal fee and a tax equal to ten and one-half percent of their gross fantasy contest revenues. The revenues from the tax are deposited to the state General Fund. The document also mentions that operators can operate during the application period unless the regulator has reasonable cause to believe they are in violation of the Act. No specific penalties are mentioned in the document.
Whom does it apply to?
Fantasy contest operators
What does it govern?
Registration of fantasy contest operators, fees, and taxes
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Not specified.
Jurisdiction
Alabama