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Can you summarize ARAR 006.06.515?
Casino Gaming Rules > Limited-Liability Company Licensees
Short Summary
This document, part of the Arkansas Administrative Rules, pertains to limited-liability company licensees and their members and managers. It defines key terms such as ‘articles of organization,’ ‘capital account,’ ‘contribution,’ ‘control,’ ‘controlled affiliate,’ ‘controlling affiliate,’ ‘delayed licensing,’ ‘holding company,’ ‘interest in a limited-liability company,’ ’limited-liability company,’ ‘manager,’ and ‘member.’ The document also outlines the powers of the Arkansas Racing Commission, the burden of proof for approvals, ownership requirements for limited-liability company licensees, registration requirements for members of limited-liability companies, and the licensing of managers and members of limited-liability company holding companies. Additionally, it covers public offerings, assignment of interests in securities, procedures for obtaining approval for transfers of interests, determination of unsuitability, limited-liability company non-compliance, approval requirements for holding companies, licensing of managers and members, delayed licensing eligibility, and post-approval monitoring. Specific details regarding penalties for non-compliance are not provided in this document.
Whom does it apply to?
Members and managers of limited-liability company licensees and holding companies
What does it govern?
Limited-Liability Company Licensees
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Not specified.
Jurisdiction
Arkansas