Ask Reggi Your Question Now
Can you summarize MGL Chapter 23K, Section 14?
THE MASSACHUSETTS GAMING COMMISSION e fee or tax; penalties. > Licensure of party having financial interest in a gaming establishment or the business of the gaming licensee or applicant or who is a close associate of a gaming licensee or applicant
Short Summary
This section of the Massachusetts General Law governs the licensure requirements for individuals or entities with a financial interest in a gaming establishment or the business of the gaming licensee or applicant. It applies to anyone with such a financial interest or who is a close associate of a gaming licensee or applicant. The commission requires these individuals or entities to meet certain criteria for licensure and provide any additional information requested. The commission also evaluates the qualifications of officers, directors, partners, members, and other individuals associated with a business applying for a gaming license. Individuals owning more than 5% of the applicant company’s common stock may be required to meet the licensure qualifications. However, institutional investors holding up to 15% of the stock may seek a waiver if they can demonstrate that their investment is solely for investment purposes and they have no intention to influence or affect the applicant company’s affairs or operations. If granted a waiver, the institutional investor must notify the commission if they later decide to influence or affect the applicant company’s affairs. Companies holding over 15% of the applicant company or its holding, intermediary, or subsidiary company must meet the licensure qualifications. The commission also requires qualification for individuals or companies that can exercise control or provide direction to a gaming licensee or applicant, with the possibility of seeking a waiver. The bureau conducts investigations and makes recommendations to the commission regarding licensure applications.
Whom does it apply to?
Anyone with a financial interest in a gaming establishment, or with a financial interest in the business of the gaming licensee or applicant for a gaming license or who is a close associate of a gaming licensee or an applicant for a gaming license
What does it govern?
Licensure of party having financial interest in a gaming establishment or the business of the gaming licensee or applicant or who is a close associate of a gaming licensee or applicant
What are exemptions?
The licensing requirements may be waived for institutional investors holding up to 15% of the stock of the applicant company or holding, intermediary, or subsidiary company of the applicant company, provided they meet certain conditions.
What are the Penalties?
No specific penalties mentioned in this section.
Jurisdiction
Massachusetts