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Can you summarize Nevada GCCB Chips and Tokens?
Regulation 12 > Chips and Tokens
Short Summary
The provided legal document content consists of information from the Regulations of the Nevada Gaming Commission and Control Board, specifically Regulation 12, which governs the approval, use, and redemption of chips and tokens in gaming establishments. The documents apply to licensees of gaming establishments, operators of slot machine routes, and manufacturers authorized by these licensees. The Chair of the Nevada Gaming Control Board or the Chair’s designee is responsible for reviewing and approving the issuance or redemption of chips and tokens. The documents outline the application process, including the submission of detailed drawings, specifications, manufacturer information, intended use, and verification of internal control procedures. The Chair may request a sample of the proposed chips or tokens for review. Once approved, the licensee is notified in writing. The documents also specify requirements for the design, construction, and inscription of chips and tokens, including the name of the issuing gaming establishment, city or locality, state, value, manufacturer’s name or logo, and the ability to distinguish denominations on black-and-white television. The names of the city or locality and state may be omitted if deemed unnecessary or not beneficial for regulatory purposes. The documents also address the use and ownership of chips and tokens, prohibiting their acceptance as payment for goods or services, redemption of unlawfully obtained chips or tokens, and the use or redemption of chips or tokens issued by another licensee. However, there are exceptions for redemption by other licensees, employees, or authorized agents of the Board or other governmental agencies. Tokens may only be used at gaming establishments operated by persons holding nonrestricted gaming licenses. The documents also cover the plan for redeeming discontinued chips and tokens, including the submission of the plan to the Chair, redemption provisions for at least 120 days, publication of notice, and approved destruction or disposition methods. The destruction of counterfeit chips and tokens is also addressed, requiring licensees to destroy or dispose of counterfeit chips and tokens, except when instructed otherwise by a peace officer or court order. Record-keeping requirements for destroyed or disposed coins and counterfeit chips and tokens are outlined. The documents also mention the use of promotional chips and other instrumentalities, which must comply with specific provisions. No specific penalties are mentioned in these documents.
Whom does it apply to?
Licensees of gaming establishments, operators of slot machine routes, and manufacturers authorized by these licensees
What does it govern?
Approval, use, and redemption of chips and tokens in gaming establishments
What are exemptions?
Exceptions for redemption by other licensees, employees, or authorized agents of the Board or other governmental agencies
What are the Penalties?
No specific penalties are mentioned in these documents
Jurisdiction
Nevada