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Can you summarize Nevada GCCB Regulation 8A?
Regulations of the Nevada Gaming Commission and Control Board > Regulation 8A
Short Summary
Regulation 8A of the Regulations of the Nevada Gaming Commission and Control Board governs the enforcement of security interests in the gaming industry. It applies to persons involved in gaming operations and security interests, except for certain licenses issued to individuals with specific relationships or involvement in the gaming operation. The regulation specifically focuses on the enforcement of security interests in personal property gaming collateral, excluding real property. Secured parties seeking to enforce a security interest in personal property gaming collateral must apply for approval using prescribed forms provided by the Chair. The application must include various documents and information, such as a schedule and description of the gaming collateral, copies of the security agreement, documents evidencing the obligation secured, and a statement identifying the act of default by the debtor. The Board is responsible for investigating the application and considering its impact on the debtor and the licensed gaming establishment. The Board may submit a recommendation to the Commission for affirmative approval. However, the Commission will not approve the enforcement if it would result in any person becoming subject to mandatory licensing, registration, or finding of suitability, unless all persons have been licensed, registered, or found suitable by the Commission. The Commission has the authority to grant temporary or permanent waivers or delayed licensing, registration, or finding of suitability upon written request and recommendation. In cases where an operating license is surrendered, the Commission may petition a district court for the appointment of a supervisor to ensure the continuation of the gaming operation. The Chair may permit the registration or recording of securities in the name of the secured party, subject to certain conditions. It is important to note that the granting of an approval pursuant to this regulation does not determine the validity or enforceability of the security interest, nor does it constitute licensing, registration, or finding of suitability of the secured party, or approval for further sale, transfer, or other disposition of the gaming collateral subsequent to the enforcement of the security interest. The document does not specify any penalties for non-compliance or violation of its provisions. The regulation has been adopted and amended on various dates.
Whom does it apply to?
Persons involved in gaming operations and security interests
What does it govern?
Enforcement of security interests in the gaming industry
What are exemptions?
Certain licenses issued to individuals with specific relationships or involvement in the gaming operation
What are the Penalties?
No penalties are specified in the document
Jurisdiction
Nevada