Gambling licenses: corporations.

The Gambling Control Act, among other things, provides the qualifications and procedures for a corporation to be licensed as the owner of a gambling enterprise and requires shareholders, lenders, and holders of evidence of indebtedness, among other types of individuals doing business on behalf of or with the corporation to be licensed individually. An individual who owns any security issued by a licensed corporation and who has been denied a license or had a license revoked is required to sell the security for an amount not greater than fair market value within 60 calendar days of the license denial or revocation, unless that 60-day time period is extended, as specified. This bill would extend certain time periods relating to the licensing of individuals doing business on behalf of or with a corporation that is licensed as the owner of a gambling enterprise. The bill would extend the time period that an individual is required to sell a security in the corporation from 60 to 75 calendar days upon the individual's license denial or revocation. The bill would modify the time period for a corporation to notify the Department of Justice of a change in a corporate officer, director, or key employee from 10 business days to 20 calendar days and extend the time period for when that individual is required to apply for his or her license from 30 to 40 calendar days after he or she becomes an officer, director, or key employee.