N.J. Admin. Code § 13:74-4.1

Current through Register Vol. 56, No. 24, December 18, 2024

Section 13:74-4.1 - Prerequisites to and procedures for transfer or assignment of off-track wagering license or account wagering license

(a) An initial off-track wagering license, renewed off-track wagering license, initial account wagering license, or renewed account wagering license, may not be transferred or assigned to a successor in interest absent compliance with this section, and the prior approval of the Commission and the Attorney General.

(b) Prior to acting upon an application for the transfer of an off-track wagering or account wagering license to a successor in interest, the Commission shall initiate and conduct an investigation into the qualifications of the proposed successor in interest as it determines appropriate, at cost to the proposed successor in interest. The Commission shall not approve such a transfer unless the proposed successor in interest is determined as qualified to hold a license by the Commission to engage in such activities.

(c) The Commission shall not approve a transfer or assignment of an off-track wagering or account wagering license to a successor in interest unless the successor in interest demonstrates by clear and convincing evidence that:

1. It and its employees are qualified in all aspects to hold the appropriate license;

2. The transfer of the off-track wagering license or account wagering license to it as a successor in interest will not be inimical to the best interests of the public and the horse racing industry in this State; and

3. All the requirements of the Act and these rules have been met, including the approval of the Attorney General.

(d) The Commission may prescribe such conditions or terms, as the Commission deems appropriate, in approving a transfer or assignment of an off-track wagering license or account wagering license to a successor in interest.

(e) Unless otherwise approved by the Commission, and in addition to the requirements imposed upon the holder of an off-track wagering licensee or account wagering license by the Act and this chapter, a successor in interest to either such license shall be responsible for any regulatory requirements or conditions imposed upon the prior off-track licensee or account wagering licensee, as the case may be, before the transfer or assignment of the respective license to the successor in interest.

N.J. Admin. Code § 13:74-4.1