N.J. Admin. Code § 13:74C-3.1

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

Section 13:74C-3.1 - Transfer or assignment of exchange wagering license

(a) The initial exchange wagering license, or the renewed exchange wagering license, may not be transferred or assigned from the Authority to a successor in interest, or from an approved successor in interest to a subsequent successor in interest, absent compliance with this section, and the prior approval of the Commission and Attorney General.

(b) The current licensee, and a proposed successor in interest to the exchange wagering license, shall file a written joint petition with the Commission, requesting that the exchange wagering license be transferred or assigned to the proposed successor in interest. The petition shall explain the proposed transaction between the current licensee and successor in interest, including any consideration between the parties directly or indirectly related to the transaction, and shall set forth any experience of the proposed successor in interest in racing and exchange wagering. The joint petition shall be accompanied by a completed exchange wagering license application of the proposed successor in interest, as provided for at N.J.A.C. 13:74C-2.2.

(c) Prior to acting upon an application for the transfer or assignment of the exchange wagering license to a successor in interest, the Commission shall initiate 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 or assignment unless the proposed successor in interest is determined as qualified to hold a license by the Commission to engage in such activities.

(d) The Commission shall not approve a transfer or assignment of the exchange wagering license to a successor in interest unless the successor in interest demonstrates, by clear and convincing evidence, that the requirements at N.J.A.C. 13:74C-2.2(f) have been met.

(e) The Commission may prescribe such conditions or terms, as the Commission deems appropriate, in approving a transfer or assignment of the exchange wagering license to a successor in interest.

(f) Unless otherwise approved by the Commission, and in addition to the requirements imposed upon the holder of the exchange wagering license by the Act and this chapter, a successor in interest to such license shall be responsible for any regulatory requirements or conditions that were imposed upon the prior exchange wagering licensee before the transfer or assignment of the exchange wagering license to the successor in interest.

N.J. Admin. Code § 13:74C-3.1

Adopted by 47 N.J.R. 807(b), effective 4/20/2015.

Adopted by 56 N.J.R. 413(a), effective 3/18/2024