Section 19852 - Owner of gambling enterprise who is not natural personExcept as provided in Section 19852.2, an owner of a gambling enterprise that is not a natural person shall not be eligible for a state gambling license unless each of the following persons individually holds a state gambling license:
(a) If the owner is a corporation, then each officer, director, and shareholder, other than a holding or intermediary company, of the owner. The foregoing does not apply to an owner that is either a publicly traded racing association or a qualified racing association.(b) If the owner is a publicly traded racing association, then each officer, director, and owner, other than an institutional investor, of 5 percent or more of the outstanding shares of the publicly traded corporation.(c) If the owner is a qualified racing association, then each officer, director, and shareholder, other than an institutional investor, of the subsidiary corporation and any owner, other than an institutional investor, of 5 percent or more of the outstanding shares of the publicly traded corporation.(d) If the owner is a partnership, then every general and limited partner of, and every trustee or person, other than a holding or intermediary company, having or acquiring a direct or beneficial interest in, that partnership owner.(e) If the owner is a trust, then the trustee and, in the discretion of the commission, any beneficiary and the trustor of the trust.(f) If the owner is a limited liability company, every officer, manager, member, or owner.(g) If the owner is a business organization other than a corporation, partnership, trust, or limited liability company, then all those persons as the commission may require, consistent with this chapter.(h) Each person who receives, or is to receive, any percentage share of the revenue earned by the owner from gambling activities.(i) Every employee, agent, guardian, personal representative, lender, or holder of indebtedness of the owner who, in the judgment of the commission, has the power to exercise a significant influence over the gambling operation.Ca. Bus. and Prof. Code § 19852
Amended by Stats 2023 ch 302 (AB 1271),s 2, eff. 1/1/2024.Amended by Stats 2009 ch 233 (AB 293),s 7, eff. 1/1/2010.Amended by Stats 2006 ch 868 (AB 3068),s 1, eff. 1/1/2007.Renumbered from Ca. Bus. & Prof. Code §19841A and amended by Stats 2002 ch 738 (AB 2431), s 37, eff. 1/1/2003.