New Jersey Administrative Code › Title 13 - LAW AND PUBLIC SAFETY › Chapter 74C - EXCHANGE WAGERING › Subchapter 3 - TRANSFER OR ASSIGNMENT OF EXCHANGE WAGERING LICENSE TO A SUCCESSOR IN INTEREST; OPERATION OF EXCHANGE WAGERING SYSTEM BY PERSON OR ENTITY OTHER THAN THE EXCHANGE WAGERING LICENSEE; IN-STATE REQUIREMENT FOR EXCHANGE WAGERING SYSTEM COMPONENTS; REGULATORY COSTS; EXCHANGE WAGERING SYSTEM REVENUE DISTRIBUTION › Section 13:74C-3.1 - Transfer or assignment of exchange wagering license

Current through Register Vol. 56, No. 14, July 15, 2024
(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.