California Statutes
§ 19906. — 19906. (Added by Stats. 2011, Ch. 391, Sec. 2.)
California·Code BPC Business and Professions Code - BPC·Div. 8. DIVISION 8. SPECIAL BUSINESS REGULATIONS·Ch. 5. CHAPTER 5. The Gambling Control Act·Art. 7. ARTICLE 7. Restrictions on Certain Transactions
(a)A contract for the sale of a gambling enterprise shall state whether any outstanding gaming chips from the seller will be honored by the purchaser. If the contract does not require the purchaser to honor the outstanding gaming chips used by the seller, then the contract shall indicate what provisions have been made for the redemption of outstanding gaming chips as of the closing date of the sale.
(b)Prior to any action of the commission on the proposed contract for sale of the gambling enterprise, the department shall determine the amount of the seller’s outstanding gaming chip liability. The seller shall satisfy the commission that the amount of liability is safeguarded by a surety bond, escrow
account, or other form of security sufficient to guarantee the availability of funds
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California § 19906. (19906. (Added by Stats. 2011, Ch. 391, Sec. 2.)) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
Added by Stats. 2011, Ch. 391, Sec. 2. (AB 156) Effective January 1, 2012.