(a)The initial term of a video lottery operation license is 15 years from the date on which the video lottery facility is issued the license by the Commission.
(b)During the initial term of a video lottery operation license, the licensee shall provide the Commission with an annual update of the information required under this subtitle for the issuance of a license by the date set by the Commission in regulations and on the form required by the Commission.
(c)At least 2 years but not more than 5 years before the expiration of the initial 15–year license term or a renewal term of a video lottery operation license, the licensee shall file with the Commission a notice of intent to apply for renewal of the license under this subtitle.
(d)(1) This subsection app
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(a) The initial term of a video lottery operation license is 15 years from the date on which the video lottery facility is issued the license by the Commission.
(b) During the initial term of a video lottery operation license, the licensee shall provide the Commission with an annual update of the information required under this subtitle for the issuance of a license by the date set by the Commission in regulations and on the form required by the Commission.
(c) At least 2 years but not more than 5 years before the expiration of the initial 15–year license term or a renewal term of a video lottery operation license, the licensee shall file with the Commission a notice of intent to apply for renewal of the license under this subtitle.
(d) (1) This subsection applies to the first renewal of a video lottery operation license following the initial 15–year term and each subsequent renewal of the license.
(2) A renewal of a video lottery operation license is for a term of 15 years.
(3) At least 1 year but not more than 5 years before the end of the initial 15–year license term or a renewal term, a video lottery operation licensee may file an application to renew a video lottery operation license.
(4) On proper application for renewal of a video lottery operation license, the Commission shall renew the license unless the Commission finds that the licensee is no longer qualified under this subtitle to hold a license.
(5) Before denying an application under this subsection, the Commission shall provide the video lottery operation licensee an opportunity for a hearing.
(6) (i) For each 5–year period of the 15–year term, the video lottery operation licensee shall pay a fee equal to 0.75% of the average annual proceeds from the operation of video lottery terminals and table games at the video lottery facility for the preceding 3–year period, to be paid in equal annual installments.
(ii) The video lottery operation licensee shall pay each installment:
1. for the first year of the 15–year term, on the effective date of the renewed license; and
2. for the remaining 14 years of the 15–year term, if the licensee remains qualified to hold a license under this subtitle, on the date of the anniversary of the effective date of the renewed license.
(iii) The Commission shall pay the renewal license fees submitted under this paragraph to the Education Trust Fund established under § 9–1A–30 of this subtitle.
(e) If a licensee has its license revoked or otherwise surrenders the license, the video lottery operation license reverts to the State.