Status:
A 5650 Gromack
Racing, Pari-Mutuel Wagering and Breeding Law
TITLE.... Requires persons, firms, corporations or other legal entities providing gambling over the internet to post a bond with the racing and wagering board
03/01/99 referred to racing and wagering
06/02/99 reported referred to ways and means
Summary:
Requires persons, firms, corporations or other legal entities providing gambling or wagering over the internet to post a bond with the state racing and wagering board in an amount and for such purposes as such board shall determine; makes an exception for firms, corporations, or other entities offering exclusively wagering on horse races.
STATE OF NEW YORK
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5650
1999-2000 Regular Sessions
IN ASSEMBLY
March 1, 1999
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Introduced by M. of A. GROMACK -- read once and referred to the Committee on Racing and Wagering
AN ACT to amend the racing, pari-mutuel wagering and breeding law, in relation to requiring certain providers of internet gambling or wagering to post a bond with the state racing and wagering board
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEMBLY, DO ENACT AS FOLLOWS:
Section 1. The racing, pari-mutuel wagering and breeding law is amended by adding a new section 111 to read as follows:
§ 111. COMPUTER COMMUNICATION SYSTEM GAMBLING OR WAGERING; BOND REQUIRED. ANY PERSON, FIRM, CORPORATION, OR OTHER ENTITY PROVIDING GAMBLING OR WAGERING SERVICES BY MEANS OF A COMPUTER COMMUNICATIONS SYSTEM, EXCEPT THOSE FIRMS, CORPORATIONS OR OTHER ENTITIES OFFERING EXCLUSIVELY WAGERING ON HORSE RACES, SHALL POST A BOND, IN AN AMOUNT TO BE DETERMINED BY THE RACING AND WAGERING BOARD AND FOR SUCH PURPOSE OR PURPOSES AS SUCH BOARD SHALL DETERMINE, WITH SUCH BOARD.
§ 2. This act shall take effect on the one hundred twentieth day after it shall have become a law; provided that the state racing and wagering board is authorized to promulgate any and all rules and regulations and take any other measures necessary to implement this act on its effective date on or before such date.