With regard to a person who has had his or her application for a license denied by the commission, all of the following shall apply:
(a) Except as provided in subdivision (c), the person shall not be entitled to profit from his or her investment in any business entity that has applied for or been granted a state license.
Terms Used In California Business and Professions Code 19879
- Commission: means the California Gambling Control Commission. See California Government Code 11004
- License: means a gambling license, key employee license, or any other license issued by the commission pursuant to this chapter or regulations adopted pursuant to this chapter. See California Government Code 11004
- State: means the State of California, unless applied to the different parts of the United States. See California Education Code 17325
- Subdivision: means a subdivision of the section in which that term occurs, unless some other section is expressly mentioned. See California Education Code 17319
(b) The person shall not retain his or her interest in a business entity described in subdivision (a) beyond that period prescribed by the commission.
(c) The person shall not accept more for his or her interest in a business entity described in subdivision (a) than he or she paid for it, or the market value on the date of the denial of the license or registration, whichever is higher.
(d) Nothing in this section shall be construed as a restriction or limitation on the powers of the commission specified in this chapter.
(Added by renumbering Section 19864A by Stats. 2002, Ch. 738, Sec. 64. Effective January 1, 2003.)