Iowa Code 99F.8 – Bond of licensee
Current as of: 2023 | Check for updates
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Terms Used In Iowa Code 99F.8
- Commission: means the state racing and gaming commission created under section 99D. See Iowa Code 99F.1
- Licensee: means any person licensed under section 99F. See Iowa Code 99F.1
- Sports wagering: means the acceptance of wagers on an authorized sporting event or sports-related event by any system of wagering as authorized by the commission. See Iowa Code 99F.1
- state: when applied to the different parts of the United States, includes the District of Columbia and the territories, and the words "United States" may include the said district and territories. See Iowa Code 4.1
A licensee licensed under section 99F.7 shall post a bond to the state of Iowa before the license is issued in a sum as the commission shall fix, with sureties to be approved by the commission. The bond shall be used to guarantee that the licensee faithfully makes the payments, keeps its books and records and makes reports, and conducts its gambling games and sports wagering in conformity with this chapter and the rules adopted by the commission. The bond shall not be canceled by a surety on less than thirty days’ notice in writing to the commission. If a bond is canceled and the licensee fails to file a new bond with the commission in the required amount on or before the effective date of cancellation, the licensee’s license shall be revoked. The total and aggregate liability of the surety on the bond is limited to the amount specified in the bond.