(a) The sports wagering advisory council shall carry out the duties assigned pursuant to this part, including the following:
Terms Used In Tennessee Code 4-49-204
Contract: A legal written agreement that becomes binding when signed.
State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
(1) Oversee the licensure of fantasy sports operators that seek to operate in this state;(2) Require that all licensed fantasy sports operators contract annually with a third party to perform an independent audit, consistent with the attestation standards established by the American Institute of Certified Public Accountants, to ensure compliance with this part. Upon completion of the audit, the audit report shall be submitted to the sports wagering advisory council for examination and inspection. These records shall be confidential and shall not be open to public inspection pursuant to title 10, chapter 7;(3) Provide information to the department of revenue to assist in its administration and collection of taxes applicable to fantasy sports operators;(4) Require fantasy sports operators to report annually all winnings earned by fantasy sports players on online platforms supported by the fantasy sports operator to the sports wagering advisory council;(5) Maintain a registry of fantasy sports operators licensed to operate in this state;(6) Conduct investigations regarding alleged violations of §§ 4-49-203, 4-49-204, and 4-49-208 and make evaluations as necessary to determine if licensees are complying with this part;(7) Issue subpoenas to compel the attendance of witnesses and the production of pertinent books, accounts, records, and documents; and(8) Deny, suspend, or revoke a license issued under this part to any applicant or licensee who fails to comply with this part or fails to follow the rules promulgated by the sports wagering advisory council.(b)(1) In addition to the duties set out in subsection (a), the sports wagering advisory council shall establish the following fees:
(A) A nonrefundable application fee;(B) A nonrefundable fee for licensure;(C) An annual licensure renewal fee;(D) Late fees;(E) A correction of information fee; and(F) A change of information fee.(2) In addition to the fees authorized in subdivision (b)(1), the sports wagering advisory council is authorized to charge an online transaction fee to cover costs associated with processing payments for applications for licensure or renewals of licensure submitted online.(3) Except as provided in this subsection (b), no other fees shall be charged to administer this part.
