462.050 Application for race meet license; bond; payment of fees; submission of financial statements and inspection of records; return of deposit; r
437 words·~2 min read·
/or/ors-chapter-462/racing/462-050·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
462.050 Application for race meet license; bond; payment of fees; submission of financial statements and inspection of records; return of deposit; refund of license fee.
(1)Every person making application for a license to hold a race meet shall file the application with the Oregon Racing Commission. The application shall set forth the time, place and number of days the applicant desires the meet to continue, together with the applicant’s estimate of the daily average payment that the applicant will pay to the state upon the gross amount of money wagered per day and such other information as the commission may require.
(2)The commission may, in its discretion, require a performance bond in an amount not to exceed $10,000, to insure that the licensee operates a race meet on the license days granted.
(3)The application shall be accompanied by a check on a financial institution maintaining an office and licensed to do business in Oregon in an amount equal to the license fee, exclusive of required percentage payments, required for the number of days for which the license is requested. If the license is not granted, such deposit shall be returned promptly to the applicant. If the license is granted, but for fewer days than applied for, the excess of the daily deposit shall be returned promptly to the applicant.
(4)No applicant designated in ORS 462.057 is eligible for a return of the license fee unless a race meet license is not granted.
(5)When a licensee under ORS 462.062 or 462.067 is prevented from conducting a race meet for the authorized number of days, the commission, upon written request therefor, may refund to the licensee the daily license fee based upon the number of days lost for good cause shown. The commission is the sole judge of good cause.
(6)In order to assist the commission in determining whether there has been compliance with ORS 462.075 (1)(h), (2)(a) and (4):
(a)The commission may require each holder of a license under ORS 462.062 or 462.067 to submit annually to the commission audited financial statements.
(b)Each licensee under ORS 462.062 or 462.067 shall make available to the commission for examination and audit at all reasonable times, upon notice to the licensee by the commission, complete and accurate financial records of the licensee’s operations, including the financial records of any other corporation or business entity owned or controlled by the same parent corporation or individual as the licensee that provides services related to the licensee’s operations. [Amended by 1975 c.549 §5; 1981 c.544 §2; 1983 s.s. c.7 §15; 1997 c.631 §477; 1997 c.865 §3]