Louisiana Administrative Code
Title 42 - LOUISIANA GAMING
Part III - Gaming Control Board
Chapter 25 - Transfers of Interest in the Casino Operator, Licensees, and Permittees; Loans and Restrictions
Section III-2523 - Notice of Debt Transaction; Board
Current through Register Vol. 50, No. 3, March 20, 2024
A. Except as provided in §2525, whenever a licensee, casino operator, casino manager or an affiliate proposes to enter into a debt transaction, written notice shall be provided to the board no less than 20 calendar days prior to the proposed transaction. The notice shall be signed under oath by an authorized representative and shall include:
B. All debt transactions shall require prior written approval of the board unless one of the following apply.
C. Except as otherwise provided in §2525 of this Chapter, the board shall determine whether the debt transaction is exempt from the prior approval requirement and shall notify the borrower of the determination.
D. In the event a determination is made that the debt transaction is not exempt pursuant to Subsection B the board shall issue a ruling approving or disapproving the transaction. If disapproved, the ruling shall be in writing and shall set forth reasons for the disapproval.
E. The board may require the debt transaction be subject to conditions which must be accepted by the parties prior to approval.
AUTHORITY NOTE: Promulgated in accordance with R.S. 27:15 and R.S. 27:24.