Horse racing: audits of the horsemen’s organizations: minisatellite wagering facilities.

Plain English Breakdown

The bill summary and digest do not provide specific details on how often audits must be conducted after removing the 90-day deadline.

Horse Racing Audits and Wagering Sites

This law removes a deadline for auditing horse racing organizations' financial records and requires agreements between racing associations and minisatellite wagering facilities to specify which live in-state races will be shown.

What This Bill Does

• Removes the 90-day deadline for conducting annual audits of horse racing organizations' financial records.
• Gives the California Horse Racing Board permission to make exceptions to audit requirements.
• Requires agreements between racing associations and minisatellite wagering facilities to specify which live in-state races will be provided by the association or fair.

Who It Names or Affects

• Horse racing organizations
• California Horse Racing Board
• Minisatellite wagering facilities

Terms To Know

minisatellite wagering facility

A place where people can bet on horse races using audiovisual signals.

horsemen’s organizations

Groups that represent horse owners and trainers in the racing industry.

Limits and Unknowns

• The bill does not specify how often audits must be conducted after removing the 90-day deadline.
• It is unclear what other changes will be made to agreements between associations and minisatellite wagering facilities beyond specifying live races.

Official Summary Text

AB 1526, as amended, Committee on Governmental Organization.
Horse racing:
audits of the horsemen’s organizations:
minisatellite wagering facilities.
Existing law requires an annual audit of the financial books and records of the horsemen’s organizations, with respect to pension funds received by the organizations pursuant to specified laws, to be conducted by a nationally recognized accounting firm within 90 days of the close of the fund’s business year.
This bill would eliminate the 90-day time limit on conducting the annual audit and would authorize the California Horse Racing Board to permit exceptions to the audit requirement.
Existing law authorizes the
California Horse Racing Board
board
to approve minisatellite wagering sites, as defined, under specified conditions. Existing law requires an organization formed by associations or fairs to operate the audiovisual signal system to execute a specified agreement with the association conducting a racing meeting and the minisatellite wagering facility that specifies, among other things, the components of its racing program, including live, out-of-zone, out-of-state, and out-of-country races, that an association or fair will make available to the site.
This bill would explicitly require the agreement to specify which live in-state races would be provided by the association or fair to the site. The bill would also make nonsubstantive changes, including deleting obsolete language.

Current Bill Text

Download Bill PDF