Plain English Breakdown
The official text defines minisatellite wagering sites only as 'as defined' without providing the full definition, so the meaning provided is based on general context rather than a specific definition in the source.
Changes to Horse Racing Audits and Wagering Site Agreements
This law removes the rule requiring horsemen's organization audits within 90 days, allows the racing board to grant exceptions for these audits, and requires agreements for minisatellite wagering sites to list specific live in-state races.
What This Bill Does
- Eliminates the requirement that annual financial audits of pension funds be finished within 90 days after the business year ends.
- Allows the California Horse Racing Board to permit exceptions so some organizations do not have to complete an audit.
- Requires agreements for minisatellite wagering sites to explicitly list which live in-state races will be provided by associations or fairs.
- Makes nonsubstantive changes, including deleting obsolete language from existing laws.
Who It Names or Affects
- Horsemen's organizations that manage pension funds
- The California Horse Racing Board
- Associations or fairs operating racing meetings and audiovisual signal systems
Terms To Know
- Minisatellite wagering facility
- A site approved by the board to show horse races under specified conditions.
- Horsemen's organizations
- Groups that receive pension funds and are subject to annual financial audits.
Limits and Unknowns
- The text does not explain the specific conditions under which the Board will grant audit exceptions.
- The bill removes the 90-day deadline but does not set a new time limit for completing audits in this summary.