313.815. Bond, or other surety, licensee to post, when, may be used for expansion or modification--limitations. - Missouri Statutes

Bond, or other surety, licensee to post, when, may be used forexpansion or modification--limitations.

313.815. A licensee licensed to operate gambling games under sections313.800 to 313.850 shall post a bond or other form of surety from a firmlicensed to conduct a surety business in this state, as approved by thecommission, to the state of Missouri before the license is issued in a sumas the commission shall fix, with sureties approved by the commission. Thebond or other form of surety approved by the commission shall be used toguarantee that the licensee faithfully makes the payments, keeps its booksand records and makes reports, and conducts its gambling games inconformity with sections 313.800 to 313.850 and the rules adopted by thecommission. The bond or other form of surety may be used to guarantee thecompletion of any expansion or modification of a gaming facility in a timeperiod which shall be determined by the commission or three years fromAugust 28, 2000, whichever is later. Failure to complete an approvedexpansion or modification of a gaming facility within such time period asaforesaid may be considered sufficient grounds for not renewing the licensefor that gaming facility. The bond or other form of surety approved by thecommission shall not be canceled by a surety on less than thirty days'notice in writing to the commission. If a bond or other form of suretyapproved by the commission is canceled and the licensee fails to file a newbond or other form of surety approved by the commission with the commissionin the required amount on or before the effective date of cancellation, thelicensee's license shall be revoked. The total and aggregate liability ofthe surety on the bond or other form of surety approved by the commissionis limited to the amount specified in the bond or other form of suretyapproved by the commission.

(L. 1991 H.B. 149 § 7 Adopted by Referendum, Proposition A, November 3, l992, A.L. 1993 S.B. 10 & 11 § 7, A.L. 2000 S.B. 902)