Section 1437.10  Written Disclosure

 

Prior to November 1 of any year, all officers, directors, creditors, and substantial owners of any beneficial interest of every association, corporation or other business entity desiring to hold or conduct a race meeting within the State of Illinois during any calendar year shall make a written disclosure on forms prescribed by the Board for approval of their participation in racing in the State of Illinois. Such forms shall be submitted under oath as prescribed in the form. A person owning 5 per cent or more of the equity of an applicant for racing dates shall be considered a substantial owner for the purposes of this rule. A person extending credit for more than one year or extending credit in excess of $10,000 for less than one year, but more than 30 days, shall be considered a creditor for purposes of this rule, provided that, a horseman to whom moneys are owed as reflected in accounts maintained by the horsemen's bookkeeper shall not be considered a creditor.

 

(Editor's Note:  Section 20 of the Illinois Horse Racing Act of 1975 (Ill. Rev. Stat., 1979 ch. 8, par. 37-20) now requires applications for horse race meetings to be filed prior to September 1, instead of November 1)

 

Section 1437.30  Written Disclosure for Corporations

 

Where a corporation owns 25 per cent or more of the equity of an applicant for dates, holders of 10 per cent or more of its capital stock shall make written disclosure under these Rules and Regulations on the forms prescribed; provided, however, that this rule shall not apply to any corporation, the securities of which are registered with the Securities and Exchange Commission pursuant to the Securities Act of 1933 and the rules and regulations issued thereunder. Corporations qualifying under this exemption shall file with the Board copies of all papers filed with the Securities and Exchange Commission.

 

Section 1437.40  Notice of Changes

 

Within 10 days after election, appointment or acquisition of substantial ownership, or extending of credit, the Board shall be notified of the identity of each new officer, director, or substantial owner, or creditor of a race track operator. Each new officer, director, substantial owner, or creditor shall make a written disclosure to the Board on forms prescribed by the Board for approval of their participation in racing in Illinois.

 

Section 1437.50  Disclosure for Associates of Applicant

 

a)         The Board may determine that any person or entity associated or affiliated with any applicant for or race track operator shall make written disclosure for approval or supervision of their participation in racing in the State of Illinois.

 

b)         It shall be agreed expressly in each application for racing dates, and shall be a condition of granting any application, that the applicant and all persons associated with the applicant shall furnish all information requested or subpoenaed by the Board.

 

Section 1437.60  Written Disclosure to Participate in Racing

 

a)         A person making or requested to make written disclosure for approval or supervision of his participation in racing in Illinois under these rules shall expressly agree in writing on the prescribed form to disclose all information which the Board may at any time request.

 

b)         All such persons shall be expected to adhere to the standards of conduct applicable to persons working at tracks in Illinois.

 

c)         The fact that a person making or requested to make written disclosure is an officer, director, employee, partner, or owner of an illegal gaming or gambling operation, institution or business is inconsistent with the granting of racing dates to the applicant with which he is associated or affiliated.

 

d)         The fact that a person making or requested to make written disclosure is an officer, director or substantial owner of a gaming operation where such is permitted by the jurisdiction in which it is located, may be considered inconsistent with the granting of racing dates to the applicant with which he is associated or affiliated.

 

e)         For the purpose of this rule the term gaming operation shall not be deemed to refer to or include any meeting whereat horse racing, harness racing, or quarter horse racing is permitted for any stake, purse or reward or where pari-mutuel or certificate method of wagering is conducted.

 

f)         Should a person making or requested to make a written disclosure for approval or supervision of his participation in racing in Illinois be under investigation pending approval or suspension by any racing commission, pari-mutuel wagering commission, or gaming Board in any other state or country, the Board shall reach no conclusion on the granting of racing dates with which he is associated or affiliated until such time as the investigation is concluded, approval is granted, or the suspension terminated on grounds not inconsistent with the standards of conduct applicable to persons working at a track in Illinois.

 

Section 1437.70  Political Contributions (Repealed)

 

(Source:  Repealed at 29 Ill. Reg. 8416, effective June 1, 2005)