Whenever there is a sale, assignment, transfer, or other disposition of a cardroom business licensee or its entire gambling operation, or TPPPS business licensee or its entire TPPPS operation, the transaction document must state whether any annual fees due by the transferor will be paid by the transferee prior to the transaction closing. If the transaction does not require the transferee to pay any annual fees due, then the transferor must pay all annual fees due prior to the transaction closing. The transaction cannot provide any extension for when annual fees are due pursuant to Section 12092.

Note: Authority cited: Sections 19811(b), 19824, 19840, 19841, 19901, 19951 and 19984, Business and Professions Code. Reference: Sections 19841, 19901, 19951 and 19984, Business and Professions Code.

History

1. New section filed 12-9-2025; operative 4-1-2026 (Register 2025, No. 50).