Extension Of Credit For Limited Gaming
The act eliminates the prohibition on persons licensed by the "Limited Gaming Act of 1991" (licensee) from extending credit to another person for participation in limited gaming if:
- The licensee evaluates the person's credit and establishes the person as credit-worthy;
- The licensee does not have knowledge of a conviction of the person for committing specified unlawful acts;
- The licensee determines that the person has no outstanding child support debt or unpaid debt due to the state and does not owe restitution from a Colorado criminal case; and
- The amount of the extension of credit is at least $1,000.
Additionally, the act specifies the documentation the licensee must maintain for any extension of credit and requires the licensee to inform every person to whom credit is extended, orally and in writing, that the financial obligations created must be fully paid to the licensee within 150 days.
The act prohibits licensees from reducing their gaming tax burden through deducting unpaid credit from their gross proceeds.
The act allows licensees to pursue all civil remedies at law to recover unpaid credit, as well as interest and reasonable recovery costs. Additionally, the act restricts licensees from settling or compromising the amount to be repaid until specific conditions are met.
Finally, the act outlines record-keeping requirements for licensees that extend credit.
VETOED by Governor May 23, 2023
(Note: This summary applies to this bill as enacted.)