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Rule Title: ESCROW REQUIRED
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Department: JUSTICE
Chapter: GAMBLING CONTROL DIVISION
Subchapter: Gambling Licenses, Generally
 
Latest version of the adopted rule presented in Administrative Rules of Montana (ARM):

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23.16.118    ESCROW REQUIRED

(1) Except as provided in (3), money or any other thing of value constituting consideration for transferring an interest in a licensed gambling operation may not be paid, received, or used until the provisions of ARM 23.16.116 or 23.16.117 have been met. However, the funds may be placed in escrow pending compliance with these provisions.

(2) Except as provided in ARM 23.16.120, a loan, pledge, or similar transaction between the parties to the proposed transfer or with other parties associated with the transfer may be deemed a violation of this rule.

(3) Funds related to the transfer of an interest in a licensed gambling operation may be exchanged or released from escrow when temporary gambling authority is granted under ARM 23.16.509.

 

History: 23-5-115, MCA; IMP, 23-5-118, 23-5-176, MCA; NEW, 1991 MAR p. 1942, Eff. 10/18/91; AMD, 2019 MAR p. 1860, Eff. 10/19/19.


 

 
MAR Notices Effective From Effective To History Notes
23-16-258 10/19/2019 Current History: 23-5-115, MCA; IMP, 23-5-118, 23-5-176, MCA; NEW, 1991 MAR p. 1942, Eff. 10/18/91; AMD, 2019 MAR p. 1860, Eff. 10/19/19.
10/18/1991 10/19/2019 History: 23-5-115, MCA; IMP, 23-5-118, 23-5-176, MCA; NEW, 1991 MAR p. 1942, Eff. 10/18/91.
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