A. A person who is actively and directly engaged in the administration of a horse racetrack, whether in a financial, administrative, policymaking or supervisory capacity, shall hold a secondary license issued by the commission.
B. An application for a secondary license shall be submitted in writing on forms designated by the commission. An applicant shall affirm that information contained in the application is true and accurate. The application shall be signed by the applicant or the applicant's agent, and the signature shall be notarized.
C. If an applicant for a racetrack license is a corporation, all officers, directors, lenders or holders of evidence of indebtedness of the corporation and all persons who participate in any manner in a financial, administrative, policymaking or supervisory capacity are required to hold a secondary license issued by the commission.
D. A person who owns or holds, directly, indirectly or beneficially, ten percent or more of the total authorized, issued and outstanding shares of a corporation that is a racetrack licensee is required to hold a secondary license issued by the commission. If the commission finds that a person who owns or holds, directly, indirectly or beneficially, ten percent or more of the total authorized, issued and outstanding shares of a corporation that is a racetrack licensee is unqualified to be issued a secondary license, the commission shall give notice of its finding to the corporation and to the person owning or holding the interest. The ineligible person shall without delay offer the shares to the corporation for purchase. If the corporation does not elect to purchase the shares, the person owning or holding the interest may offer the interest to other purchasers, subject to prior approval of the purchasers by the commission.
E. A secondary license shall be valid for a period not to exceed three years. The commission may renew a secondary license upon expiration of the term of the license.
F. The fee for a secondary license issued pursuant to this section shall not exceed five hundred dollars ($500).
History: Laws 2007, ch. 39, § 9.
Delayed repeals. — For delayed repeal of this section, see 60-1A-29 NMSA 1978.
Structure New Mexico Statutes
Chapter 60 - Business Licenses
Section 60-1A-1 - Short title. (Repealed effective July 1, 2022.)
Section 60-1A-2 - Definitions. (Repealed effective July 1, 2022.)
Section 60-1A-4 - Commission; powers; duties. (Repealed effective July 1, 2022.)
Section 60-1A-6 - Classification of racetrack licenses. (Repealed effective July 1, 2022.)
Section 60-1A-12 - Stewards; powers; duties. (Repealed effective July 1, 2022.)
Section 60-1A-14 - Testing specimens. (Repealed effective July 1, 2022.)
Section 60-1A-14.1 - Racehorse testing fund; created; purpose. (Repealed effective July 1, 2022.)
Section 60-1A-16 - Simulcasting. (Repealed effective July 1, 2022.)
Section 60-1A-17 - Interstate common pool wagering; authorized. (Repealed effective July 1, 2022.)
Section 60-1A-18 - Daily pari-mutuel tax; imposed; rate. (Repealed effective July 1, 2022.)
Section 60-1A-22 - Payment of taxes; payment of license fees. (Repealed effective July 1, 2022.)
Section 60-1A-23 - Horse racing suspense account. (Repealed effective July 1, 2022.)
Section 60-1A-24 - Breeders' awards. (Repealed effective July 1, 2022.)
Section 60-1A-26 - Illegal use of pari-mutuel wagering. (Repealed effective July 1, 2022.)
Section 60-1A-29 - Termination of agency life; delayed repeal. (Repealed effective July 1, 2022.)
Section 60-1A-30 - Temporary provisions [Terms continued]. (Repealed effective July 1, 2022.)