A. A company applicant for a license or a renewal of a license shall provide the following information to the board on forms provided by the board:
(1) the organization, financial structure and nature of the business to be operated, including the names and personal histories of all officers, directors and key executives;
(2) the rights and privileges acquired by the holders of different classes of authorized securities;
(3) the terms and conditions of all outstanding loans, mortgages, trust deeds, pledges or any other indebtedness or security interest evidenced by a security instrument pertaining to the proposed gaming operation or other licensed activity in this state and the name and address of the person who is servicing the loan, mortgage, trust deed, pledge or other indebtedness or security interest;
(4) remuneration to persons, other than directors, officers and key executives, exceeding one hundred thousand dollars ($100,000) per year;
(5) bonus and profit-sharing arrangements within the company;
(6) a list of management and service contracts pertaining to the proposed gaming activity in this state;
(7) balance sheets and profit and loss statements for at least the three preceding fiscal years, or, if the company has not been in business for a period of three years, balance sheets and profit and loss statements from the time of its commencement of business operations and projected for three years from the time of its commencement of business operations. All balance sheets and profit and loss statements shall be audited by independent certified public accountants; and
(8) any further financial data that the board deems necessary or appropriate.
B. A nonprofit organization applying for a license or a renewal of a license as a nonprofit gaming operator pursuant to the Gaming Control Act shall provide in its application:
(1) the organization, financial structure and nature of the nonprofit organization, including the names of all officers, directors and key executives;
(2) the terms and conditions of all outstanding loans, mortgages, trust deeds, pledges or any other indebtedness or security interest evidenced by a security instrument pertaining to the proposed gaming operation or other licensed activity in this state and the name and address of the person who is servicing the loan, mortgage, trust deed, pledge or other indebtedness or security interest;
(3) management and service contracts pertaining to the proposed gaming activity in this state;
(4) balance and profit and loss statements for at least the three preceding fiscal years or, if the nonprofit organization has not been in business for a period of three years, balance sheets and profit and loss statements from the date of charter or incorporation and projected for three years from the date of charter or incorporation. All balance sheets and profit and loss statements shall be submitted in a manner prescribed by the board;
(5) any further financial data that the board deems necessary or appropriate;
(6) if the nonprofit organization has various classes of members, information detailing the rights and privileges attributed to each class of member and providing the number of members in each class;
(7) the level of remuneration for all paid employees of the nonprofit organization; and
(8) details about any other form of remuneration or awards that are conferred on members.
History: Laws 1997, ch. 190, § 21; 1999, ch. 251, § 2; 2009, ch. 199, § 6.
The 2009 amendment, effective June 19, 2009, in Subsection A, after "A company applicant", added "for a license or a renewal of a license"; in Paragraph (4) of Subsection A, changed "fifty thousand dollars ($50,000)" to "one hundred thousand dollars ($100,000)"; in Paragraph (6) of Subsection A, at the beginning of the sentence, added "a list of"; in Paragraph (7) of Subsection A, in the last sentence, after "loss statements shall be", deleted "certified" and added "audited"; in Subsection B, after "applying for a license", added "or a renewal of a license"; and in Paragraph (4) of Subsection B, in the last sentence, after "loss statements shall be", deleted "certified by independent certified public accountants" and added "submitted in a manner prescribed by the board".
The 1999 amendment, effective June 18, 1999, redesignated former Subsections A through G as Subsections A(1) through A(7) and added Subsections A(8) and B.
Structure New Mexico Statutes
Chapter 60 - Business Licenses
Section 60-2E-1 - Short title.
Section 60-2E-3 - Definitions.
Section 60-2E-4 - Limited gaming activity permitted.
Section 60-2E-5 - Gaming control board created.
Section 60-2E-6 - Board; meetings; quorum; records.
Section 60-2E-7 - Board's powers and duties.
Section 60-2E-8 - Board regulations; discretionary regulations; procedure; required provisions.
Section 60-2E-9 - Executive director; employment; qualifications.
Section 60-2E-10 - Executive director; powers; duties.
Section 60-2E-11 - Investigation of executive director candidates and employees.
Section 60-2E-12 - Conflicts of interest; board; executive director; employees.
Section 60-2E-13 - Activities requiring licensing.
Section 60-2E-13.1 - Temporary possession of gaming device for limited purpose.
Section 60-2E-14 - Licensure; application.
Section 60-2E-15 - License, certification and work permit fees.
Section 60-2E-16 - Action by board on applications.
Section 60-2E-17 - Investigation for licenses, certifications and permits.
Section 60-2E-18 - Eligibility requirements for companies.
Section 60-2E-19 - Company applicants; nonprofit organization applicants; required information.
Section 60-2E-22 - Change in company ownership.
Section 60-2E-30 - Licensing of distributors of gaming devices.
Section 60-2E-33 - Emergency orders of board.
Section 60-2E-34.1 - Self-exclusion from gaming establishments; procedure; fines; confidentiality.
Section 60-2E-35 - Internal control systems.
Section 60-2E-36 - Gaming employees; issuance of work permits; revocation of work permits.
Section 60-2E-37 - Age requirement for patrons and gaming employees.
Section 60-2E-38 - Calculation of net take; certain expenses not deductible.
Section 60-2E-39 - Limitations on taxes and license fees.
Section 60-2E-40 - Use of chips, tokens or legal tender required for all gaming.
Section 60-2E-42 - Motion for release of confidential information.
Section 60-2E-43 - Gaming machine central system.
Section 60-2E-44 - Machine specifications.
Section 60-2E-46 - Examination of gaming devices; cost allocation.
Section 60-2E-47 - Gaming tax; imposition; administration.
Section 60-2E-47.1 - Repealed.
Section 60-2E-48 - Civil actions to restrain violations of Gaming Control Act.
Section 60-2E-49 - Testimonial immunity.
Section 60-2E-50 - Crime; manipulation of gaming device with intent to cheat.
Section 60-2E-52 - Crime; cheating.
Section 60-2E-54 - Crime; reporting and record violations; penalty.
Section 60-2E-56 - Underage gaming; penalty for permitting or participation.
Section 60-2E-57 - Crime; general penalties for violation of act.
Section 60-2E-59 - Administrative appeal of board action.
Section 60-2E-60 - Judicial review of administrative actions.
Section 60-2E-62 - Crime; unlawful possession of gaming device.