The bill eliminates the prohibition on persons licensed by the
Colorado limited gaming act (act) 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; and
•
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.
Additionally, the bill 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 bill prohibits licensees from reducing their gaming tax burden
through deducting unpaid credit from their gross proceeds.
The bill allows licensees to pursue all remedies at law to recover
unpaid credit, as well as interest and reasonable recovery costs. Additionally, the bill restricts licensees from settling or compromising the amount to be repaid until specific conditions are met.
Finally, the bill outlines record-keeping requirements for licensees
that extend credit.
