State Codes and Statutes

Statutes > New-jersey > Title-5 > Section-5-12 > 5-12-87

5:12-87.  Investigation of applicants for casino licenses;  order approving  or denying license
    a.  Upon the filing of an application for a casino license and such supplemental information as the commission may require, the commission shall request the division to conduct such investigation into the qualification of the applicant, and the commission shall conduct a hearing thereon concerning the qualification of the applicant in accordance with its regulations.

    b.  After such investigation and hearing, the commission may either deny the  application or grant a casino license to an applicant whom it determines to be  qualified to hold such license.

    c.  The commission shall have the authority to deny any application pursuant  to the provisions of this act.  When an application is denied, the commission  shall prepare and file an order denying such application with the general  reasons therefor, and if requested by the applicant, shall further prepare and  file a statement of the reasons for the denial, including the specific findings  of facts.

    d.  After an application is submitted to the commission, final action of the  commission shall be taken within 90 days after completion of all hearings and  investigations and the receipt of all information required by the commission.

    e.  If satisfied that an applicant is qualified to receive a casino license,  and upon tender of all license fees and taxes as required by law and regulations of the commission, and such bonds as the commission may require for  the faithful performance of all requirements imposed by law or regulations, the  commission shall issue a casino license for the term of 1 year.

    f.  The commission shall fix the amount of the bond or bonds to be required  under this section in such amounts as it may deem appropriate, by rules of  uniform application.  The bonds so furnished may be applied by the commission  to the payment of any unpaid liability of the licensee under this act.  The  bond shall be furnished in cash or negotiable securities, by a surety bond  guaranteed by a satisfactory guarantor, or by an irrevocable letter of credit  issued by a banking institution of this State acceptable to the commission.  If  furnished in cash or negotiable securities, the principal shall be placed  without restriction at the disposal of the commission, but any income shall  inure to the benefit of the licensee.

   L.1977, c. 110, s. 87, eff. June 2, 1977.  Amended by L.1978, c. 7, s. 16, eff. March 17, 1978;  L.1979, c. 282, s. 23, eff. Jan. 9, 1980.