Section 5.22. Bond requirements for licensing.

 

(1)  The division may require an applicant for a license under s. 562.05 (1) (a) , Stats., to file with the division as a condition of licensure, a bond payable to the division in an amount sufficient to guarantee the proposed costs of development of the facility sought to be licensed under s. 562.05 (1) (a) , Stats. This bond shall be executed by the applicant and a surety company or companies licensed to do business in this state, and conditioned upon the completion of the facility as proposed by the applicant, subject to any reduction or modification approved by the division pursuant to this section.

(2)  An applicant for a license to sponsor and manage a race under s. 562.05 (1) (b) , Stats., shall file with the division at the time the applicant files its application, a bond payable to the division in an amount determined by the division equal to the total monthly dollar amount estimated to be paid by the association related to fees, taxes and other money due, including animal purses, operations of the adopt-a-greyhound program, unclaimed prizes, and pay-outs on winning wagers or other amounts payable pursuant to the provisions of ch. 562 , Stats. The division may require the applicant to amend the amount of the bond prior to the commencement of the race meet in which the applicant was licensed under s. 562.05 (1) (b) , Stats. The amount of the bond will not exceed the estimated total financial liability of the applicant throughout the race meet for which the license under s. 562.05 (1) (b) , Stats., is requested, as determined by the division. The bond shall be executed by the applicant and a surety company or companies authorized to do business in this state, and conditioned on the payment by the licensee under s. 562.05 (1) (b) , Stats., of all fees, taxes and other money due, including animal owner's purses, operations of the adopt-a-greyhound program, unclaimed prizes, and pay-outs on winning wagers or other amounts payable pursuant to the provisions of the ch. 562 , Stats.

History: Cr. Register, May, 1990, No. 413 , eff. 6-1-90; correction in (1) made under s. 13.93 (2m) (b) 7., Stats., Register, March, 1995, No. 471 ; CR 03-070 : am. (2) Register November 2003 No. 575 , eff. 12-1-03 .