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Slot machine licensee deposits - 4 Pa. Cons. Stat. § 1401

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                                CHAPTER 14
                                 REVENUES

     Sec.
     1401.  Slot machine licensee deposits.
     1402.  Gross terminal revenue deductions.
     1402.1. Itemized budget reporting.
     1403.  Establishment of State Gaming Fund and net slot machine
            revenue distribution.
     1404.  Distributions from licensee's revenue receipts.
     1405.  Pennsylvania Race Horse Development Fund.
     1406.  Distributions from Pennsylvania Race Horse Development
            Fund.
     1407.  Pennsylvania Gaming Economic Development and Tourism
            Fund.
     1408.  Transfers from State Gaming Fund.
     1409.  Property Tax Relief Fund.

        Enactment.  Chapter 1 was added July 5, 2004, P.L.572, No.71,
     effective immediately.
     § 1401.  Slot machine licensee deposits.
        (a)  Account established.--There is established within the
     State Treasury an account for each slot machine licensee for the
     deposit of sums under this section.
        (b)  Initial deposit of funds.--Not later than two business
     days prior to the commencement of slot machine operations by a
     slot machine licensee, the slot machine licensee shall deposit
     and maintain the sum of $5,000,000 in its account to guarantee
     the payment of funds to the Commonwealth under this part and as
     security for its obligations under section 1405 (relating to
     Pennsylvania Race Horse Development Fund).
        (c)  Weekly deposits.--Each slot machine licensee shall
     deposit funds into its account on a weekly basis equal to the
     amounts deducted by the department under section 1402 (relating
     to gross terminal revenue deductions) and for reimbursement of
     any funds expended due to the slot machine licensee's failure to
     comply with its obligations under section 1405. The department
     shall notify each licensee of the amounts deducted. If at any
     time the amount held in the account attributable to a slot
     machine licensee is not sufficient to make the payments required
     of the licensee under section 1402 and for reimbursement of any
     funds expended due to the slot machine licensee's failure to
     comply with its obligations under section 1405, the department
     shall notify the slot machine licensee, and the slot machine
     licensee shall immediately deposit necessary funds into the
     account as directed by the department.
        (d)  Return of funds.--The funds deposited into its account
     shall not be returned to a slot machine licensee unless the slot
     machine licensee ceases conducting business under its license
     and relinquishes all rights to do so in the future. In that
     case, the balance of funds in the account attributable to such
     licensee, minus any unpaid amounts due and payable to the
     Commonwealth under this part or due and payable under section
     1405, shall be returned to the licensee.

        Cross References.  Section 1401 is referred to in sections
     1402, 1402.1 of this title.

Last modified: November 27, 2007