Vote Smart's Synopsis:

Vote to pass a bill that authorizes casino's to offer individual lines of credit.

Highlights:

• Repeals the prohibition on individuals licensed by the Colorado limited gaming act from extending credit to another individual so long as the following conditions are met, including that (Sec. 1):

• The licensee evaluates the individuals credit and establishes that they are credit worthy;

• The licensee does not have knowledge of a conviction of the individual for committing specified unlawful acts; and

• The licensee determines that the individual has no outstanding child support debt or unpaid debt due to the state and doesn’t owe any restitution from a criminal case.

• Specifies documentation the licensee must maintain for any credit extension (Sec. ).

• Prohibits licensees from reducing their gaming tax burden through deducting unpaid credit from their gross proceeds (Sec. 1).

• Authorizes licensees to pursue all remedies at law to recover unpaid credit as well as interest and reasonable recovery costs (Sec. 1).

• Prohibits licensees from settling or comprising the amount to be repaid until specific conditions are met (Sec. 1).

• Defines and outlines record-keeping requirements for licensees that extend credit (Sec. 1).

Full Bill Text

Vote Smart's Synopsis:

Vote to pass a bill that authorizes casino's to offer individual lines of credit.

Highlights:

• Repeals the prohibition on individuals licensed by the Colorado limited gaming act from extending credit to another individual so long as the following conditions are met, including that (Sec. 1):

• The licensee evaluates the individuals credit and establishes that they are credit worthy;

• The licensee does not have knowledge of a conviction of the individual for committing specified unlawful acts; and

• The licensee determines that the individual has no outstanding child support debt or unpaid debt due to the state and doesn’t owe any restitution from a criminal case.

• Specifies documentation the licensee must maintain for any credit extension (Sec. ).

• Prohibits licensees from reducing their gaming tax burden through deducting unpaid credit from their gross proceeds (Sec. 1).

• Authorizes licensees to pursue all remedies at law to recover unpaid credit as well as interest and reasonable recovery costs (Sec. 1).

• Prohibits licensees from settling or comprising the amount to be repaid until specific conditions are met (Sec. 1).

• Defines and outlines record-keeping requirements for licensees that extend credit (Sec. 1).

Full Bill Text

Vote Smart's Synopsis:

Vote to pass a bill that authorizes casino's to offer individual lines of credit.

Highlights:

• Repeals the prohibition on individuals licensed by the Colorado limited gaming act from extending credit to another individual so long as the following conditions are met, including that (Sec. 1):

• The licensee evaluates the individuals credit and establishes that they are credit worthy;

• The licensee does not have knowledge of a conviction of the individual for committing specified unlawful acts; and

• The licensee determines that the individual has no outstanding child support debt or unpaid debt due to the state and doesn’t owe any restitution from a criminal case.

• Specifies documentation the licensee must maintain for any credit extension (Sec. ).

• Prohibits licensees from reducing their gaming tax burden through deducting unpaid credit from their gross proceeds (Sec. 1).

• Authorizes licensees to pursue all remedies at law to recover unpaid credit as well as interest and reasonable recovery costs (Sec. 1).

• Prohibits licensees from settling or comprising the amount to be repaid until specific conditions are met (Sec. 1).

• Defines and outlines record-keeping requirements for licensees that extend credit (Sec. 1).

Full Bill Text