HB4438 HFIN AMT 1-31

McO

The Committee on Finance moves to amend the title of the bill to read as follows:

Com. Sub. for H. B. 4438 -- “A BILL to amend the Code of West Virginia, 1931, as amended, by adding thereto a new section, designated §19-23-12e, relating to licensing of advance deposit account wagering; defining terms; providing for source market fees; providing for certain distribution of source market fees derived from wagers of account holders; providing that advance deposit account wagers are authorized; conferring jurisdiction to Racing Commission; providing for the assessment and imposition of licensing and annual renewal fees; providing that applicants may bear certain costs; prohibiting advance deposit account wagering in West Virginia unless conducted through an advance deposit account wagering licensee; exempting advance deposit account wagering from certain provisions of code; providing criminal penalties for accepting advance deposit account wagers without a license; providing authority for the Racing Commission to seek civil remedies and damages; providing for regulatory fee; providing that all advance deposit account wagers placed by residents within the state are considered to be wagering within West Virginia subject to the laws of this state and rules of the Racing Commission; and authorizing rulemaking and emergency rulemaking.