BEFORE THE DEPARTMENT OF JUSTICE

OF THE STATE OF MONTANA

 

In the matter of the amendment of ARM 23.16.116 and 23.16.122 concerning transfer of interest among licensees and loan evaluation

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NOTICE OF AMENDMENT

 

            TO: All Concerned Persons

 

            1. On June 10, 2010, the Department of Justice published MAR Notice No. 23-16-217, regarding the public hearing on the proposed amendment of the above-stated rules at page 1393, 2010 Montana Administrative Register, Issue Number 11.

 

            2. The Department of Justice has amended ARM 23.16.116 exactly as proposed.

 

            3. The department amends the remaining rule with the following changes, stricken matter interlined, new matter underlined:

 

23.16.122 LOAN EVALUATION - INSTITUTIONAL LENDER SECURITY INTERESTS – GUARANTOR PAYMENTS (1) through (4) remain as proposed.

(a) if the guarantor is an owner of the applicant/licensee, i.e., partner, shareholder, member, and payment is made with the owner/guarantor's own funds or funds borrowed from an institutional or division approved noninstitutional source;

(b) through (5) remain as proposed.

 

AUTH: 23-5-115, MCA

IMP:    16-4-801, 23-5-115, 23-5-118, 23-5-176, MCA

 

          4. A public hearing was held on July 1, 2010. Oral comments were received from Neil Peterson, executive director, Gaming Industry Association of Montana, Inc. (GIA). Oral testimony was also received from Mark Staples, Montana Tavern Association (MTA). Written comments were received from Ronda Wiggers, Montana Coin Machine Operators Association (MCMOA). No adverse comments or suggestions were offered at the public hearing or in writing. Mr. Peterson, Mr. Staples, and Ms. Wiggers all supported the proposed amendment which was added to allow for the possible non-institutional loan from a non-owner guarantor mentioned in (4)(b) as a source of funding to make a payment. In (4)(b) the non-owner cannot make a direct payment on the loan, he can only loan money to the borrower/licensee or the owner guarantor who can then make the payment with the money. 

 

By:      /s/ Steve Bullock                                                        /s/ J. Stuart Segrest             

            STEVE BULLOCK                                                   J. STUART SEGREST

            Attorney General, Department of Justice               Rule Reviewer

 

Certified to the Secretary of State July 19, 2010.