15 AAC 160.330. Release of bond or security

(a) If the department determines that the requirements of (b) of this section have been met and two years have passed since the final day the operator conducted gaming activity on behalf of an authorized permittee, the department will release the remainder of a bond or security posted under AS 05.15.122 (b)(5) in the following situations:

(1) the operator's license expired or was denied, suspended, or revoked;

(2) the operator has requested in writing to the department to release the bond or security.

(b) Before the department releases a bond or security under (a) of this section, the department must first determine that

(1) the operator has filed all reports due under AS 05.15.083 , 05.15.087, and 05.15.165(e) and has paid all amounts due the state under AS 05.15; and

(2) repealed 11/10/96;

(3) a claim has not been filed in a court by a permittee against the bond.

(c) The department will, in its discretion, waive the two-year requirement in (a) of this section if each authorizing permittee covered by the bond or security certifies in writing that the permittee is not

(1) due any net proceeds from the operator; and

(2) aware of any violations of AS 05.15 or this chapter by the operator that have not previously been reported to the department.

History: Eff. 7/30/94, Register 131; am 11/10/96, Register 140

Authority: AS 05.15.060

Editor's note: As of Register 165 (April 2003), the regulations attorney made technical revisions under AS 44.62.125 (b)(6), to 15 AAC 160.330(a) .

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