Texas § OC.2033.154 - ENFORCEMENT REGARDING HORSEMEN'S ACCOUNT

§ OC.2033.154. ENFORCEMENT REGARDING HORSEMEN'S ACCOUNT

ENFORCEMENT REGARDING HORSEMEN'S ACCOUNT. (a) The commission by rule shall develop a system for monitoring the activities of managers and employees of a racetrack association relating to the horsemen's account. The monitoring system may include review of the financial operations of the racetrack association, including inspections of records at the racetrack association's offices, at any racetrack, or at any other place the racetrack association transacts business. (b) The executive director may issue an order prohibiting the racetrack association from making any transfer from a bank account held by the racetrack association for the conduct of business under this subtitle, pending commission review of the records of the account, if the executive director reasonably believes that the racetrack association has failed to maintain the proper amount of money in the horsemen's account. The executive director shall provide in the order a procedure for the racetrack association to pay certain expenses necessary for the operation of the racetrack, subject to the executive director's approval. (c) An order issued under this section may be made valid for a period not to exceed 14 days. (d) The executive director may issue an order requiring the appropriate transfers to or from the horsemen's account if, after reviewing the racetrack association's records of its bank accounts, the executive director determines there is an improper amount of money in the horsemen's account. Added by Acts 2017, 85th Leg., R.S., Ch. 963 (S.B. 1969 ), Sec. 1.01, eff. April 1, 2019.