16.32.510 - Financial source license.
A. No person shall be or act as a financial source without a valid financial source license.
B. No cardroom permittee shall enter into any loan, credit, or other financing agreement or relationship with any person unless the administrator has granted the person a financial source license.
C. Any person seeking to be or act as a financial source shall first apply to the administrator for a financial source license and must be granted a financial source license prior to the transfer of any money, furnishing of any credit, or other provision of financing to the cardroom permittee, or the execution of a loan, credit, evidence of indebtedness, or other financing contract or agreement with the cardroom permittee.
D. The administrator shall have the discretion to deem that an applicant meets the licensing criteria for a financial source license if the applicant is a bank or other financial institution that is licensed by the State of California or by another state or by the United States, when the applicant presents the administrator with evidence the administrator deems sufficient to prove that the applicant has the requisite certification or licensing by the appropriate governmental entity as a bank or other financial institution.
(Ord. 28517.)
