AB 156 Summary

• Prohibits contracts for the sale or lease of property requiring gaming commission approval from specifying a closing date prior to the commission's approval or licensing of the transferee.

• Requires contracts for the sale of a gambling enterprise to disclose whether outstanding gaming chips will be honored by the purchaser, and if not, what provisions have been made for chip redemption.

• Mandates the Department of Justice determine the seller's outstanding gaming chip liability and requires the seller to secure funds through surety bonds, escrow accounts, or other security to guarantee chip redemption.

• Grants gambling enterprises an absolute defense against criminal, administrative, or civil actions if they operated an approved controlled game in the approved manner before it was found unlawful, provided play ceases upon notice of illegality.