CA AB771

Adds Section 19480.1 to the Business and Professions Code to make it a felony for any person to directly or indirectly hold or conduct horse racing meetings for profit without proper licenses or approval from the California Horse Racing Board

Changes the existing offense from a misdemeanor to a felony offense under Horse Racing Law

Specifies that no state reimbursement is required for local agencies or school districts because the act only creates a new crime, which falls under existing cost-sharing exemptions in state law