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Banks, hospitality groups back bill to clarify loans secured by liquor and gambling licenses
Summary
House Bill 150, heard by the Senate committee, clarifies when alcoholic beverage or gambling licenses can be used to secure institutional loans and aims to reduce inconsistent vetting by the Department of Revenue; lenders and hospitality groups supported the bill.
Representative Patrick Fitzpatrick, sponsor of House Bill 150, told the committee the bill clarifies ownership and collateral rules when real estate, businesses and alcoholic beverage or gambling licenses are owned by different entities in complex ownership structures. “The first thing it does is it clarifies that, just because you have, some type of relationship with somebody … the person who owns the real estate does not have an interest in [the] liquor license,” Fitzpatrick said.
Andrew Morris…
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