810 KAR 5:040 - Farm, corporate, or stable name

RELATES TO: KRS 230.215, 230.310

NECESSITY, FUNCTION, AND CONFORMITY: KRS 230.215(2) and 230.260(3) authorize the commission to promulgate administrative regulations prescribing the conditions under which horse racing shall be conducted in Kentucky. This administrative regulation establishes requirements for the licensing of racing stables under the stable name and disclosure of ownership.

Section 1.
(1) Registration Required. A racing, farm, corporate, or stable name may be used by an owner or lessee if registered with:
(a) The U.S. Trotting Association; and
(b) The commission.
(2) A person shall provide his or her name to the commission if he or she has:
(a) An interest in the stable; or
(b) Intends to utilize its name.
(3) A person listed in a registered stable that is racing a horse shall have a license issued by the Kentucky Horse Racing Commission in accordance with 810 KAR 3:020. An owner and any person listed in a registered stable shall be liable for entry fees and penalties imposed upon the registered stable.
Section 2. Suspension. If one (1) of the owners or persons listed in a registered stable is suspended, all of the horses in that stable shall be included in the suspension.
Section 3. Corporate and Limited Partnership Ownership.
(1)
(a) If a horse is owned by a corporation, the corporation and any officer, director, or stockholder owning five (5) percent or more of the stock shall be licensed by the United States Trotting Association and the commission.
(b) A stockholder owning less than five (5) percent of the stock shall be reported monthly by the corporation to the commission, but shall not be required to be licensed by the commission. The information to be reported shall include names and amount of stock owned, address, Social Security number, and date of birth.
(2)
(a) If a horse is owned by a limited partnership, the general partner and all limited partners owning an interest of five (5) percent or more shall be licensed by the United States Trotting Association and the commission.
(b) A limited partner owning less than a five (5) percent interest shall be reported monthly to the commission, and the required information shall include names and interests owned, address, Social Security number, and date of birth. A limited partner owning less than a five (5) percent interest shall not be required to be licensed by the commission.

Notes

810 KAR 5:040
45 Ky.R.1949; 3133; eff. 5-31-2019.

STATUTORY AUTHORITY: KRS 230.215(2), 230.260(9), (11)

State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.


No prior version found.