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Texas Occupations Code - OCC § 2028.204. Allocation of Money in Escrow Accounts

Current as of January 01, 2024 | Updated by Findlaw Staff

(a) A greyhound racetrack association shall deposit into an escrow account in the commission's registry the purse set aside under Section 2028.202(b)(4).

(b) Any horse racetrack association in this state may apply to the commission for receipt of money in the horse industry escrow account for use as purses.  Any state horse breed registry listed in Section 2030.002(a) may apply for receipt of money in the account for any event that furthers the horse industry.  The commission:

(1) shall determine the horse racetrack associations and state horse breed registries to be allocated money from the account and the percentages to be allocated, taking into consideration purse levels, racing opportunities, and the financial status of the requesting racetrack association or requesting breed registry;  and

(2) may not annually allocate more than 70 percent of the amount deposited into the account to horse racetrack associations for use as purses.

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Cite this article: FindLaw.com - Texas Occupations Code - OCC § 2028.204. Allocation of Money in Escrow Accounts - last updated January 01, 2024 | https://codes.findlaw.com/tx/occupations-code/occ-sect-2028-204/

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