Sec 5-107.03. Separate financial records of permittee and concessionaire; violations

A. Each permittee and each concessionaire who has a proprietary interest in a permit shall keep separate financial books, statements and records with respect to the operations conducted by him at each particular place, track, additional wagering facility or enclosure. A commercial racing permittee and concessionaire shall keep and maintain the financial books, statements and records in accordance with generally accepted accounting principles so as to reflect accurately the operations conducted by each permittee and concessionaire who has a proprietary interest in a permit. A county fair racing association may keep and maintain the financial books, statements and records on a cash basis on approval of the department. Such financial books, statements and records shall be open for examination by the director or his designated representative.

B. All financial information that is given by a commercial racing permittee or concessionaire to any state agency, body or department shall accurately reflect the total income of each permittee and concessionaire who has a proprietary interest in a permit from each particular place, track or enclosure.

C. Any violation of this section by any permittee is a ground for refusal to renew or for the revocation of a permit only after written notice to the permittee and a full hearing thereon.