Members, Below was posted on the GCB website this morning. Attached are the Frequently Asked Questions, Executive Order 20-63 and Form LG272.
May 28, 2020
June 1 Restart - Frequently asked questions:
Executive Order to Assist Veterans and Fraternal Organizations: Governor Walz signed Executive Order 20-63 (see page 9, paragraph G) on May 27, 2020, allowing veterans or fraternal organizations to lend gambling funds to their general account to pay for expenses necessary to reopen such organizations’ permitted premises.
What does this executive order mean?
This executive order is a special allowance for veterans and fraternal organizations to make a loan from the organization’s gambling account to its general account to get their posts/clubs up and running. Prior authorization from the Gambling Control Board must be received first.
How does your post/club get prior authorization?
To get prior authorization fill out form LG272, Request for Lawful Gambling Account Loan to General Account, and submit it to the Gambling Control Board. Once the form is reviewed and approved, you will receive authorization to make the loan from your gambling account to the general account.
Are there any restrictions?
• The loan proceeds may not be used as collateral for any other loan.
• The loan proceeds may not be used for gambling-related expenses.
• The loan must be repaid to the gambling account in full within one year or suspend its gambling operation.
• If the organization terminates lawful gambling and the loan has not been repaid, the loan repayment will be included in the terms of the license termination plan.
Access form LG272, Request for Lawful Gambling Account Loan to General Account, here.
UpdatedLG272 Emergency Loan - COVID-19 (1).pdf