Cortez (SB 38) Act No. 342
Prior law provided that monies due as purses to persons licensed to race horses at race
meetings conducted in the state as a result of conditions provided by the law and the monies
due to the Horsemen's Benevolent and Protective Association (HBPA) pursuant to law shall
be allocated and distributed during the race meeting at which earned.
Prior law provided that if the amount distributed as purses to persons licensed to race horses
at race meetings conducted in the state is less than the amount required by law, and more
than an amount equal to the average daily purse distribution at the race meeting at which
generated, it shall be delivered to the HBPA for further distribution to persons having earned
monies during the meeting, in the direct proportion that the underpayment is to the monies
earned by that person at the meeting. If the underpayment is less than an amount equal to the
average daily purse distribution at that meeting, it shall be retained by the association in an
interest bearing account to be used for purses at the next thoroughbred meeting conducted
by that association.
New law retains prior law but adds provisions applicable only to thoroughbred race meetings
at any facility where the purse revenue is derived from slot machines. Further provides that
in the event the amount distributed as purses to persons licensed to race horses at
thoroughbred race meetings conducted in the state is less than the amount required by prior
law, and more than an amount equal to two times the average daily purse distribution at the
thoroughbred race meeting at which generated, it shall be delivered to the HBPA for further
distribution to persons having earned monies during the meeting, in the direct proportion that
the underpayment is to the monies earned by that person at that meeting.
New law provides that in the event the underpayment is less than an amount equal to two
times the average daily purse distribution at that meeting, it shall be retained by the
association in an interest bearing account to be used for purses at the next thoroughbred
meeting conducted by that association. Interest earned on the account shall be added to the
purse paid over and above the amount required to be paid as purses by law. New law defines
"average daily purse distribution" to include all sources of funds available for use as a purse
or purse supplement that are required by law to be distributed during a race meeting.
Effective August 1, 2013.
(Adds R.S. 4:183(B)(3) and (4))