(1) An operator offering fantasy contests to be played by persons in this state must obtain a license from the commission to conduct fantasy contests within this state.

(2) An operator offering fantasy contests within this state must be lawfully conducting business within this state.

(3) Application for licensure shall be made to the executive director on forms furnished by the executive director and in accordance with the regulations of the commission. The application shall include:

(a) The name of the proposed licensee.

(b) The location of his place or places of business.

(c) The names of all persons directly or indirectly interested in the business and the nature of such interest.

(d) Complete information and details with respect to the applicant’s antecedents, habits, character, business activities, financial affairs and business associates, covering at least a ten-year period immediately preceding the date of the application.

(e) The applicant’s criminal history.

(f) Evidence of compliance with Section 97-33-305(2).

(g) Such other information and details as the commission or the executive director may require in order to discharge their duties properly.

(4) An application to conduct fantasy contests shall not be granted unless the applicant has satisfied the commission that:

(a) The applicant has adequate business probity, competence and experience; and

(b) The proposed financing of the entire operation is:

(i) Adequate for the nature of the proposed operation; and

(ii) From a suitable source; any lender or other source of money or credit which the commission finds does not meet the standards set forth in this paragraph (b) may be deemed unsuitable.

(c) An application for a license to conduct fantasy contests constitutes a request for a determination of the general character, integrity and ability to participate or engage in, or be associated with fantasy contests of any individual associated with the applicant. Any written or oral statement made in the course of an official proceeding of the commission or the executive director or any testimony of a witness testifying under oath that is relevant to the purpose of the proceeding is absolutely privileged and does not impose liability for defamation or constitute a ground for recovery in any civil action.

(d) The commission, in its discretion, may grant a license to a corporation that has complied with the provisions of Sections 97-33-301 through 97-33-317.

(e) The commission, in its discretion, may grant a license to a limited partnership that has complied with the provisions of Sections 97-33-301 through 97-33-317.

(f) No limited partnership, except one whose sole limited partner is a publicly traded corporation that is licensed by the commission, or business trust or organization or other association of a quasi-corporate character is eligible to receive or hold any license under Sections 97-33-301 through 97-33-317 unless all persons having any direct or indirect interest therein of any nature whatsoever, whether financial, administrative, policymaking or supervisory, are individually qualified to be licensed under the provisions of Sections 97-33-301 through 97-33-317.

(5) Only a licensee under the Gaming Control Act may offer on-premises fantasy contests in the licensee’s licensed gaming establishment. It is illegal to offer on-premises fantasy contests at any other commercial or business establishment. An operator offering on-premises fantasy contests under this subsection (5) must verify that a fantasy contest player is twenty-one (21) years of age or older.

(6) Each applicant for licensure as a fantasy contest operator shall pay an application fee of Five Thousand Dollars ($5,000.00). A license is valid for three (3) years.