(1) On and after July 1, 2017, an entity shall not operate as a small fantasy contest operator unless the entity is registered with the director. On and after July 1, 2017, an individual who is not operating through an entity shall not operate as a small fantasy contest operator unless the individual is registered with the director.
(2) A small fantasy contest operator is subject to all of the provisions of this article; except that:
(a) A small fantasy contest operator need only be registered, not licensed, in order to offer fantasy contests for a fee, a small fantasy contest operator is not subject to the requirements of section 12-15.5-106 (2) regarding an annual audit, and a small fantasy operator is subject to section 12-15.5-105 (3); and
(b) The director shall:
(I) Establish a registration process for small fantasy contest operators; and
(II) Not initiate an investigation of a potential violation of this article by a small fantasy contest operator except upon the filing of a complaint with the director that the director reasonably believes warrants investigation.
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