(a) Duty to review applications.--The board shall review all applications for a fantasy contest license and may issue a license to any applicant that:

(1) Has submitted a completed application and paid the nonrefundable application fee as required by the board under section 322 (relating to application).

(2) Has demonstrated that the applicant has the financial stability, integrity and responsibility to comply with the provisions of this chapter and regulations established by the board.

(3) Has not been denied an application for a fantasy contest license under subsection (b).

(b) Reasons to deny applications.--The board may deny an application for a fantasy contest license if the applicant:

(1) has knowingly made a false statement of material fact in the application or has deliberately failed to disclose any information requested;

(2) employs a principal or key employee who has been convicted in any jurisdiction of any of the following:

(i) a felony;

(ii) an offense under the laws of another jurisdiction which, if committed in this Commonwealth, would be subject to imprisonment for more than five years; or

(iii) a misdemeanor gambling offense, unless 15 years have elapsed from the date of conviction for the offense.

(3) has at any time knowingly failed to comply with the provisions of this chapter or of any requirements of the board;

(4) has had a registration, permit or license to conduct fantasy contests denied or revoked in any other jurisdiction;

(5) has legally defaulted in the payment of any obligation or debt due to the Commonwealth or is not compliant with taxes due;

(6) is not qualified to do business in this Commonwealth or is not subject to the jurisdiction of the courts of the Commonwealth; or

(7) is found by the board to be unsuitable for licensure or inimicable to the interest of the Commonwealth to offer fantasy contests in this Commonwealth.

(c) Time period for review.--The board shall conclude its review of an application for a fantasy contest license within 120 days of receipt of the completed application. If the fantasy contest license is not issued, the board shall provide the applicant with the justification for not issuing the fantasy contest license.

(d) License fee.--

(1) Within 30 days of the board issuing a fantasy contest license, a successful applicant shall pay to the board a license fee of $50,000.

(2) The license fee collected under this subsection shall be deposited into the General Fund.

(3) If a licensed operator fails to pay the fee required by this subsection, the board shall suspend or revoke the licensed operator's fantasy contest license until payment of the license fee is received.

(e) Abbreviated approval process.--The board, at its discretion, may establish an abbreviated approval process for the issuance of a fantasy contest license to a licensed gaming entity whose slot machine license under Chapter 13 (relating to licensees) and table game operation certificate under Chapter 13A (relating to table games) are in good standing.

Cross References. Section 323 is referred to in sections 322, 327 of this title.