A. After a hearing with fifteen days' notice the Commission may suspend or revoke any license, or fine the holder thereof a sum not to exceed $100,000, in any case where it has reason to believe that any provision of this chapter, or any regulation or condition of the Commission, has not been complied with or has been violated. The Commission may revoke a license if it finds that facts not known by it at the time it considered the application indicate that such license should not have been issued.

B. The Commission shall revoke any license issued under § 59.1-382 for the operation of a satellite facility if the licensee, within one year of issuance of the satellite facility license, fails to conduct live racing at a racetrack licensed pursuant to § 59.1-382 or fails to conduct, without the permission of the Commission, the live racing days assigned to the licensee by the Commission.

C. The Commission, at a meeting at which a quorum of the members is present, may summarily suspend any license for a period of not more than ninety days pending a hearing and final determination by the Commission if the Commission determines that emergency action is required to protect the public health, safety and welfare including, but not limited to, revenues due the Commonwealth, localities and the horsemen's purse account. The Commission shall (i) schedule a hearing within fourteen business days after the license is summarily suspended and (ii) notify the licensee not less than five business days before the hearing of the date, time, and place of the hearing.

D. Deliberations of the Commission hereunder shall be conducted pursuant to the provisions of the Virginia Freedom of Information Act (§ 2.2-3700 et seq.). If any such license is suspended or revoked, the Commission shall state its reasons for doing so, which shall be entered of record. Such action shall be final unless appealed in accordance with § 59.1-373. Suspension or revocation of a license by the Commission for any violation shall not preclude criminal liability for such violation.

1988, c. 855; 1991, c. 591; 1995, cc. 212, 275; 2000, c. 1031.