Texas HB2820 sets limits on operating capital for charitable bingo organizations.

Texas HB2820 amends the Occupations Code to establish limits on the amount of operating capital that a licensed authorized organization or a unit of licensed authorized organizations can retain in their bingo account. The amount must be equal to the organization's or unit's actual average bingo expenses per quarter, excluding prizes paid, and cannot exceed $100,000 for a single organization or $100,000 for each member of a unit. Exceptions allow the commission to set higher limits by rule or the bingo operations director to raise the limit for a specific organization or unit.

Texas HB2820 sets limits on operating capital for charitable bingo organizations.

Texas HB2820 amends the Occupations Code to establish limits on the amount of operating capital that a licensed authorized organization or a unit of licensed authorized organizations can retain in their bingo account. The amount must be equal to the organization's or unit's actual average bingo expenses per quarter, excluding prizes paid, and cannot exceed $100,000 for a single organization or $100,000 for each member of a unit. Exceptions allow the commission to set higher limits by rule or the bingo operations director to raise the limit for a specific organization or unit.