(1) It is the intent of the General Assembly to recognize the rich history of greyhound racing in the state and to provide clarity in the law regarding payable winnings agreements to ensure that the purpose of The Arkansas Casino Gaming Amendment of 2018, Arkansas Constitution, Amendment 100, is met while maintaining the traditions related to greyhound racing.
(2) As used in this section: “Owner” means the person whose name the greyhound is registered under with the National Greyhound Association;
(3) “Payable winnings” means moneys payable to a payee entitled to collect the moneys due to the owner's greyhound's winning a greyhound race.
(4) “Payable winnings” does not include net casino gaming receipts as defined in The Arkansas Casino Gaming Amendment of 2018, Arkansas Constitution, Amendment 100;
(5) “Payee” means the person to whom the payable winnings are due; and
(6) “Payor” means an individual, corporation, partnership, association, trust, or other entity holding a franchise to conduct greyhound racing under this chapter.
(7) At the payee's direction, a payee may enter into a written payable winnings agreement that authorizes: A percentage or agreed-upon amount of the payable winnings to be deducted from the payable winnings by the payor at the payee's request; and
(8) The payment of moneys from the payable winnings to be paid to a nonprofit organization described in 26 U.S.C. § 501(c), as in effect on January 1, 2019, as designated by the payee.
(9) Payable winnings included in a payable winnings agreement shall be paid first to the nonprofit organization listed in the payable winnings agreement, with the remainder paid to the payee.