Amends TCA Title 4; Title 29; Title 39; Title 47, Chapter 18 and Title 67.

Under current law, a person seeking to be a licensed fantasy sports operator must submit an application, and the required fee, to the secretary of state. This bill transfers such licensure program from the secretary of state to the sports wagering advisory council.<br /> <br /> This bill requires that a license of permit issued by the secretary of state prior to the effective date of this bill remain valid on and after the effective date and is deemed to be a license issued by the sports wagering advisory council. Until emergency or permanent rules are adopted by the sports wagering advisory council, the existing rules governing fantasy sports adopted by the secretary of state remain in full force and effect. <br /> <br /> This bill also requires the secretary of state and its office to assist and facilitate the transfer of its duties and powers to the sports wagering advisory council. Upon the promulgation of emergency or permanent rules by the sports wagering advisory council, the secretary of state must transfer all remaining funds collected for the administration of the Fantasy Sports Act to the sports wagering advisory council. Contracts executed by the secretary of state prior to this bill's effective date remain valid on and after the effective date and are assigned to the sports wagering advisory council upon their promulgation of emergency of permanent rules. These contracts remain in full force and effect until such time as the contracts expire by their original terms, at which time the contracts may be renewed by the sports wagering advisory council.<br />