Bingo games - Certain activities prohibited; value of prizes.

(a) It is the intention of the Legislature that only qualified organizations which are properly issued bingo permits and other licenses, pursuant to this part, shall be allowed to operate bingo games. A qualified organization shall not lend its name or allow its identity to be used by any other person or organization in the operating or promoting of a bingo game.

(b) It shall be unlawful for one or more qualified organizations to pyramid the valuation of prizes or money in such a manner as to exceed the limits in cash or gifts of equivalent value as provided in Section 45-49-150.09. The term equivalent value shall mean the fair market value of any gift as given as a prize in a bingo game.

(c) The bingo permit holder shall announce and make known to all bingo players the dollar value of each and every bingo prize to be given at each and every bingo game at each bingo session.

(Act 83-731, p. 1184, § 7; Act 93-710, p. 1375, § 1.)