(1) Appointment to the commission or to the position of director or employment in the division of racing events is a position of public trust, and therefore, in order to ensure the confidence of the people of the state in the integrity of the division and the commission, the director and members of the commission and the employees of the division are subject to this section. While serving as director or as a member of the commission or while employed by the division, no person nor any member of the person's immediate family shall: (a) Hold any pecuniary interest in any racetrack operating within the state of Colorado nor in any stable, compound, or farm that houses animals licensed or registered to race within the state of Colorado; (b) Wager money or any other chattel of value on the result of any race or race meet or sweepstakes conducted within the state of Colorado or conducted outside the state and simulcast into the state; (c) Hold any pecuniary interest in any out-of-state host track or derive any pecuniary benefit from the racing of any animal at the track; (d) Hold more than a five percent interest in any entity doing business with a track; or (e) Have any interest of any kind in a license issued pursuant to this article 32, nor have any interest, direct or indirect, including employment, in any licensee, licensed premises, establishment, or business involved in or with pari-mutuel wagering. (2) Failure to comply with the provisions of this section shall be grounds for removal from office. (3) For purposes of this section, "immediate family" means a person's spouse and any children actually living with the person.
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