23 CAR § 358-1315
Whenever it is the judgment of the Arkansas Racing Commission that the public interest will be served by requiring any or all of the corporation’s lenders, holders of evidences of indebtedness, underwriters, key executives and agents, employees, or other persons dealing with the corporation and having the power to exercise a significant influence over decisions made by the corporation to be licensed, the commission shall serve a notice of such determination upon the corporation, and if the person, persons, or other entity or entities which are the subject to such determination shall not have, within thirty (30) days following the service of such notice, applied for a license, the corporation may be deemed to have failed to comply.