(b) An officer or director of a holding company who:

1. (1) Would otherwise be required to be found suitable pursuant to subsection (a) of this section;
2. (2) Does not serve on any committee to which is delegated the authority of the Arkansas Racing Commission to act in any matter involving the activities of a corporate casino licensee; and

3. (3)

   1. (A) Does not have a relationship to a holding company of a type described in this part with respect to publicly traded corporations is not required to be found suitable or licensed and must register in that capacity with the commission if the holding company is not, directly or indirectly, a general partner or manager of any licensee and does not control any licensee.
   2. (B) A person who is required to be registered by this section shall apply for registration within thirty (30) days after the person assumes office.

(c)

1. (1) If the commission finds a person who has a relationship to a holding company of a type described in this part with respect to publicly traded corporations unsuitable, denies an application of the person, or revokes an approval of the person, the person and the holding company shall comply with the following.
2. (2) If any officer, employee, director, partner, principal, manager, member, trustee, or direct or beneficial owner required to be found suitable fails to apply for a finding of suitability or a gaming license within thirty (30) days after being requested so to do by the commission, is not found suitable, or is denied a license by the commission, or if his or her license or the finding of his or her suitability is revoked after appropriate findings by the commission, the holding company or intermediary company, or both, shall immediately remove that person from any position in the administration or supervision of, or any other significant involvement with, the activities of a licensee.
3. (3) If the commission suspends the suitability or license of any officer, employee, director, partner, principal, manager, member, trustee, or owner, the holding company or intermediary company, or both, shall, immediately and for the duration of the suspension, suspend the person from performing any duties in administration or supervision of the activities of the licensee and from any other significant involvement therewith.

(d) An application for registration with the commission shall:

1. (1) Include a completed application for registration form as prescribed by the commission;
2. (2) Include fully executed waivers and authorizations as determined necessary by the commission to investigate the registrant;
3. (3) Include an affirmative statement that the registrant submits to the jurisdiction of the commission;
4. (4) Include an affirmative statement that the registrant has no intent to exercise control over the licensee;

5. (5)

   1. (A) Include the fingerprints of the registrant for purposes of investigating the registrant’s criminal history.
   2. (B) Such fingerprints shall be provided in a form and manner acceptable to the commission.
   3. (C) The commission, in the commission’s sole and absolute discretion, may waive this requirement upon a written request which specifically sets out the reasons for the request for waiver;

6. (6) Be accompanied by a fee to cover registration investigation costs as follows:

   1. (A) For registrations related to two (2) or fewer restricted licenses, an investigative fee in the amount of five hundred fifty dollars ($550); and
   2. (B)

(i) For all other registrations, an investigative fee in the amount of two thousand five hundred dollars ($2,500).

1. (ii) This fee does not include the application fee or investigation costs should the commission require the registrant to apply for licensure; and
2. (7) Include such other information as the commission may require.

(e)

1. (1) The commission may require a person who is required to be registered by this section to apply for a finding of suitability or licensure at any time in the commission’s discretion by sending notice through the United States Postal Service to the registrant at the address on the registrant’s registration on file with the commission and to the holding company at the address on file with the commission.
2. (2) Such person shall apply for a finding of suitability or licensure as required by the commission within forty (40) days of the individual’s receipt of notice.
3. (3) The notice shall be deemed to have been received by such person five (5) days after such notice is deposited with the United States Postal Service with the postage thereon prepaid.

(f)

1. (1) Upon receipt of a completed application for registration with the commission, the application shall be placed on an agenda for consideration by the commission not later than the first regular monthly commission agenda following the expiration of one hundred twenty (120) days after the commission receives the completed application for registration with the commission.

2. (2)

   1. (A) At the meeting in which the commission considers the application, it shall:

      1. (i) Register the person with the commission;
      2. (ii) Decline to register the person with the commission; or
      3. (iii) Refer the application back to staff.
   2. (B) At the meeting in which the commission considers the application, it may also recommend the commission require the person required to be registered by this section to apply for licensure.
   3. (C) If the commission declines to register a person pursuant to this subsection, such action in so declining to register a person with the commission shall not be considered a denial under the act.
3. (3) A person who has the person’s application for registration with the commission declined or referred back to staff may file an application for licensure even if not required to do so by the commission.

(g)

1. (1) In enacting this subpart, the commission finds that waiver is appropriate to the extent required by this section.
2. (2) In making this waiver, the commission finds such waiver is consistent with state policy because such waiver is for purposes including but not limited to fostering the growth of the gaming industry which is vitally important to the economy of the state and the general welfare of its inhabitants and broadening the opportunity for investment in gaming.
3. (3) The commission further finds such waiver does not diminish the commission’s roles in strictly regulating gaming and effectively controlling the conduct of gaming by business organizations because the commission still requires, at a minimum, registration with the commission of all persons involved with gaming and may call such persons subject to registration with the commission forward for licensure, registration with the commission, or findings of suitability.

(h)

1. (1) Upon the commission requiring a person who has a relationship to a holding company of a type described in 23 CAR § 358-1710(c) and § 358-1710(d) with respect to publicly traded corporations who is required to be registered by this section to apply for licensure, the person does not have any right to the granting of the application.
2. (2) Any license hereunder is a revocable privilege, and no holder acquires any vested right therein or thereunder.
3. (3) Judicial review is not available for decisions of the commission made or entered under the provisions of this section.