23 CAR § 358-1512 – Limited liability company noncompliance

(a) Whenever the Arkansas Racing Commission determines that the public interest will be served by requiring any or all of the limited liability company’s lenders, holders of evidences of indebtedness, underwriters, key executives and agents, employees, or other persons dealing with the limited liability company and having the power to exercise a significant influence over decisions by the limited liability company to be licensed, the commission shall serve a notice of such determination upon the limited liability company either personally or by certified mail.
(b) If the person or entity that is the subject of such determination shall not have, within thirty (30) days following the receipt of such notice, applied for a license, the limited partnership may be deemed to have failed to comply.