(a)

1. (1) If a person who is the owner of an interest in a licensed gaming operation proposes to transfer any portion of his or her interest to a person who is then the owner of an interest in such licensed gaming operation, both parties shall give written notice of such proposed transfer to the Arkansas Racing Commission, including the names and addresses of the parties, the extent of the interest proposed to be transferred, and the consideration therefor.

2. (2) In addition, the proposed transferee shall furnish to the commission:

   1. (A) A sworn statement setting forth the source of funds to be used by the proposed transferee in acquiring such interest; and
   2. (B) Such further information as it or the commission may require.

(b)

1. (1) The commission shall conduct such investigation pertaining to the transaction as it or the commission may deem appropriate and shall report the results thereof to the commission.
2. (2) If the commission does not give notice of disapproval of the proposed transfer of interest within thirty (30) days after the receipt by it of the report of the commission, the proposed transfer of interest will be deemed approved and the transfer of interest may then be effected in accordance with the terms of transfer as submitted to the commission.