a) An ownership interest in an entity holding a master sports wagering license or a management services provider license may only be transferred with leave of the Board. An ownership interest in a business entity, other than a publicly traded corporation, that has an interest in an entity holding a master sports wagering license or a management services provider license may only be transferred with leave of the Board.

1. 1) Any individual or entity filing an application for transfer of any ownership interest under this Section must submit a Business Entity Form or Personal Disclosure Form, as appropriate, and any other information specifically requested by the Board. All costs associated with Board investigation of the applicant for transfer will be borne by the licensee in which the transfer of ownership interest is being sought.
2. 2) The Board shall determine suitability for transfer based on the same criteria as for a finding of suitability for licensure (see Section 1900.510).
3. 3) If the Board denies the application for transfer, it shall issue the applicant a Notice of Denial. An applicant served with a Notice of Denial may request a hearing under Subpart H. If a hearing is not requested, the Notice of Denial becomes the final order of the Board denying the application for transfer.

c) Transferability of Ownership in Publicly Traded Parent Corporation. The Board shall investigate the suitability for transfer of any person who, individually or in association with others, acquires directly, indirectly or beneficially, ownership of more than 5% of any class of voting or non-voting with conversion rights securities of a publicly traded corporation that holds an ownership interest in an entity holding a master sports wagering license or a management services provider license.

1. 1) Any such person must submit a Business Entity Form or Personal Disclosure Form, as appropriate, and any other information specifically requested by the Board. All costs associated with Board investigation of the applicant for transfer will be borne by the licensee in which the publicly traded corporation holds an interest.
2. 2) Board decision as to suitability for transfer will be based on the criteria for a finding of preliminary suitability for licensure (see Section 1900.510).
3. 3) If the Board denies the application for transfer, it shall issue the applicant a Notice of Denial. An applicant served with a Notice of Denial may request a hearing under Subpart H. If a hearing is not requested, the Notice of Denial becomes the final order of the Board denying the application for transfer.

4. 4) Commencing as of the date the Board issues a Notice of Denial, it shall be unlawful for the applicant served with the Notice:

   1. A) To receive any dividends or interest upon any such securities;
   2. B) To exercise, directly or indirectly, any right conferred by the securities; or
   3. C) To receive any remuneration in any form from any person or entity holding any license under the Act for services rendered or otherwise.

5. 5) Within 30 calendar days after the earlier of either the failure of an applicant served with a Notice of Denial to request a hearing or the issuance of a final order pursuant to Subpart H:

   1. A) The holder of the affected license shall purchase all of the interests in the holder of the owner's license from the disqualified person or entity; and
   2. B) The disqualified person or entity shall sell all of the subject interest in the holder of the license to the licensee at the lesser of the market price or purchase price of those interests in the holder of the license.