1. (a) Subject to subsection (b), "associate" means any of the following:

   1. (1) With respect to a particular person, corporation, business entity, or other organization (other than the applicant or an affiliate of the applicant) for which the person is:

      1. (A) an officer;
      2. (B) a partner; or
      3. (C) directly or indirectly the beneficial owner of at least ten percent (10%) of any class of equity securities.

   2. (2) With respect to an individual who is a director or an officer of the applicant or of any of the applicant's affiliates, a:

      1. (A) spouse; or
      2. (B) member of the immediate family sharing the same household.
   3. (3) With respect to a particular person, a trust or other estate in which the person has a substantial beneficial interest or for which the person serves as trustee or in a similar fiduciary capacity.

2. (b) The term does not apply to a person that:

   1. (1) has a beneficial interest in; or

   2. (2) serves as a trustee or in a similar fiduciary capacity for;

      an employee benefit plan.

As added by P.L.226-2023, SEC.30.