1. (a) Before a prospective buyer buys a majority controlling interest in a licensee, the Commission shall review the personal and financial background of the prospective buyer.

2. (b)

   1. (1) The Commission shall adopt regulations to carry out this section.

   2. (2) The regulations shall:

      1. (i) require a personal and financial background check of the prospective buyer;
      2. (ii) specify a period of time to review the required personal and financial information before a purchase or transfer of racing days is made; and
      3. (iii) require that notice and an invitation to comment be given to the Legislative Policy Committee at least 15 days before final approval of a purchase or transfer of racing days resulting from a purchase.

   3. (3) The background check shall include:

      1. (i) a review by a certified public accountant of certified financial statements, including contingent or pledged liabilities, sufficient to determine the ability of the prospective buyer to buy and maintain the licensee;
      2. (ii) an income statement for the most recent year;
      3. (iii) a statement of financial and related records of any person in which the prospective buyer has at least a majority interest;
      4. (iv) a disclosure of each financial interest in racing;
      5. (v) a disclosure of each person who will have beneficial ownership of the licensee as a result of the purchase;
      6. (vi) a criminal history records check under § 11-312 of this subtitle; and
      7. (vii) a character review.

Added by Acts 1992, c. 4, § 2. Amended by Acts 2002, c. 418, § 3, eff. Oct. 1, 2002.

Formerly Art. 78B, § 13.