(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. (b) (1) The Commission shall adopt regulations to carry out this section. (2) The regulations shall: (i) require a personal and financial background check of the prospective buyer; (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 (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) The background check shall include: (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; (ii) an income statement for the most recent year; (iii) a statement of financial and related records of any person in which the prospective buyer has at least a majority interest; (iv) a disclosure of each financial interest in the most recent year; (iii) a statement of financial and related records of any person in which the prospective buyer has at least a majority interest; (iv) a disclosure of each financial interest in racing; (v) a disclosure of each person who will have beneficial ownership of the licensee as a result of the purchase; (vi) a criminal history records check under § 11-312 of this subtitle; and (vii) a character review.
Maryland Legal Code