Maryland Statutes
Subtitle 3 - Licensing and Responsibilities of Licensees
Section 11-316 - Background Review of Prospective Buyers

(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 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.

Structure Maryland Statutes