(a) Except as provided in subsection (b) of this section, a license issued under this subtitle may not be:
(1) transferred or assigned to another person; or
(2) pledged as collateral.
(b) (1) A licensee may not sell or otherwise transfer more than 5% of the legal or beneficial interests of the licensee unless:
(i) the licensee notifies the Commission of the proposed sale or transfer;
(ii) the Commission determines that the proposed buyer or transferee meets the requirements of this subtitle; and
(iii) the transfer is consistent with the policies and intent of § 9–1A–18 of this subtitle.
(2) Unless the Commission needs a longer time to determine whether the proposed buyer or transferee meets the requirements of this subtitle, if the requirements of paragraph (1) of this subsection are not satisfied, a license issued under this subtitle is automatically revoked 90 days after the sale or transfer.
Structure Maryland Statutes
Title 9 - Miscellaneous Executive Agencies
Subtitle 1A - Video Lottery Terminals
Section 9-1A-02 - Operation of Video Lottery Terminals
Section 9-1A-03 - Scope of Subtitle
Section 9-1A-04 - Powers and Duties of Commission
Section 9-1A-08 - Additional Information Required; Disqualification of Applicants
Section 9-1A-09 - Eligibility for Funding Racing Licensees
Section 9-1A-10 - Minority Business Requirements; Employment Requirements
Section 9-1A-11 - Requirements for Commencement of Operations; Sanctions
Section 9-1A-12 - Requirements for Contractors Not Licensees
Section 9-1A-14 - Employee Licenses
Section 9-1A-15 - Manufacturer License Requirements
Section 9-1A-17 - Renewal of License
Section 9-1A-18 - License Is Revocable Privilege; Property Right Not Created
Section 9-1A-19 - Transferability of License or Interests
Section 9-1A-20 - Background Investigations
Section 9-1A-21 - Equipment to Be Owned or Leased and Controlled by Commission
Section 9-1A-22 - Target Average Payout Percentage
Section 9-1A-23 - Operation in General
Section 9-1A-25 - Violations; Sanctions; Effect on Other Laws
Section 9-1A-26 - Daily Electronic Transfer of Proceeds; Accounting and Distribution
Section 9-1A-27 - Distribution of Proceeds
Section 9-1A-28 - Purse Dedication Account
Section 9-1A-28.1 - Purse Dedication Account -- Benefit Programs
Section 9-1A-29 - Racetrack Facility Renewal Account
Section 9-1A-30 - Education Trust Fund
Section 9-1A-31 - Local Impact Grants; Local Development Council
Section 9-1A-32 - Transportation
Section 9-1A-33 - Problem Gambling Fund
Section 9-1A-36 - Video Lottery Facility Location Commission
Section 9-1A-37 - Participation of Commission in Legislative Process