Maryland § 11-316

§ 11-316.

    (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.