(1) “Applicant” means a new owner or individual in control of an ownership interest of a cardroom business licensee or TPPPS business licensee, who submits an application to the Bureau for an interim owner category license pursuant to Section 12136.

(2) “Interim owner category license” means a license issued by the Commission which permits the interim operation of a cardroom business licensee or TPPPS business licensee following a qualifying event, during which time the Bureau processes and the Commission considers an application for a regular license from a new owner.

(3) “New owner” means an individual who is a trustee (other than a trustee in bankruptcy), beneficiary, successor in interest, or security interest holder who becomes an owner of, or obtains an ownership interest in a cardroom business licensee or TPPPS business licensee as a result of a qualifying event.

(4) “Qualifying event” means an event, such as those specified in Business and Professions Code section 19841, subdivision (s), that results in a change in the ownership for sole proprietors or in the control of the ownership interest for non-natural persons of a cardroom business license or TPPPS business licensee and prevents the cardroom business license or TPPPS business licensee from conducting gambling operations or the provision of third-party proposition player services because the new owner or individual(s) in control does not hold a valid license. A qualifying event does not include any planned or negotiated transaction where a current licensee retains the capacity and authority to continue gambling operations or the provision of third-party proposition player services until approval of the transaction and issuance of any license by the Commission (e.g., a sale, the transfer of shares, incorporation, etc.).

(5) “Regular license” means an initial cardroom owner type license or initial TPPPS owner type license, as appropriate, issued by the Commission pursuant to Section 12112.