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§ 11-316. Prospective buyers background review

West's Annotated Code of MarylandBusiness Regulation

West's Annotated Code of Maryland
Business Regulation (Refs & Annos)
Title 11. Horse Racing (Refs & Annos)
Subtitle 3. Licensing and Responsibilities of Licensees (Refs & Annos)
MD Code, Business Regulation, § 11-316
§ 11-316. Prospective buyers background review
Currentness
(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.

Credits

Added by Acts 1992, c. 4, § 2. Amended by Acts 2002, c. 418, § 3, eff. Oct. 1, 2002.
Formerly Art. 78B, § 13.
MD Code, Business Regulation, § 11-316, MD BUS REG § 11-316
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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