§ 3502. Terminal operator licenses
Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 4 Pa.C.S.A. AmusementsEffective: October 30, 2017
Effective: October 30, 2017
4 Pa.C.S.A. § 3502
§ 3502. Terminal operator licenses
(5) The consent to conduct a background investigation by the board, the scope of which investigation shall be determined by the bureau in its discretion consistent with the provisions of this part, and a release signed by all persons subject to the investigation of all information required to complete the investigation.
(b) Character requirements.--An application for a terminal operator license shall include such information, documentation and assurances as may be required to establish by clear and convincing evidence of the applicant's suitability, including good character, honesty and integrity. The application shall include, without limitation, information pertaining to family, habits, character, reputation, criminal history background, business activities, financial affairs and business, professional and personal associates, covering at least the 10-year period immediately preceding the filing date of the application.
(g) Classification system.--The board shall develop a classification system for other agents, employees or persons who directly or indirectly hold or are deemed to be holding debt or equity securities or other financial interest in the applicant and for other persons that the board considers appropriate for review under this section.
(2) The board may require that lenders and underwriters of intermediaries, subsidiaries or holding companies of a terminal operator license applicant meet the requirements of subsection (f) if the board determines that the suitability of a lender or underwriter is at issue and necessary to consider a pending application for a terminal operator license.
(j) Waiver for publicly traded corporations.--The board may waive the requirements of subsection (f) for a person directly or indirectly holding ownership of securities in a publicly traded corporation if the board determines that the holder of the securities does not have the ability to control the corporation or elect one or more directors thereof.
(1) The board shall require an applicant for a terminal operator license to produce the information, documentation and assurances concerning financial background and resources as the board deems necessary to establish by clear and convincing evidence the financial stability, integrity and responsibility of the applicant, its affiliate, intermediary, subsidiary or holding company, including, but not limited to, bank references, business and personal income and disbursement schedules, tax returns and other reports filed with governmental agencies and business and personal accounting and check records and ledgers.
(1) The board shall require an applicant for a terminal operator license to produce the information, documentation and assurances as may be necessary to establish by clear and convincing evidence the integrity of all financial backers, institutional investors, investors, mortgagees, bondholders and holders of indentures, notes or other evidences of indebtedness, either in effect or proposed.
(1) The board shall require an applicant for a terminal operator license to produce the information, documentation and assurances as the board may require to establish by clear and convincing evidence that the applicant has sufficient business ability and experience to create and maintain a successful, efficient operation.
(1) The organization, financial structure and nature of all businesses operated by the person, including any affiliate, intermediary, subsidiary or holding companies, the names and personal employment and criminal histories of all officers, directors and key employees of the corporation; the names of all holding, intermediary, affiliate and subsidiary companies of the corporation; and the organization, financial structure and nature of all businesses operated by such holding, intermediary and subsidiary companies as the board may require, including names and personal employment and criminal histories of such officers, directors and principal employees of such corporations and companies as the board may require.
Credits
2017, Oct. 30, P.L. 419, No. 42, § 32.3, imd. effective.
4 Pa.C.S.A. § 3502, PA ST 4 Pa.C.S.A. § 3502
Current through Act 11 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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