{"data":{"id":"us-md/md.-code-business-regulation-11-316","jurisdiction":"us-md","citation":"Md. Code, Business Regulation § 11–316","heading":"","body":"(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.\n(b) (1) The Commission shall adopt regulations to carry out this section.\n(2) The regulations shall:\n(i) require a personal and financial background check of the prospective buyer;\n(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\n(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.\n(3) The background check shall include:\n(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;\n(ii) an income statement for the most recent year;\n(iii) a statement of financial and related records of any person in which the prospective buyer has at least a majority interest;\n(iv) a disclosure of each financial interest in racing;\n(v) a disclosure of each person who will have beneficial ownership of the licensee as a result of the purchase;\n(vi) a criminal history records check under § 11-312 of this subtitle; and\n(vii) a character review.","path":["Article - Business Regulation"],"source_url":"https://mgaleg.maryland.gov/mgawebsite/Laws/StatuteText?article=gbr\u0026section=11-316","current_through":"2026-01-01","vintage":"","retrieved_at":"2026-09-14T19:56:23Z","sha256":"0fc44738966cfecdc555b14a4be49b7a2ef2027f19d8c0a6ab28ece11cc23ecb","source_id":"us-md","stale":false,"prev":"us-md/md.-code-business-regulation-11-315","next":"us-md/md.-code-business-regulation-11-317"},"notice":"GroundRules: Original legal text. Not legal advice."}