# Business Regulation (GBR)

## Title 11. Horse Racing

### Subtitle 3. Licensing and Responsibilities of Licensees

#### Section 11-301

In this subtitle, "beneficial ownership" includes:

(1) record ownership;

(2) stock or other ownership in an entity in a chain of parent and subsidiary or affiliated entities, any 1 of which participates in the capital or profits of a licensee, regardless of the percentage of ownership involved;

(3) an interest that entitles a person to benefits substantially equivalent to ownership by an agreement, relationship, or other arrangement even though the person is not an owner of record; and

(4) unless there are special circumstances, ownership of a security by a relative of an individual who lives in the home of the individual.

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Md. Code Ann., Bus. Reg. (as displayed at mgaleg.maryland.gov, October 16, 2026)