§ 11–316
Statutes in effect as of October 1, 2026.
Md. Code Ann., Bus. Reg. § 11-316 (2026)
Title 11. Horse Racing
Subtitle 3. Licensing and Responsibilities of Licensees
§ 11–316LinkCopy Citation
(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.