# Business Regulation (GBR)

## Title 11. Horse Racing

### Subtitle 3. Licensing and Responsibilities of Licensees

#### Section 11-316

(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 Sec. 11-312 of this subtitle; and

    (vii) a character review.

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