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. The Commission shall adopt regulations to carry out this section. The regulations shall: require a personal and financial background check of the prospective buyer; specify a period of time to review the required personal and financial information before a purchase or transfer of racing days is made; and 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. The background check shall include: 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; an income statement for the most recent year; a statement of financial and related records of any person in which the prospective buyer has at least a majority interest; a disclosure of each financial interest in racing; a disclosure of each person who will have beneficial ownership of the licensee as a result of the purchase; a criminal history records check under § 11-312 of this subtitle; and a character review.