Code of Maryland Regulations
Title 09 - MARYLAND DEPARTMENT OF LABOR
Subtitle 10 - RACING COMMISSION
Chapter 09.10.05 - Satellite Simulcast Betting
Section 09.10.05.03 - Personal and Financial Background Investigation
Universal Citation: MD Code Reg 09.10.05.03
Current through Register Vol. 51, No. 19, September 20, 2024
A. For the purpose of this regulation, "financial interest" means 5 percent or more of an ownership or profit interest in an applicant for a satellite simulcast betting permit.
B. The Commission shall:
(1) Conduct a personal and financial
background investigation on the officers of the applicant, if any, and each
person with a financial interest in the applicant;
(2) Obtain from the applicant not less than
three personal references regarding each person specified by § B(1) of
this regulation;
(3) Solicit
responses from references furnished by the applicant and evaluate
them;
(4) Request federal, State,
and local law enforcement authorities, with the cooperation of the persons
specified in § B(1) of this regulation and at the expense of the
applicant, to conduct a criminal background review of persons specified by
§ B(1) of this regulation;
(5)
Direct the applicant to pay financial advisors engaged by the Commission to
review and advise the Commission on all pertinent financial matters for the
applicant and for persons having a financial interest in the applicant in order
to determine the applicant's financial ability to purchase or lease, develop,
and maintain the satellite simulcast betting facility including:
(a) Certified financial statements,
(b) Income statements for the most recent
year preceding the submission of the application, and
(c) Financial statements and related records
of any corporation, association, partnership, proprietorship, limited
partnership, or any other business entity in which a person with a financial
interest in the applicant has at least a majority interest;
(6) Obtain from the applicant the:
(a) Disclosure of all financial interests in
horse racing and other legalized betting activities by those persons specified
in § B(1) of this regulation, and
(b) Identity and the percentage of interest
of all persons with less than a 5 percent financial or beneficial interest in
the applicant, as well as the permission of these persons to have an
investigation conducted on their background by the Commission.
C. If the applicant is a track licensee, the Commission may waive those portions of the personal and financial background check that it considers appropriate.
Disclaimer: These regulations may not be the most recent version. Maryland may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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