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Ch. 418 2002 LAWS OF MARYLAND
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(2) INFORMATION OBTAINED FROM THE CENTRAL REPOSITORY UNDER
THIS SECTION SHALL BE:
(I) CONFIDENTIAL AND MAY NOT BE DISSEMINATED; AND
(II) USED ONLY FOR THE PURPOSE AUTHORIZED BY THIS SECTION.
(3) THE SUBJECT OF A CRIMINAL HISTORY RECORDS CHECK UNDER
THIS SECTION MAY CONTEST THE CONTENTS OF THE PRINTED STATEMENT ISSUED
BY THE CENTRAL REPOSITORY AS PROVIDED IN § 10-223 OF THE CRIMINAL
PROCEDURE ARTICLE.
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 [background review] HISTORY RECORDS CHECK
UNDER § 11-312 OF THIS SUBTITLE; and
(vii) a character review.
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SECTION 4. AND BE IT FURTHER ENACTED, That this Act shall take
effect October 1, 2002.
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- 3204 -
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