Section 11-317 – Transfers
Before a license or racing days may be transferred to a buyer or a lessee of a track: (1) the Legislative Policy Committee shall have been notified at least 15 days before the transfer; (2) the Legislative Policy Committee, if it has chosen to do so, shall have provided comment to the Commission about the transfer; and […]
Section 11-318 – Approval Required for Agreements and Improvements
The Commission may require a licensee to get its approval before the licensee: (1) contracts to pay money; (2) sets a salary, fee, or compensation to be paid; or (3) builds, extends, or improves a track or structure on property that the licensee owns or leases.
Section 11-319 – Administration of Pension Funds
(a) The Maryland Backstretch Employees Pension Fund shall be administered by the organization that represents a majority of the owners and trainers who race thoroughbred horses in the State. (b) The Maryland Race Track Employees Pension Fund shall be administered by representatives of: (1) each mile thoroughbred racing licensee; (2) the Maryland State Fair and Agricultural Society, Inc.; and […]
Section 11-313 – Financial Disclosure by Licensees
(a) The Commission shall require a licensee, and each officer or stockholder of a licensee, to disclose to the Commission each financial interest that the person has in racing. (b) On or before the 90th day following the end of a licensee’s fiscal year, the licensee shall submit to the Commission in the form that the Commission […]
Section 11-314 – Beneficial Ownership
(a) The Commission shall require each licensee to keep records that show the beneficial ownership of the stock of the licensee, whether or not the beneficial ownership is registered or stated on the stock. (b) (1) The Commission shall require a licensee at least once each calendar year to get by written request an affidavit from each owner […]
Section 11-315 – Disclosure Statements to Be Signed Under Oath
A statement required to be submitted to the Commission under § 11-313 or § 11-314 of this subtitle shall be under oath and signed by each officer of the corporate licensee or by the owner or each partner of an unincorporated licensee.
Section 11-316 – Background Review of Prospective Buyers
(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 […]
Section 11-301 – “Beneficial Ownership” Defined
In this subtitle, “beneficial ownership” includes: (1) record ownership; (2) stock or other ownership in an entity in a chain of parent and subsidiary or affiliated entities, any 1 of which participates in the capital or profits of a licensee, regardless of the percentage of ownership involved; (3) an interest that entitles a person to benefits substantially equivalent […]
Section 11-302 – License Required
A person must have an appropriate license whenever the person holds a race meeting in the State where pari-mutuel betting is allowed or a purse, reward, or stake is offered.
Section 11-303 – Applications for Licenses
(a) An applicant for a license shall submit to the executive director of the Commission an application: (1) in the form that the Commission requires; and (2) on or before a day that the Commission sets. (b) The application shall state: (1) the dates of the race meetings desired; (2) the maximum number of racing days desired; and (3) any other information […]