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 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 § 11-312 of this subtitle; and(vii) a character review.