68 IAC 1-1-86 "Substantial owner" defined

Sec. 86. "Substantial owner" means any: (1) person who is not an institutional investor, who holds any direct, indirect, or attributed legal or beneficial interest, and whose combined direct, indirect, or attributed interest is five percent (5%) or more ownership interest in a business entity; or (2) institutional investor holding fifteen percent (15%) or more ownership interest in a business entity.