R 432.1502 Application for transfer of ownership.

Rule 502. (1) A person desiring to acquire an ownership interest in a person applying for or holding a casino license or supplier license shall complete and submit application and disclosure forms, in the manner and form prescribed by the board, for qualification as part of an application for a casino license or supplier license as set forth in part 3 of these rules and shall submit a request for board approval of the transfer of ownership interest. (2) A person desiring to acquire an interest in a person applying for or holding a casino license or supplier license shall present evidence that the person desiring to acquire the interest is eligible, qualified, and suitable under the standards and criteria for qualification and licensure set forth in the act and these rules. The person desiring to acquire the interest bears the burden of proving his or her eligibility, qualifications and suitability by clear and convincing evidence. (3) A person applying for or holding a casino license or supplier license that is attempting to transfer an ownership interest shall submit any information or documentation deemed necessary by the board to ensure compliance with the act and these rules.