Senate Status:
2024 Statute
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9-566. Controlling influence, presumption. (a) A person is presumed to exercise a controlling influence when such person holds the power to vote, directly or indirectly, at least 10% of the outstanding voting shares or voting interests of a licensee or person in control of a licensee. (b) A person presumed to exercise a controlling influence pursuant to this section may rebut the presumption of control if the person is a passive investor. (c) For purposes of determining the percentage of a person controlled by any individual, the individual's interest shall be aggregated with the interest of any other immediate family member, including the individual's spouse, parents, children, siblings, mothers-in-law and fathers-in-law, sons-in-law and daughters-in-law, brothers-in-law and sisters-in-law and any other person who shares such individual's home. (d) This section shall take effect on and after January 1, 2025. |
History: L. 2024, ch. 64, § 12; July 1. |
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