A licensee must report any change in ownership when the change would result in any person or organization becoming a substantial interest holder. Changes in ownership are allowed under the following conditions:
Ownership changes to be reported
(1) The following changes must be reported to us when:
(a) A person or organization becomes a substantial interest holder when they were not a substantial interest holder immediately before the transaction; or
(b) A substantial interest holder purchases any additional stock.
(2) Each notification must:
(a) Be submitted in writing on a form provided by us within thirty days of the close of a change of ownership; and
(b) Include the required fee; and
(i) For corporations—A copy of the meeting minutes detailing the change of ownership; or
(ii) For limited liability companies (LLC)—An amended LLC agreement that includes the new member(s).
New owners must qualify for a license
(3) The gambling license(s) of any corporation or LLC in which a person holds or acquires a substantial interest may be revoked if the new person is not qualified to hold a gambling license.
Review and investigation
(4) An investigation of each transaction will be conducted by us to determine the details of the transaction and the qualifications of each substantial interest holder.
[Statutory Authority: RCW 9.46.070
. WSR 08-03-062 (Order 623), § 230-06-107, filed 1/14/08, effective 2/14/08.]