Section 11-313 - Financial disclosure by licensees. - Maryland Statutes

§ 11-313. Financial disclosure by licensees.
 

(a)  Interests in racing.- The Commission shall require a licensee, and each officer or stockholder of a licensee, to disclose to the Commission each financial interest that the person has in racing. 

(b)  Financial statements and audits of licensees.- On or before the 90th day following the end of a licensee's fiscal year, the licensee shall submit to the Commission in the form that the Commission requires: 

(1) an itemized statement under oath for the preceding fiscal year of receipts from all sources and of all expenses and disbursements, including salaries of officers, attorney fees, and lobbying expenses; and 

(2) a certified audit by a certified public accountant of the financial records of the licensee for the preceding fiscal year. 

(c)  Forwarding of statements to Governor and General Assembly.- The audited statements of all licensees shall be sent to the Governor and, subject to § 2-1246 of the State Government Article, to the General Assembly. 

(d)  Audit.- The Office of Legislative Audits shall audit each licensee at least once every 2 years in accordance with the provisions of §§ 2-1217 through 2-1227 of the State Government Article. 
 

[An. Code 1957, art. 78B, § 13; 1992, ch. 4, § 2; 1995, ch. 75; 1997, ch. 635, § 9; ch. 636, § 9; ch. 748, § 2; 2006, ch. 44, § 6; ch. 81.]