Current through 2024 Session Acts Chapter 111 and 2024 Special Session Acts Chapter 4
Section 9-566 - [Effective 1/1/2025] [Presumption of controlling influence](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.Added by L. 2024, ch. 64,§ 12, eff. 7/1/2024.