Section 402.60  Application Contents, Substantial Owners

a)         Each application for an occupation license as a concessionaire shall be on forms prescribed by the Board. If the applicant is a corporation, the application shall disclose, among other things, the names and addresses of its directors, officers, and owners of substantial beneficial interest and shall state whether or not any such individuals

1)         have been convicted of a crime,

2)         have been found guilty of a violation of the Illinois Horse Racing Act of 1975 or the rules and regulations of the Board, and

3)         or have been suspended from operating as a concessionaire or denied a permit to operate as a concessionaire at any race track in any other state.

b)         A person owning 5% or more of the equity of an applicant shall be considered a substantial owner for the purposes of these rules.