(1) Every application for a business license, excluding applications for initial or renewal race meet licenses pursuant to sections 44-32-505 and 44-32- 512, shall be made under oath and filed with the commission and shall set forth the information as the rules of the commission may require in connection with the application. (2) To determine whether a license shall be granted, the commission shall have the right to examine the financial and other records of the applicant and to compel the production of records and documents. (3) The commission has discretion to grant or deny a business license if it finds that any applicant or any of the directors, officers, or original stockholders of a corporate applicant have violated any of the provisions of this article 32 or any rules of the commission, or failed to pay any of the sums required under this article 32, or as it determines, from the application, the character, financial ability, and experience of each individual applicant or the officers and director of each corporate applicant to be for the best interests of the state and the racing industry. (4) When conducting investigations pursuant to this section, to the extent possible, the commission shall utilize investigative information of other state racing jurisdictions. The commission may investigate an existing licensee who is seeking to acquire ownership of another existing license. (5) Any unexpired license held by any person who has been convicted by the commission of violating any of the provisions of this article 32 or any rule of the commission, or who has willfully or fraudulently made any false statement in any application for a license, or who fails to pay to the commission any and all sums required under the provisions of this article 32 is subject to cancellation or revocation by the commission. (6) The commission shall have the power to issue subpoenas for the appearance of persons and the production of documents and other things in connection with applications before the commission or in the conduct of investigations.
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