Passive investor means a person that: 1. Does not have the power to elect a majority of key individuals or executive officers, managers, directors, trustees or other persons exercising managerial authority of a person in control of a licensee; 2. Is not employed by and does not have any managerial duties of a licensee or person in control of a licensee; 3. Does not have the power to exercise, directly or indirectly, a controlling influence over the management or policies of a licensee or person in control of a licensee; and 4. Does either of the following: (a) Attests to the characteristics set forth in subsections 1, 2 and 3 in a form prescribed by the Commissioner; or (b) Commits to the characteristics set forth in subsections 1, 2 and 3 in a written document.
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