A transfer of licenses shall be done in accordance with the following:
(1) A license issued under this chapter shall not be transferable or assignable.
(2) A substantial change in ownership in a licensee shall result in termination of the license unless prior written approval has been obtained from the commission. A request for approval of a substantial change in ownership shall be made on a form designated by the commission. Upon receipt of all required information, the commission shall, as soon as practicable, make a determination whether to authorize and approve the substantial change in ownership.
(3) Notice of a nominal change in ownership shall be filed with the commission within 15 days of the execution of the documents upon which the proposed nominal change in ownership will be based.
(4) For purposes of paragraph (3), notice is not required for any of the following:
(i) A nominal change in ownership if the licensee is a publicly traded corporation.
(ii) The transfer of an ownership interest in a licensed racing entity, whether substantial or nominal, direct or indirect, if by a publicly traded corporation, and if the beneficial ownership transferred is acquired by an individual who holds the voting securities of the publicly traded corporation for investment purposes only.
(5) Any attempt to effect a substantial change in ownership under this section if not done so in writing shall be considered void by the commission.