(a)    Except as provided in subsection (b) of this section, an applicant for a new license for a corporation or limited liability company shall certify to the Board that the applicant:

(1)    is an officer of the corporation or limited liability company;

(2)    meets any other qualification for licensing;

(3)    owns at least a 20% interest of the stock of the corporation or a 20% interest in the limited liability company; and

(4)    will maintain at least 20% of the stock or at least a 20% interest as long as the applicant is the license holder.

(b)    The ownership requirement in subsection (a) of this section does not apply to an applicant for a Class BLX license on behalf of a corporation or limited liability company in which:

(1)    the stock of the corporation or interest in the limited liability company is authorized for sale by the United States Securities and Exchange Commission; or

(2)    a majority of the stock of the corporation or interest in the limited liability company is:

(i)    owned or controlled directly or indirectly by one or more corporations or limited liability companies; and

(ii)    is authorized for sale by the United States Securities and Exchange Commission.

(c)    An applicant for a license for a corporation or limited liability company shall submit to the Board:

(1)    an executed copy of the articles of incorporation or articles of organization; and

(2)    except as provided in subsection (d) of this section, a schedule that shows:

(i)    for each stockholder holding at least 5% of the stock of a corporation, the name, address, and percentage of stock held; or

(ii)    for each member holding at least a 5% interest in a limited liability company, the name, address, and percentage of interest held.

(d)    The schedule requirement under subsection (c)(2) of this subsection does not apply if the stock of the corporation or interest in the limited liability company is authorized for sale by the United States Securities and Exchange Commission.