125.24 (3), 125.25 (2) (b), 125.26 (2) (b), 125.27 (7), 125.28 (2) (b), 125.29 (2) (a), 125.295 (2) (a) 6., 125.30 (3) (c), and 125.69 (1) are controlling. (d) If a license or permit may not be issued to a person under s. 125.24 (3), 125.25 (2) (b), 125.26 (2) (b), 125.27 (7), 125.28 (2) (b), 125.29 (2) (a), 125.295 (2) (a) 6., 125.30 (3) (c), or 125.69 (1), the person may not acquire an interest prohibited under s. 125.24 (3), 125.25 (2) (b), 125.26 (2) (b), 125.27 (7), 125.28 (2) (b), 125.29 (2) (a), 125.295 (2) (a) 6., 125.30 (3) (c), or 125.69 (1) after the license or permit has been issued. (6) PERMISSIBLE INTERESTS. (a) Notwithstanding subs. (2) to (4), a licensee or permittee may be owned in part by, or grant an ownership interest to, a restricted investor in a different tier if all of the following are satisfied: 1. No single restricted investor holds more than a 10 percent ownership interest in the licensee or permittee, including any passive or disregarded entity connected to the restricted investor. 2. No restricted investor serves as an officer, director, manager, operator, or agent of the licensee or permittee. 3. No restricted investor is involved in the day-to-day operations of the licensee or permittee or exerts any control over such operations beyond the person’s ability to vote as an owner. 4. The aggregate amount of ownership held by all restricted investors in the licensee or permittee does not exceed 49 percent. 5. The licensee or permittee discloses all restricted investors to the division. 6. Each restricted investor executes an affidavit, on a form prescribed by the division, swearing to a complete lack of involvement in the day-to-day operations of, and lack of control over, the licensee or permittee beyond the restricted investor’s ability to vote as an owner. If the restricted investor is a restricted entity, the affidavit shall be executed on behalf of the restricted
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entity by an individual who is an officer or director of the restricted entity or who otherwise has management authority over the restricted entity. (b) A licensee or permittee, or a restricted individual of a licensee or permittee, may enter into a landlordtenant relationship with another licensee or permittee operating in a different tier if all of the following are satisfied: 1. The lease or rental agreement explicitly states that the landlord has no control over or day-to-day involvement in the business of the tenant. 2. No control or involvement in the business of the tenant by the landlord exists. 3. The landlord and tenant maintain compliance with ss.