(1) It is determined by the General Assembly that the business of conducting dog racing and pari-mutuel wagering thereon is so clothed with the public interest that the operation should be closely regulated and controlled to the end that the operation will not be conducted in a manner detrimental to the public interest of this state and its citizens and that the policy and manner of operation of the business is largely determined by those who have substantial financial interests in the corporate franchise holder.
(2) Therefore, it is the purpose and intent of §§ 23-111-402 — 23-111-405 and 23-111-407 — 23-111-409 to broaden, clarify, and strengthen the authority of the Arkansas Racing Commission to investigate the personal background of officers, directors, and principal stockholders of applicants for, and holders of, franchises to conduct dog racing in this state and to deny application for, suspend, or revoke a dog racing franchise upon the basis of the personal background of an officer, director, or principal stockholder of an applicant for, or holder of, a franchise, in order that the commission can better perform its duty to regulate and control dog racing in this state in the public interest.