“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.