The band formed in Calgary in 1979, and was comprised of musicians who were veterans of other bands, making them something of a local all star band. Legend has it that their initial demo recordings were rejected by every major label in the U.S.; they eventually signed with Columbia Records of Canada. The resulting album almost immediately became a huge hit in Canada, and crossed over to become a major success in the U.S., as well.
Led by singer Mike Reno (he of the headband and tight red leather pants) and guitarist Paul Dean, the band's name came about somewhat randomly. The band was originally named Cover Girl, after seeing a magazine ad for the cosmetics; over time the name changed to Cover Boy and then Loverboy.
"Notorious" is a later and lesser-known song (hence its inclusion on ERV), and it was the band's last U.S. top 40 hit at #38. It was the lead single off their 1987 Wildside album, the last album before the band broke up due to creative differences in 1988. They since re-formed in 1991 and I believe are together as of this writing (with the exception of original bassist Scott Smith, who died in a boating accident in 2000).
Oh, and the video is about as lightweight as it gets, with girls, a Ferrari and some savoir faire thrown around in a seemingly random pattern. But I still like it.
Cool trivia fact: "Notorious" was co-written by Jon Bon Jovi and Richie Sambora (along with Mike Reno, Paul Dean and professional songwriter Todd Cerney).