Section 432.510 – Rules.
432.510 Rules. Sec. 10. The board shall promulgate rules to implement this act under the administrative procedures act of 1969, 1969 PA 306, MCL 24.201 to 24.328, including, but not limited to, rules that address all of the following: (a) Requiring a fantasy contest operator to implement commercially reasonable procedures to prohibit access to both […]
Section 432.511 – Maintenance, Retention, and Organization of Records; Confidentiality.
432.511 Maintenance, retention, and organization of records; confidentiality. Sec. 11. (1) A licensed fantasy contest operator shall retain and maintain in a place secure from theft, loss, or destruction all of the records required to be maintained under this act and the rules promulgated under this act for at least 3 years after the date […]
Section 432.512 – Suspension, Revocation, or Restriction of License; Violation; Fines.
432.512 Suspension, revocation, or restriction of license; violation; fines. Sec. 12. (1) The board may suspend, revoke, or restrict the license of a fantasy contest operator that violates this act, a rule promulgated under this act, or an order of the board. (2) The board may impose a civil fine of not more than $20,000.00 […]
Section 432.513 – Prohibited Conduct; Violation; Crime; Penalties.
432.513 Prohibited conduct; violation; crime; penalties. Sec. 13. (1) A person shall not do any of the following: (a) Except as otherwise provided in section 3, offer a fantasy contest in this state unless the person is licensed by the board. (b) Knowingly make a false statement on an application for a license to be […]
Section 432.514 – Report of Monthly Fantasy Contest Adjusted Revenues; Tax; Exception; Fantasy Contest Fund; Failure to Remit; Penalties; State School Aid Fund.
432.514 Report of monthly fantasy contest adjusted revenues; tax; exception; fantasy contest fund; failure to remit; penalties; state school aid fund. Sec. 14. (1) A fantasy contest operator shall report to the board and pay from its monthly fantasy contest adjusted revenues, on a form and in the manner prescribed by the board, a tax […]
Section 432.515 – Application of Michigan Penal Code.
432.515 Application of Michigan penal code. Sec. 15. A fantasy contest conducted under this act does not violate the Michigan penal code, 1931 PA 328, MCL 750.1 to 750.568. This act does not create an exemption to a violation of chapter XLIV of the Michigan penal code, 1931 PA 328, MCL 750.301 to 750.315a. History: […]
Section 432.516 – Fantasy Contest Fund.
432.516 Fantasy contest fund. Sec. 16. (1) The fantasy contest fund is created in the department of treasury. (2) The state treasurer may receive money or other assets required to be paid into the fund under this act or from any other source for deposit into the fund. The state treasurer shall direct the investment […]
Section 432.505 – Independent Audit.
432.505 Independent audit. Sec. 5. By July 1 of each year, a licensed fantasy contest operator shall contract with a certified public accountant to perform an independent audit in accordance with generally accepted accounting principles of the financial condition of the licensed fantasy contest operator’s total operations for the previous fiscal year and to ensure […]
Section 432.506 – Minor Participation; Prohibit.
432.506 Minor participation; prohibit. Sec. 6. A fantasy contest operator shall prohibit an individual who is less than 18 years of age from participating in a fantasy contest. History: 2019, Act 157, Imd. Eff. Dec. 20, 2019
Section 432.507 – Use of Script; False, Deceptive, or Misleading Advertising; Prohibit.
432.507 Use of script; false, deceptive, or misleading advertising; prohibit. Sec. 7. A licensed fantasy contest operator shall not do any of the following: (a) Allow the use of a script unless the script is made readily available to all fantasy contest players. (b) Employ false, deceptive, or misleading advertising, or advertising that is not […]