Michigan Laws 431.319b – Money placed in escrow before effective date of amendatory act; use by September 1, 2017
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Terms Used In Michigan Laws 431.319b
- Contract: A legal written agreement that becomes binding when signed.
- Escrow: Money given to a third party to be held for payment until certain conditions are met.
- racing commissioner: means the executive director of the Michigan gaming control board appointed under section 4 of the Michigan gaming control and revenue act, 1996 IL 1, MCL 432. See Michigan Laws 431.302
- state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
Money that was to be distributed to a certified horsemen’s organization but that was placed and remains in escrow under an escrow order of the racing commissioner before the effective date of the amendatory act that added this section must be used by September 1, 2017 for a race meeting conducted by the certified horsemen’s organization and the race meeting licensee that were the subjects of the order in accordance with a contractual agreement between a race meeting licensee and the certified horsemen’s organization. If a contractual agreement is not reached by September 1, 2017, the racing commissioner shall order distribution of the escrowed money as follows:
(a) Fifteen percent to the race meeting licensee that was the subject of the order to be used for track operations and enhancements.
(b) Eighty-five percent to the certified horsemen’s organization that was the subject of the order to be used for purses at any race meeting in this state for which the certified horsemen’s organization has a contract.