Michigan Laws 432.308 – Internet gaming supplier license; application; form; fee; confidentiality
Current as of: 2024 | Check for updates
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Terms Used In Michigan Laws 432.308
- Applicant: means a person that applies for a license or for registration under this act. See Michigan Laws 432.303
- Board: means the Michigan gaming control board created under section 4 of the Michigan Gaming Control and Revenue Act, 1996 IL 1, MCL 432. See Michigan Laws 432.303
- Freedom of Information Act: A federal law that mandates that all the records created and kept by federal agencies in the executive branch of government must be open for public inspection and copying. The only exceptions are those records that fall into one of nine exempted categories listed in the statute. Source: OCC
- Fund: means the internet gaming fund created under section 16. See Michigan Laws 432.303
- Institutional investor: means a person that is any of the following:
(i) A retirement fund administered by a public agency for the exclusive benefit of federal, state, or local public employees. See Michigan Laws 432.303Internet: means the international computer network of interoperable packet-switched data networks, inclusive of such additional technological platforms as mobile, satellite, and other electronic distribution channels. See Michigan Laws 432.303 Internet gaming: means operating, conducting, or offering for play an internet game. See Michigan Laws 432.303 Internet gaming operator: means a person that is issued an internet gaming operator license from the board. See Michigan Laws 432.303 Internet gaming platform: means an integrated system of hardware, software, applications, including mobile applications, and servers through which an internet gaming operator operates, conducts, or offers internet gaming. See Michigan Laws 432.303 Internet gaming supplier: means a person that the board has identified under the rules promulgated by the board as requiring a license to provide internet gaming operators goods or services that directly affect wagering, play, and results of internet games offered under this act. See Michigan Laws 432.303 Internet gaming supplier license: means a license issued by the board to an internet gaming supplier. See Michigan Laws 432.303 Person: means an individual, partnership, corporation, association, limited liability company, federally recognized Indian tribe, or other legal entity. See Michigan Laws 432.303
(1) The board may issue an internet gaming supplier license to an internet gaming supplier. A person that is not licensed under this section shall not provide goods, software, or services as an internet gaming supplier to an internet gaming operator.
(2) On application by an interested person, the board may issue a provisional internet gaming supplier license to an applicant for an internet gaming supplier license. A provisional license issued under this subsection allows the applicant for the internet gaming supplier license to conduct business with an internet gaming operator before the internet gaming supplier license is issued to the applicant. A provisional license issued under this subsection expires on the date provided by the board. The board shall not issue a provisional internet gaming supplier license to an internet gaming platform provider under this subsection until board rules as described in section 10(b) are in effect.
(3) An internet gaming supplier license issued under subsection (1) is valid for the 5-year period after the date of issuance. An internet gaming supplier license is renewable after the initial 5-year period for additional 5-year periods if the board determines that the internet gaming supplier continues to meet the eligibility and suitability standards under this act.
(4) A person may apply to the board for an internet gaming supplier license as provided in this act and the rules promulgated under this act.
(5) Except as otherwise provided in this section, an application under this section must be made on forms provided by the board and include the information required by the board.
(6) An application under this section must be accompanied by a nonrefundable application fee in an amount to be determined by the board, not to exceed $5,000.00. The board may assess additional fees for the cost related to the licensure investigation.
(7) The board shall keep all information, records, interviews, reports, statements, memoranda, or other data supplied to or used by the board in the course of its review or investigation of an application for an internet gaming supplier license or renewal of an internet gaming supplier license confidential. The materials described in this subsection are exempt from disclosure under section 13 of the freedom of information act, 1976 PA 442, MCL 15.243.
(8) An internet gaming supplier shall pay a license fee of $5,000.00 to the board at the time an initial internet gaming supplier license is issued to the internet gaming supplier and $2,500.00 each year after the initial license is issued.
(9) The board shall deposit all application and license fees paid under this section into the fund.
(10) An institutional investor that holds for investment purposes only less than 25% of the equity of an applicant under this section is exempt from the licensure requirements of this act.