Michigan Laws 432.505 – Independent audit
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Terms Used In Michigan Laws 432.505
- 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 432.502
- Contract: A legal written agreement that becomes binding when signed.
- Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Fantasy contest: means a simulated game or contest with an entry fee that meets all of the following conditions:
(i) No fantasy contest team is composed of the entire roster of a real world sports team. See Michigan Laws 432.502Fantasy contest operator: means a person that operates, carries on, conducts, maintains, exposes, or offers for play fantasy contests and awards prizes of value and includes a licensed fantasy contest operator, a casino licensee under the Michigan Gaming Control and Revenue Act, 1996 IL 1, MCL 432. See Michigan Laws 432.502 Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006. 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 Licensed fantasy contest operator: means a fantasy contest operator that is licensed by the board under this act. See Michigan Laws 432.502 Subpoena: A command to a witness to appear and give testimony.
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 compliance with section 4(1)(g) and for any other purpose the board considers appropriate. A licensed fantasy contest operator shall submit the audit results under this section to the board not later than 180 days after the end of the fantasy contest operator’s fiscal year. The results of an audit submitted to the board under this section is confidential and privileged, is not subject to disclosure under the freedom of information act, 1976 PA 442, MCL 15.231 to 15.246, is not subject to subpoena, and is not subject to discovery or admissible in evidence in a private civil action.