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Can you summarize MIAC R 432.11206?
ACCOUNTING RECORDS AND PROCEDURES > Procedures for exchange of checks submitted by gaming patrons and granting credit
Short Summary
This document governs the procedures for the exchange of checks submitted by gaming patrons and the granting of credit in the context of casino gaming. It applies to casino licensees who are prohibited from making loans or providing credit to individuals for gambling purposes, except as provided in their approved internal control system. The internal control system must ensure that credit transactions are promptly and accurately recorded, and credit can only be extended in a commercially reasonable manner considering the patron’s assets, liabilities, prior payment history, and income. Credit cannot be extended beyond the approved credit line. Casino licensees are required to provide a monthly report to the executive director detailing credit issued, outstanding credit amounts, and collection activities. The value of chips or tokens issued upon the extension of credit or receipt of a check is included in the computation of gross receipts. No specific penalties are mentioned in this document.
Whom does it apply to?
Casino licensees
What does it govern?
Procedures for exchange of checks submitted by gaming patrons and granting credit
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
No specific penalties are mentioned.
Jurisdiction
Michigan