Ask Reggi Your Question Now
Can you summarize MICL 432.306?
LAWFUL INTERNET GAMING ACT (432.301 - 432.322) > Internet gaming operator license; application; fee; form and contents; confidentiality; prohibited conduct.
Short Summary
This section of the Michigan Compiled Laws governs the issuance of internet gaming operator licenses. The licenses can be issued to either a person holding a casino license under the Michigan Gaming Control and Revenue Act or an Indian tribe conducting class III gaming in a casino located in Michigan. The applicant must meet eligibility and suitability standards, including demonstrating adequate capitalization, financial ability, and compliance with regulatory requirements. The license is valid for a 5-year period and can be renewed. The application must be accompanied by a fee of $50,000. The board must keep all information confidential. The license fee is $100,000 at the time of issuance and $50,000 annually thereafter. An institutional investor holding less than 25% equity of an applicant is exempt from licensure requirements. Internet gaming operators cannot offer internet gaming until certain criteria are satisfied, including the issuance of licenses to at least one person under each category and agreement by the governor or the passage of 150 days after the effective date of the act.
Whom does it apply to?
Applicants for an internet gaming operator license
What does it govern?
Internet gaming operator license
What are exemptions?
Institutional investors holding less than 25% equity of an applicant
What are the Penalties?
Not specified
Jurisdiction
Michigan