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Can you summarize MICL 432.308?
LAWFUL INTERNET GAMING ACT (432.301 - 432.322) > Internet gaming supplier license; application; form; fee; confidentiality.
Short Summary
This legal document, known as the Lawful Internet Gaming Act, governs the issuance of internet gaming supplier licenses in Michigan. It states that the board has the authority to issue internet gaming supplier licenses to eligible applicants. Only licensed internet gaming suppliers are allowed to provide goods, software, or services to internet gaming operators. The board may also issue provisional internet gaming supplier licenses, which allow applicants to conduct business with internet gaming operators before the full license is issued. The internet gaming supplier license is valid for a 5-year period and can be renewed if the supplier continues to meet the eligibility and suitability standards. The application for an internet gaming supplier license must be made on forms provided by the board and accompanied by a nonrefundable application fee. The board is required to keep all information and records related to the license application confidential. Internet gaming suppliers are also required to pay a license fee to the board. However, institutional investors holding less than 25% equity in an applicant are exempt from the licensure requirements. The document does not specify any penalties for non-compliance or violation of its provisions.
Whom does it apply to?
Internet gaming suppliers and internet gaming operators
What does it govern?
Internet gaming supplier license
What are exemptions?
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.
What are the Penalties?
Not specified.
Jurisdiction
Michigan