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Can you summarize MICL 432.408?
LAWFUL SPORTS BETTING ACT (432.401 - 432.419) > Sports betting supplier license; application; nonrefundable fee; confidentiality.
Short Summary
This legal document, known as the Lawful Sports Betting Act, governs the issuance of sports betting supplier licenses in Michigan. It authorizes the board to issue a sports betting supplier license to a sports betting supplier, allowing them to provide goods, software, or services to a sports betting operator. The document also allows for the issuance of a provisional sports betting supplier license, which permits the applicant to conduct business with a sports betting operator before obtaining the full license. The sports betting supplier license is valid for a 5-year period and can be renewed for additional 5-year periods if the supplier continues to meet the eligibility and suitability standards. The application for a sports betting 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. A license fee is payable by the sports betting supplier upon issuance of the initial license and annually thereafter. However, an institutional investor holding less than 25% equity in an applicant is 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?
Sports betting suppliers and sports betting operators
What does it govern?
Sports betting 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