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Can you summarize MICL 432.503?
FANTASY CONTESTS CONSUMER PROTECTION ACT (432.501 - 432.516) > Fantasy contest operator license; exception; application; fee.
Short Summary
This legal document, known as the Fantasy Contests Consumer Protection Act, governs the offering of fantasy contests in the state of Michigan. It requires persons offering fantasy contests to obtain a license as a fantasy contest operator, except for certain exceptions. Individuals can offer fantasy contests from their private residence, limited to no more than 15 players and collecting no more than $10,000 in total entry fees per calendar year. Casino licensees and Indian tribes conducting class III gaming in a casino located in Michigan under certain licenses are also exempt from the licensing requirement. The document grants jurisdiction to the board over the conduct of fantasy contests and allows the board to promulgate rules related to the conduct of fantasy contests. It also outlines the application process for obtaining a license as a fantasy contest operator, including the submission of an application and payment of a license fee. The board may require licensure of certain connected entities to preserve the integrity of fantasy contests. The document specifies the validity and renewal of licenses, as well as the fees associated with them. Penalties for violations of this act or any rules promulgated under this act are determined by the board.
Whom does it apply to?
Persons offering fantasy contests in the state of Michigan
What does it govern?
Fantasy contests
What are exemptions?
1. Individuals offering fantasy contests from their private residence, limited to no more than 15 players and collecting no more than $10,000 in total entry fees per calendar year. 2. Casino licensees licensed by the Michigan Gaming Control and Revenue Act. 3. Indian tribes conducting class III gaming in a casino located in Michigan under a facility license approved by the National Indian Gaming Commission and licensed under the lawful sports betting act or the lawful internet gaming act.
What are the Penalties?
Penalties for violations of this act or any rules promulgated under this act are determined by the board.
Jurisdiction
Michigan