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Can you summarize MICL 432.504?
FANTASY CONTESTS CONSUMER PROTECTION ACT (432.501 - 432.516) > Fantasy contest procedures and internal controls; board approval; confidentiality.
Short Summary
This legal document outlines the requirements for fantasy contest operators in Michigan. Fantasy contest operators must submit commercially reasonable procedures and internal controls to the board for approval. These procedures and controls must prevent operators, their owners, directors, officers, employees, and their relatives from participating in fantasy contests offered by the operator. They must also prevent employees or agents from sharing protected information with third parties, prevent participants and officials in an athletic event from participating in a fantasy contest based on that event, establish limits on the number of entries a player can submit, identify highly experienced players, offer contests open to players other than highly experienced players, segregate deposits in players’ accounts from operational money, ensure privacy and online security compliance, and maintain the integrity of fantasy contests. Fantasy contest operators must comply with the approved procedures and controls and can make technical adjustments with prior notification to the board. The procedures submitted to the board are confidential and privileged, not subject to disclosure under the freedom of information act, and not admissible in private civil actions.
Whom does it apply to?
Fantasy contest operators
What does it govern?
Procedures and internal controls for fantasy contest operators
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Not specified.
Jurisdiction
Michigan