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Can you summarize MICL, Act 74 of 1997?
GAMING > CASINO INTEREST REGISTRATION ACT (432.271 - 432.278)
Short Summary
The Casino Interest Registration Act falls under the Michigan Compiled Laws governing gaming. It governs the registration and regulation of individuals and entities involved in the operation of a licensed casino in Michigan. The act requires individuals and entities holding a casino interest, including those with ownership interests in a casino licensee or casino enterprise, as well as key employees of licensed casinos, to register with the secretary of state. The registration form must include information such as the name and office address of the person holding the casino interest, a description of the casino interest, and, for entities, the names of its principal officers, board members, partners, or directors. Failure to register within 5 days of obtaining a casino interest results in a late registration fee of $10.00 per day, not exceeding $300.00. If a person fails to register for more than 30 days, it is considered a misdemeanor and can result in a fine of up to $1,000.00. The act also requires individuals who cease to hold a casino interest to file a notice of termination within 30 days. The attorney general is responsible for enforcing the act and can initiate civil action or criminal prosecution for violations. The act does not mention any exemptions. Overall, the act aims to ensure transparency and accountability in the casino industry in Michigan.
Whom does it apply to?
Individuals and entities holding a casino interest, including those with ownership interests in a casino licensee or casino enterprise, as well as key employees of licensed casinos
What does it govern?
Registration and regulation of individuals and entities involved in the operation of a licensed casino in Michigan
What are exemptions?
No exemptions are mentioned.
What are the Penalties?
Late registration fee of $10.00 per day for each day the person remains not registered, not to exceed $300.00. Misdemeanor charge and fine of not more than $1,000.00 for failing to register as required by the act for more than 30 days.
Jurisdiction
Michigan