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Can you summarize MICL, Act 90 of 1951?
RACING, BOXING, AND EXHIBITIONS > RACING MEETS (431.251 - 431.257)
Short Summary
The provided legal document governs the retention and distribution of unclaimed funds for the payment of winning tickets in race meetings conducted under the horse racing law of 1995. It applies to licensees who hold funds for outstanding winning tickets that have not been claimed by the owner within 60 days after the close of the race meeting. The document specifies the distribution of these funds based on the type of licensee. For standardbred race meeting licensees, 50% of the funds are retained by the licensee, and the other 50% is deposited into the Michigan agriculture equine fund for standardbred programs. For thoroughbred race meeting licensees, 100% of the funds for 1998 are earmarked for the development and capital improvement of existing licensed racing facilities accommodating thoroughbred racing. For calendar year 1999 and onwards, 50% of the funds are retained by the licensee, and the other 50% is deposited into the Michigan agriculture equine fund for thoroughbred programs. For light horse race meeting licensees, the distribution is the same as for thoroughbred race meeting licensees, but designated for light horse programs. The document also addresses the distribution of uncashed tickets held by the Department of Treasury. No exemptions or penalties are mentioned in this document.
Whom does it apply to?
Licensees who hold funds for outstanding winning tickets that have not been claimed by the owner within 60 days after the close of the race meeting
What does it govern?
Retention and distribution of unclaimed funds for the payment of winning tickets in race meetings conducted under the horse racing law of 1995
What are exemptions?
No exemptions are mentioned in this document
What are the Penalties?
A person who violates any provisions of this act shall be guilty of a misdemeanor, punishable by a fine of not less than $1,000.00 nor more than $2,000.00, or imprisonment in the county jail for not less than 1 year or in a state prison for not more than 2 years, or both such fine and imprisonment in the discretion of the court
Jurisdiction
Michigan