Sec. 12. (1) The board may suspend, revoke, or restrict the license of a fantasy contest operator that violates this act, a rule promulgated under this act, or an order of the board. (2) The board may impose a civil fine of not more than $20,000.00 for a violation of this act, a rule promulgated under this act, or an order of the board. (3) A civil fine imposed under this section is payable to this state and may be recovered in a civil action brought by the board.

This legal document, the Michigan Compiled Laws under the Fantasy Contests Consumer Protection Act, governs the reporting and taxation requirements for fantasy contest operators. Fantasy contest operators are required to report to the board and pay a tax of 8.4% of their monthly fantasy contest adjusted revenues. However, this tax does not apply to contests run solely from a person’s private residence. The tax must be paid to the board by the twentieth day of each month and is based on the previous month’s fantasy contest adjusted revenue.

Sec. 15. A fantasy contest conducted under this act does not violate the Michigan penal code, 1931 PA 328, MCL 750.1 to 750.568. This act does not create an exemption to a violation of chapter XLIV of the Michigan penal code, 1931 PA 328, MCL 750.301 to 750.315a. History: 2019, Act 157, Imd. Eff. Dec. 20, 2019

This legal document, an Executive Reorganization Order issued by the Governor of Michigan, transfers the authority, powers, duties, functions, records, and property related to the licensing and regulation of millionaire parties under the Bingo Act from the Lottery Commissioner and Bureau of State Lottery to the Executive Director of the Michigan Gaming Control Board. The purpose of this transfer is to achieve efficient and proper regulation of charitable millionaire party gaming through coordinated management of state policies, regulation, and functions.

This legal document, part of the Michigan Compiled Laws, specifically falls under the Uniform Commercial Code (UCC) and pertains to the presentment of unaccepted or dishonored drafts. It outlines the warranties that the person obtaining payment or acceptance of the draft and the previous transferor of the draft provide to the drawee. These warranties include being entitled to enforce the draft, no alteration of the draft, no knowledge of unauthorized signature, and authorization for remotely created consumer items.

This legal provision, found in the Michigan Compiled Laws under the Uniform Commercial Code, specifically Article 4 - Bank Deposits and Collections, Part 2 - Collection of Items: Depositary and Collecting Banks, governs the medium and time of settlement by a bank. The settlement medium and time may be prescribed by Federal Reserve regulations, circulars, clearing-house rules, agreements, or in the absence of such prescription, the following rules apply. The medium of settlement is either cash or credit to an account in a Federal Reserve bank or as specified by the person receiving settlement.

This section of the Michigan Compiled Laws, specifically under the Uniform Commercial Code, Article 4 Bank Deposits and Collections, Part 2 Collection of Items: Depositary and Collecting Banks, governs the final payment of items by a payor bank, final credit, and the availability of credit for withdrawal. It outlines the conditions under which an item is considered finally paid by a payor bank, including payment in cash, settlement without the right to revoke, or provisional settlement that is not revoked within the permitted time.

This legal document, part of the Michigan Compiled Laws, specifically falls under the Uniform Commercial Code (UCC) and pertains to the collection of items by payor banks. It outlines the conditions under which a payor bank can settle for a demand item and the actions it can take to revoke the settlement and recover the settlement amount. The document also specifies the time limits and methods for returning the item, sending notice of dishonor or nonpayment, and revoking any credit given.

This legal document, found in the Michigan Compiled Laws under the Uniform Commercial Code, specifically Article 4 Bank Deposits and Collections, Part 3 Collection of Items: Payor Banks, outlines the rules regarding the handling of knowledge, notice, stop-payment orders, legal processes, and setoffs by payor banks. According to the document, any knowledge, notice, or stop-payment order received by, legal process served upon, or setoff exercised by a payor bank comes too late to terminate, suspend, or modify the bank’s right or duty to pay an item or charge its customer’s account if the bank has already accepted or certified the item, paid the item in cash, settled for the item without the right to revoke the settlement, become accountable for the amount of the item, or if a cutoff hour has passed.

This legal document, part of the Uniform Commercial Code, governs the relationship between a payor bank and its customer. It outlines the bank’s authority to charge against the customer’s account for items that are properly payable, even if it creates an overdraft. An item is considered properly payable if it is authorized by the customer and in accordance with any agreement between the customer and the bank. The document also states that a customer is not liable for an overdraft if they did not sign the item or benefit from its proceeds.