(1) If the executive director determines that an applicant for a millionaire party license is a qualified organization and otherwise eligible and suitable and the applicant paid to this state a fee of $50.00 per day that the applicant proposes to conduct the millionaire party, the executive director may issue a millionaire party license to the applicant.

  (2) A qualified organization may be issued up to 4 millionaire party licenses in 1 calendar year. Each license is valid for only 1 location as stated on the license.

  (3) A millionaire party license may be issued for up to 4 consecutive days.

  (4) The executive director shall not issue more than 1 millionaire party license to a qualified organization for any 1 day.

  (5) The executive director shall not issue millionaire party licenses that would allow more than 2 millionaire party events to be conducted at a single location on the same date or at the same time.

  (6) The executive director shall not issue millionaire party licenses that would allow millionaire party events to be conducted more than 4 days per week at a single location.

  (7) A millionaire party license must state the hours for each event day on which the millionaire party may be conducted. The executive director shall not permit a millionaire party to begin before 8 a.m. or continue past 2 a.m. on the following day.