Michigan Laws 432.143 – Record of event; inspection of record; financial statement; inspection of location
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Terms Used In Michigan Laws 432.143
- Event: means , in article 1, an occasion of bingo games, a raffle, a charity game, or a numeral game conducted under a license issued under article 1, and in article 2, an occasion of a millionaire party conducted under a license issued under article 2. See Michigan Laws 432.102
- Executive director: means the executive director of the board, appointed under section 4 of the Michigan gaming control and revenue act, 1996 IL 1, MCL 432. See Michigan Laws 432.102
- Licensee: means a person, including a qualified organization, licensed under this act. See Michigan Laws 432.103
- Location: means a building, enclosure, part of a building or enclosure, or a distinct portion of real property that is used for the purpose of conducting an event. See Michigan Laws 432.103
- Location owner: means the person that owns a location or an employee or agent of the person. See Michigan Laws 432.132
- Millionaire party: means an event at which wagers are placed on games of chance customarily associated with a gambling casino through the use of imitation money or chips that have a nominal value equal to or greater than the value of the currency for which they can be exchanged. See Michigan Laws 432.103
- Principal officer: means the highest ranking officer of the qualified organization according to its written constitution, charter, articles of incorporation, or bylaws. See Michigan Laws 432.103a
- Qualified organization: means , subject to subdivision (e), either of the following:
(i) A bona fide religious, educational, service, senior citizens, fraternal, or veterans' organization that operates without profit to its members and that either has been in existence continuously as an organization for a period of 5 years or is exempt from taxation under section 501(c) of the internal revenue code of 1986, 26 USC 501(c). See Michigan Laws 432.103a
(1) A millionaire party licensee shall keep a record of each event as required by the executive director.
(2) The millionaire party licensee shall allow an authorized representative of the executive director to inspect during reasonable business hours a record kept under subsection (1) and all financial accounts into which proceeds from the event are deposited or transferred.
(3) A millionaire party licensee shall file with the executive director a financial statement signed by the principal officer of the qualified organization. The financial statement must contain a list of the qualified members of the millionaire party licensee who were present as to each event and a disclosure of receipts and expenses related to the conduct of each event as required by rule promulgated under this act. If the revenue from a millionaire party is represented to be used or applied by a millionaire party licensee for a charitable purpose, the licensee shall file a copy of the financial statement with the attorney general under the supervision of trustees for charitable purposes act, 1961 PA 101, MCL 14.251 to 14.266.
(4) A millionaire party licensee and a location owner or lessee shall allow an authorized representative of the executive director or the state police or a peace officer of a political subdivision in which the event is being conducted to inspect the location, or an intended location, during business hours.