Michigan Laws 432.516 – Fantasy contest fund
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Terms Used In Michigan Laws 432.516
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- Board: means the Michigan gaming control board created under section 4 of the Michigan Gaming Control and Revenue Act, 1996 IL 1, MCL 432. See Michigan Laws 432.502
- Fantasy contest: means a simulated game or contest with an entry fee that meets all of the following conditions:
(i) No fantasy contest team is composed of the entire roster of a real world sports team. See Michigan Laws 432.502state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories belonging to the United States; and the words "United States" shall be construed to include the district and territories. See Michigan Laws 8.3o
(1) The fantasy contest fund is created in the department of treasury.
(2) The state treasurer may receive money or other assets required to be paid into the fund under this act or from any other source for deposit into the fund. The state treasurer shall direct the investment of the fund. The state treasurer shall credit to the fund interest and earnings from fund investments.
(3) The board shall expend money from the fund, on appropriation, for all of the following:
(a) The board’s costs of regulating and enforcing fantasy contests under this act.
(b) All money remaining in the fund after the expenditures under subdivision (a) is to be deposited into the state school aid fund established under section 11 of article IX of the state constitution of 1963.