Michigan Laws > Chapter 432 > Act 157 of 2019 – Fantasy Contests Consumer Protection Act
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Terms Used In Michigan Laws > Chapter 432 > Act 157 of 2019 - Fantasy Contests Consumer Protection Act
- Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
- 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.
- Athletic event: means a real world professional, collegiate, or nationally recognized sports game, contest, or competition that involves the physical exertion and skill of the participating individual athletes, as to which each participant is physically present at the location in which the sports game, contest, or competition occurs, and the outcome of the sports game, contest, or competition is directly dependent on the performance of the participating athletes. See Michigan Laws 432.502
- 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
- Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
- Dependent: A person dependent for support upon another.
- Discovery: Lawyers' examination, before trial, of facts and documents in possession of the opponents to help the lawyers prepare for trial.
- Entry fee: means cash or cash equivalent paid by a participant to a fantasy contest operator in order to participate in a fantasy contest. See Michigan Laws 432.502
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- 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 432.502Fantasy contest adjusted revenues: means the amount equal to the total of all entry fees that a fantasy contest operator collects from all fantasy contest players minus the total of all sums paid out as prizes or awards to all fantasy contest players, multiplied by the in-state percentage. See Michigan Laws 432.502 Fantasy contest operator: means a person that operates, carries on, conducts, maintains, exposes, or offers for play fantasy contests and awards prizes of value and includes a licensed fantasy contest operator, a casino licensee under the Michigan Gaming Control and Revenue Act, 1996 IL 1, MCL 432. See Michigan Laws 432.502 Fantasy contest platform: means any digital or online method through which a fantasy contest operator provides access to a fantasy contest. See Michigan Laws 432.502 Fantasy contest player: means an individual who participates in a fantasy contest offered by a fantasy contest operator. See Michigan Laws 432.502 Fantasy contest team: means the simulated team composed of multiple individual athletes, each of whom is a member of a real world sports team, that a fantasy contest player selects to compete in a fantasy contest. See Michigan Laws 432.502 Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006. Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC Freedom of Information Act: A federal law that mandates that all the records created and kept by federal agencies in the executive branch of government must be open for public inspection and copying. The only exceptions are those records that fall into one of nine exempted categories listed in the statute. Source: OCC grantee: may be construed as including every person to whom any such interest or estate passes in like manner. See Michigan Laws 8.3e Highly experienced player: means a fantasy contest player who has done at least 1 of the following:
(i) Entered more than 1,000 fantasy contests offered by a single fantasy contest operator. See Michigan Laws 432.502Holding company: means a corporation, firm, partnership, limited partnership, limited liability company, trust, or other form of business organization that is not an individual and that directly or indirectly does either of the following:
(i) Holds an ownership interest of 5% or more, as determined by the board, in a fantasy contest operator. See Michigan Laws 432.502in writing: shall be construed to include printing, engraving, and lithographing; except that if the written signature of a person is required by law, the signature shall be the proper handwriting of the person or, if the person is unable to write, the person's proper mark, which may be, unless otherwise expressly prohibited by law, a clear and classifiable fingerprint of the person made with ink or another substance. See Michigan Laws 8.3q In-state percentage: means for each fantasy contest, the percentage, rounded to the nearest tenth of a percent, equal to the total entry fees collected from all in-state participants divided by the total entry fees collected from all participants in the fantasy contest, unless otherwise prescribed by the board. See Michigan Laws 432.502 Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC judgment: as used in this act , includes decree. See Michigan Laws 600.112 Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases. Key employee: means an employee of a fantasy contest operator who has the power to exercise significant influence over decisions concerning the fantasy contest operator. See Michigan Laws 432.502 Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC Licensed fantasy contest operator: means a fantasy contest operator that is licensed by the board under this act. See Michigan Laws 432.502 Lien: A claim against real or personal property in satisfaction of a debt. Management company: means a person retained by a fantasy contest operator to manage a fantasy contest platform and provide general administration and other operational services. See Michigan Laws 432.502 month: means a calendar month; the word "year" a calendar year; and the word "year" alone shall be equivalent to the words "year of our Lord". See Michigan Laws 8.3j Mortgage: The written agreement pledging property to a creditor as collateral for a loan. Mortgagee: The person to whom property is mortgaged and who has loaned the money. Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money. Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period. Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses. Person: means an individual, partnership, corporation, association, limited liability company, federally recognized Indian tribe, or other legal entity. See Michigan Laws 432.502 person: may extend and be applied to bodies politic and corporate, as well as to individuals. See Michigan Laws 8.3l Plaintiff: The person who files the complaint in a civil lawsuit. Protected information: means information related to the playing of fantasy contests by fantasy contest players that is obtained by a fantasy contest operator. See Michigan Laws 432.502 Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land. Script: means a list of commands that a fantasy-contest-related computer program can execute and that is created by a fantasy contest player, or by a third party for a fantasy contest player, to automate processes on a fantasy contest platform. See Michigan Laws 432.502 seal: shall be construed to include any of the following:
(a) The impression of the seal on the paper alone. See Michigan Laws 8.3nshall not apply: means that the pertinent provision is not operative as to certain persons or things or in conjunction with a particular date or dates. See Michigan Laws 8.4c state: 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 Subpoena: A command to a witness to appear and give testimony. Testimony: Evidence presented orally by witnesses during trials or before grand juries. Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence. Trustee: A person or institution holding and administering property in trust. United States: shall be construed to include the district and territories. See Michigan Laws 8.3o