Mich. Admin. Code R. 432.11206 - Procedures for exchange of checks submitted by gaming patrons and granting credit
Rule 1206.
(1)
Except as otherwise provided in this rule, a casino licensee shall not make a
loan, or otherwise provide credit to an individual to enable an individual to
take part in gambling. The failure to deposit a negotiable instrument for
collection by the next banking day after the instrument is received shall be
considered an extension of credit.
(2) A casino licensee may extend credit to a
patron only in the manner provided in its internal control system approved by
the board.
(3) The internal control
system shall ensure both of the following:
(a) That each credit transaction is promptly
and accurately recorded in appropriate credit records.
(b) That credit may be extended only in a
commercially reasonable manner considering the assets, liabilities, prior
payment history, and income of the patron to the extent available.
(4) Credit shall not be extended
beyond the approved credit line.
(5) A casino licensee shall provide, to the
executive director, a monthly report detailing credit issued, an aging of
outstanding credit amounts, and collection activities taken with respect to
aging accounts and accounts written off as uncollectible.
(6) In accordance with the act, the value of
chips or tokens issued to a patron upon the extension of credit, the receipt of
a check or other instrument, or through a complimentary distribution program
shall be included in the computation of gross receipts.
Notes
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