Mich. Admin. Code R. 432.1220 - Board reports
Rule 220.
(1) The
casino licensee or casino license applicant shall, on a quarterly basis, file a
summary of all contracts and nonwagering transactions which involve an amount
of more than $250,000.00 or which are reasonably anticipated to be more than
$250,000.00 in a 12-month period. The quarterly reports shall be due on the
fifteenth day of April, July, October, and January. The reports shall be
compiled in the manner, and on the form, prescribed by the board and shall
include all of the following information:
(a)
The name, business address, and business telephone number of the party with
whom the casino licensee or casino license applicant entered a contract and
whether or not the party is or was a related party.
(b) The amount of the transaction or payments
under the contract.
(c) The date of
execution.
(d) The nature of the
contract or transaction, including the type of goods or services to be
provided.
(e) A determination of
how the commercial reasonableness of the contract, transaction, and
consideration for related goods or services was ascertained.
(f) A statement certifying that all contracts
and transactions summarized in the quarterly report are in compliance with this
rule. The certification statement shall be signed by the general manager, or
equivalent, of the casino licensee or casino license applicant.
(g) Any other information the board deems
necessary to ensure compliance with the act or these rules.
(2) The quarterly report shall
contain the information set forth in subrule (1) of this rule with respect to
any oral contracts or transactions that involve an amount more than $25,000.00
in a 12-month period.
Notes
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.