Mich. Admin. Code R. 432.721b - Notification by applicants or licensees required

Rule 721b.

(1) A sports betting operator or sports betting supplier applicant or licensee, affiliate that has control of a sports betting operator applicant or licensee, or other person that has control of a sports betting operator or sports betting supplier applicant or licensee must notify the board, as soon as practicable after it becomes aware that, with regard to any such company, any person or individual has:

(a) Beneficially acquired more than 5% of any class of the company's equity securities.

(b) The ability to control the company.

(c) The ability to elect 1 or more directors of the company.

(2) To the extent known by the sports betting operator license or sports betting supplier license applicant or licensee, the required notification must include the name, business address, phone number, and other personal identification information for each person.

(3) A person applying for or holding a sports betting operator license or sports betting supplier license must report to the board the election or appointment of a director or officer of that applicant or licensee or a holding company of that applicant or licensee who is actively and directly engaged in the administration or supervision of that applicants or licensees internet sports betting operation.

(4) A person who applies for or holds a sports betting operator license and all other persons covered by this part must file any other document requested by the board to ensure compliance with the act or this part within 30 days after the board request or at another time established by the board.

(5) A publicly traded corporation is considered to have complied with this rule if it has complied with the reporting requirements in R 432.721d.

Notes

Mich. Admin. Code R. 432.721b

2020 MR 22, Eff. 12/2/2020