Sec. 5.
By July 1 of each year, a licensed fantasy contest operator shall contract with a certified public accountant to perform an independent audit in accordance with generally accepted accounting principles of the financial condition of the licensed fantasy contest operator's total operations for the previous fiscal year and to ensure compliance with section 4(1)(g) and for any other purpose the board considers appropriate. A licensed fantasy contest operator shall submit the audit results under this section to the board not later than 180 days after the end of the fantasy contest operator's fiscal year. The results of an audit submitted to the board under this section is confidential and privileged, is not subject to disclosure under the freedom of information act, 1976 PA 442, MCL 15.231 to 15.246, is not subject to subpoena, and is not subject to discovery or admissible in evidence in a private civil action.
History: 2019, Act 157, Imd. Eff. Dec. 20, 2019
Structure Michigan Compiled Laws
Act 157 of 2019 - Fantasy Contests Consumer Protection Act (432.501 - 432.516)
Section 432.501 - Short Title.
Section 432.502 - Definitions.
Section 432.503 - Fantasy Contest Operator License; Exception; Application; Fee.
Section 432.504 - Fantasy Contest Procedures and Internal Controls; Board Approval; Confidentiality.
Section 432.505 - Independent Audit.
Section 432.506 - Minor Participation; Prohibit.
Section 432.507 - Use of Script; False, Deceptive, or Misleading Advertising; Prohibit.
Section 432.508 - Offering of Fantasy Contest; Location Limitations; Exception.
Section 432.511 - Maintenance, Retention, and Organization of Records; Confidentiality.
Section 432.512 - Suspension, Revocation, or Restriction of License; Violation; Fines.
Section 432.513 - Prohibited Conduct; Violation; Crime; Penalties.