Sec. 16.
(1) The fantasy contest fund is created in the department of treasury.
(2) The state treasurer may receive money or other assets required to be paid into the fund under this act or from any other source for deposit into the fund. The state treasurer shall direct the investment of the fund. The state treasurer shall credit to the fund interest and earnings from fund investments.
(3) The board shall expend money from the fund, on appropriation, for all of the following:
(a) The board's costs of regulating and enforcing fantasy contests under this act.
(b) All money remaining in the fund after the expenditures under subdivision (a) is to be deposited into the state school aid fund established under section 11 of article IX of the state constitution of 1963.
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.