Section R. 432.1304 - Persons required to be qualified for issuance and renewal of casino and supplier licensesRule 304.
(1) The board shall not issue or renew a casino license or supplier license unless every person required by the act and these rules to qualify, as part of the application or request for the issuance or renewal of the license, has first been determined by the board eligible, qualified, and suitable in accordance with the relevant licensing standards set forth in the act and these rules.(2) The following persons shall be required to qualify as part of the application for the issuance, or request for renewal, of a casino license or supplier license: (a) If the person who makes application for a casino license or supplier license is a person whose stock, equity interest, or ownership interest is publicly traded and regulated by the Securities and Exchange Commission, each of the applicant's key persons.(b) If the person who makes application for a casino license or supplier license is not a person whose stock is publicly traded and regulated by the Securities and Exchange Commission, each of the applicant's key persons and each person, other than a publicly traded corporation and its 5% or less shareholders, that has a combined direct, indirect, or attributed interest greater than 1% in the applicant.(c) A person who is required to apply for a casino license or supplier license under the act and these rules.(d) A person who is included in the term "applicant" as defined by the act, except for a managerial employee who is not a key person.(3) The board may at any time require a person that applies for or holds a casino license or supplier license to establish the qualifications of any other affiliate, investor, creditor, employee, agent, or representative of the applicant or licensee or any other person that is connected, related, or associated with the applicant whom the board determines must be qualified under the act and these rules.(4) A person required to qualify as part of the application or request for issuance or renewal of a casino license or supplier license shall complete and file with the board an application or annual renewal report and required disclosure forms in the manner and form prescribed by the board.(5) A person that applies for or holds a casino or supplier license shall ensure that all persons who are required by the act and these rules to establish their qualifications as part of the applicant's application for the issuance, or the licensee's maintenance or renewal, of the casino license or supplier license have filed, with the board, all required applications, reports, and disclosure forms in the manner and form prescribed by the board.Mich. Admin. Code R. 432.1304
1998-2000 AACS; 2019 MR 9, Eff. 5/17/2019