Section 338.3733 - License fees; adjustment; "Detroit consumer price index" defined(1) The department may charge an application fee for an initial license under this act. The amount of the fee shall be determined by the department and shall not exceed $1,500.00 for an individual license or $1,500.00 for a PEO group license.(2) Except for an initial license, the term of a license issued under this act is 1 year, beginning on September 1 and expiring on August 31 of the next calendar year.(3) The department shall issue an initial license under this act for a term from the effective date of that initial license, as determined by the department, to the next August 31 after that effective date or, at the option of the department, to the second August 31 after the effective date. If the effective date of the license is not September 1, the department shall adjust the amount of the annual license fee under subsection (4) for that initial term on a pro rata basis to reflect the length of the initial term, as determined by the department.(4) Subject to subsection (3), the annual license fee is $1,500.00 for an individual license and $1,500.00 for a PEO group license.(5) The department may adjust the license fees under this section every 2 years by an amount determined by the state treasurer to reflect the cumulative annual percentage change in the Detroit consumer price index in the preceding 2-year period and rounded to the nearest dollar. As used in this subsection, "Detroit consumer price index" means the most comprehensive index of consumer prices available for the Detroit area by the bureau of labor statistics of the United States department of labor.Amended by 2011, Act 125,s 3, eff. 1/1/2012.Added by 2010, Act 370,s 7, eff. 7/1/2011.