Section R. 432.521a - Notification by licensees, applicants, and affiliates requiredRule 521a.
(1) A licensee, applicant, or affiliate must notify the board, as soon as practicable after it becomes aware that, with regard to the licensee, applicant, or affiliate, any person has any of the following: (a) Beneficially acquired more than 5% of any class of the licensee's, applicant's, or affiliate's equity securities.(b) Acquired voting rights with the power to vote 5% or more of the licensee's, applicant's, or affiliate's outstanding voting rights.(c) The ability to control the licensee, applicant, or affiliate.(d) The ability to elect 1 or more directors of the licensee, applicant, or affiliate.(2) To the extent known by the licensee, applicant, or affiliate, the required notification must include the name, business address, phone number, and other personal identification information for each person.(3) A licensee or applicant must report to the board the election or appointment of a director or officer of that licensee or applicant or an affiliate of that licensee or applicant that is actively and directly engaged in the administration or supervision of the applicant's or licensee's fantasy contest operations.(4) A licensee, applicant, 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 requests the document 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 432.521c.Mich. Admin. Code R. 432.521a
2023 MR 20, Eff. 10/11/2023