Mich. Admin. Code R. 432.555

Current through Vol. 24-19, November 1, 2024

Section R. 432.555 - Recordkeeping and retention

Rule 555.

(1) A fantasy contest operator or licensed management company must keep and maintain accurate, complete, and legible records of any books, records, or documents pertaining to, prepared in, or generated by the fantasy contest operator or licensed management company, including, but not limited to, all of the following:

(a) Forms.

(b) Reports.

(c) Accounting records.

(d) Ledgers.

(e) Subsidiary records.

(f) Computer generated data.

(g) Internal audit records.

(h) Correspondence.

(i) Personnel records.

(j) Records of all transactions related to fantasy contest operations.

(k) Records required by the act, these rules, and the fantasy contest operator's or licensed management company's procedures and internal controls.

(l) Records supporting the calculation of fantasy contest adjusted revenues and the related taxes.

(m) Other records deemed necessary by the board.

(2) A fantasy contest operator or licensed management company must provide access to fantasy contest platform related data as deemed necessary by the board and in a manner approved by the board.

(3) A fantasy contest operator or licensed management company shall retain and maintain in a place secure from theft, loss, or destruction all of the records required to be maintained under the act and these rules for at least 3 years after the date of the record's creation.

(4) A fantasy contest operator or licensed management company must make the records available to the board, upon request, within the timeframe requested by the board.

(5) A fantasy contest operator or licensed management company shall organize all records under the act and these rules in a manner that enables the fantasy contest operator or licensed management company to provide the board with the records on request.

Mich. Admin. Code R. 432.555

2023 MR 20, Eff. 10/11/2023