Section R. 432.1220 - Board reportsRule 220.
(1) The casino licensee or casino license applicant shall, on a quarterly basis, file a summary of all contracts and nonwagering transactions which involve an amount of more than $250,000.00 or which are reasonably anticipated to be more than $250,000.00 in a 12-month period. The quarterly reports shall be due on the fifteenth day of April, July, October, and January. The reports shall be compiled in the manner, and on the form, prescribed by the board and shall include all of the following information: (a) The name, business address, and business telephone number of the party with whom the casino licensee or casino license applicant entered a contract and whether or not the party is or was a related party.(b) The amount of the transaction or payments under the contract.(c) The date of execution.(d) The nature of the contract or transaction, including the type of goods or services to be provided.(e) A determination of how the commercial reasonableness of the contract, transaction, and consideration for related goods or services was ascertained.(f) A statement certifying that all contracts and transactions summarized in the quarterly report are in compliance with this rule. The certification statement shall be signed by the general manager, or equivalent, of the casino licensee or casino license applicant.(g) Any other information the board deems necessary to ensure compliance with the act or these rules.(2) The quarterly report shall contain the information set forth in subrule (1) of this rule with respect to any oral contracts or transactions that involve an amount more than $25,000.00 in a 12-month period.Mich. Admin. Code R. 432.1220
1998-2000 AACS; 2019 MR 9, Eff. 5/17/2019