2006 Michigan Compiled Laws - Mich. Comp. Laws § 432.208c License as revocable privilege; rights, limitations, and prohibitions; revocation.
|
Initiated Law of 1996 432.208c License as revocable privilege; rights, limitations, and prohibitions; revocation. Sec. 8c. (1) A license issued under this act is a revocable privilege granted by the state and is not a property right. Granting a license under this act does not create or vest any right, title, franchise, or other property interest. Each license is exclusive to the licensee, and a licensee or any other person shall apply for and receive the board's and city's approval before a license is transferred, sold, or purchased, or before a voting trust agreement or other similar agreement is established with respect to the license. A licensee or any other person shall not lease, pledge, or borrow, or loan money against a license. The attempted transfer, sale, or other conveyance of an interest in a license without prior board approval is grounds for suspension or revocation of the license, or other sanction considered appropriate by the board. (2) Upon the termination of a development agreement between a casino licensee and the city in which the casino is located, the board upon the request of the city shall revoke that licensee's casino license.
|
Disclaimer: These codes may not be the most recent version. Michigan may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
