R 432.1304 Persons required to be qualified for issuance and renewal of casino and supplier licenses.

Rule 304. (1) The board shall not issue or renew a casino license or supplier license unless every person required by the act and these rules to qualify, as part of the application or request for the issuance or renewal of the license, has first been determined by the board eligible, qualified, and suitable in accordance with the relevant licensing standards set forth in the act and these rules. (2) The following persons shall be required to qualify as part of the application for the issuance, or request for renewal, of a casino license or supplier license: (a) If the person that submits an application for a casino license or supplier license is a person whose stock, equity interest, or ownership interest is publicly traded and regulated by the Securities and Exchange Commission, each of the applicant's key persons. (b) If the person that submits an application for a casino license or supplier license is not a person whose stock is publicly traded and regulated by the Securities and Exchange Commission, each of the applicant's key persons and each person, other than a publicly traded corporation and its 5% or less shareholders, that has a combined direct or indirect interest greater than 5% in the applicant. (c) A person that is required to apply for a casino license or supplier license under the act and these rules. (d) A person that is included in the term "applicant" as that term is defined under section 2 of the act, MCL 432.202 except for a managerial employee who is not a key person. (3) The board may at any time require a person that applies for or holds a casino license or supplier license to establish the qualifications of another affiliate, investor, creditor, employee, agent, or representative of the applicant or licensee or another person that is connected, related, or associated with the applicant whom the board determines must be qualified under the act and these rules. (4) A person required to qualify as part of the application or request for issuance or renewal of a casino license or supplier license shall complete and file with the board an application or annual renewal report and required disclosure forms in the manner and form prescribed by the board. (5) A person that applies for or holds a casino or supplier license shall ensure that all persons who are required by the act and these rules to establish the individual's qualifications as part of the applicant's application for the issuance, or the licensee's maintenance or renewal, of the casino license or supplier license have filed, with the board, all required applications, reports, and disclosure forms in the manner and form prescribed by the board.