HOUSE BILL No. 4722
April 30, 1997, Introduced by Reps. Kilpatrick, Voorhees, Agee, Cropsey, Schauer, Bogardus, Schroer, Baird, Hale, Stallworth, Price and Wallace and referred to the Committee on House Oversight and Ethics. A bill to amend the Initiated Law of 1996, entitled "Michigan gaming control and revenue act," (MCL 432.201 to 432.216) by adding section 6b. THE PEOPLE OF THE STATE OF MICHIGAN ENACT: 1 SEC. 6B. (1) BEFORE A CASINO LICENSE IS ISSUED, THE 2 LICENSEE SHALL POST A BOND IN THE SUM OF $300,000.00 PAYABLE TO 3 THE STATE OF MICHIGAN. THE BOND SHALL BE USED TO GUARANTEE THAT 4 THE LICENSEE FAITHFULLY MAKES ALL PAYMENTS, PROPERLY KEEPS HIS OR 5 HER BOOKS AND RECORDS, MAKES REPORTS, AND CONDUCTS HIS OR HER 6 CASINO GAMING IN CONFORMITY WITH THIS ACT AND THE RULES PROMUL- 7 GATED BY THE BOARD. 8 (2) THE BOND SHALL NOT BE CANCELED BY A SURETY UNLESS THE 9 BOARD HAS RECEIVED WRITTEN NOTICE 30 DAYS PRIOR TO THE DATE OF 10 CANCELLATION. 02999'97 VPW 2 1 (3) IF A BOND IS CANCELED AND THE LICENSEE FAILS TO FILE A 2 NEW BOND WITH THE BOARD IN THE REQUIRED AMOUNT ON OR BEFORE THE 3 EFFECTIVE DATE OF CANCELLATION, THE BOARD SHALL REVOKE THE 4 LICENSEE'S LICENSE. 5 (4) THE TOTAL LIABILITY OF THE SURETY ON THE BOND IS LIMITED 6 TO THE AMOUNT SPECIFIED IN THE BOND. 02999'97 Final page. VPW