Michigan § 338.3634 - Rules; determination of applicant's financial stability; presence of applicant at commission meeting.

(1) The director, in consultation with the commission, may promulgate rules for the application and approval process for promoters. Until the rules are promulgated, the applicant shall comply with the standards described in subsection (2).

(2) The rules regarding the application process described in subsection (1) shall include at least the following:

(a) An initial application processing fee in an amount sufficient to cover the costs of processing a promoter's license, but not less than $250.00.

(b) A requirement that the applicant provide background information concerning the applicant, if the applicant is an individual, or concerning the principal officers or members of, and each individual who has at least a 10% ownership interest in the applicant if the applicant is not an individual, with emphasis on his or her business experience.

(c) Information from the applicant concerning past and present civil lawsuits, judgments, and filings under the bankruptcy code that are not more than 7 years old.

(d) Any other relevant and material information considered necessary by the director after consultation with the commission.

(3) The department may consult with the commission on issues related to the determination of an applicant's financial stability and shall refer the application to the commission if clear and convincing grounds for approval of the financial stability aspect of the application do not exist.

(4) As part of the approval process for promoters, the commission may require that the applicant or a representative of the applicant is present at the commission meeting at which the application is considered.