***** 338.3634 THIS SECTION IS AMENDED EFFECTIVE FEBRUARY 10, 2016: See 338.3634.amended *****
Sec. 34.
(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 shall include at least the following:
(a) An initial application processing fee sufficient to cover the costs of processing a boxing or mixed martial arts promoter's license, but not less than $250.00.
(b) A requirement that background information be disclosed by the applicant who is an individual or by the principal officers or members and individuals having at least a 10% ownership interest in the case of any other legal entity, with emphasis on the applicant's 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 upon 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 the applicant or his or her representative to be present at a commission meeting in which the application is considered.
History: 2004, Act 403, Eff. Feb. 20, 2005 ;-- Am. 2005, Act 49, Imd. Eff. June 23, 2005 ;-- Am. 2007, Act 196, Eff. Mar. 27, 2008
Last modified: October 10, 2016