MI SB0462

Authorizes fantasy sports games in Michigan if operated by a licensed game operator, with an exemption for operators conducting games on May 1, 2016 until a license is issued or denied.

Requires game operators to obtain a license from the Department of Licensing and Regulatory Affairs with an initial fee of $5,000 and annual renewal fee of $1,000, though fees cannot exceed 10% of net entry fees collected.

Mandates game operators submit procedures to prevent insider trading, employee participation, underage participation, and to protect participant funds through segregated accounts or reserves.

Requires annual audits by certified public accountants, disclosure of participant account histories, and resources for compulsive gambling assistance on operator websites.

Prohibits fantasy sports games based on university, college, high school, or youth sporting events, and establishes Department authority to suspend licenses and impose civil fines up to $1,000 for violations.