H.B. 4950 (H-2): COMMITTEE SUMMARY MILLIONAIRE PARTIES
House Bill 4950 (Substitute H-2)
Sponsor: Representative Michael Goschka House Committee: Regulatory Affairs
Senate Committee: Local, Urban and State Affairs
Date Completed: 11-20-95
The bill would amend the Bingo Act to provide that not more than $15,000 could be received by a qualified organization in exchange for imitation money or chips in one day of a millionaire party. The bill would delete the current provision that the aggregate value of all prizes or merchandise awarded in one day of a millionaire party cannot exceed $2,000.
The Act defines “millionaire party” as an event at which wagers are placed upon games of chance customarily associated with a gambling casino through the use of imitation money that has a nominal value greater than the value of the currency for which it was exchanged or is exchangeable. The bill would revise the definition to refer to imitation money that had a nominal value “equal to or greater than” the value of the currency for which it had been exchanged.
MCL 432.102 et al. Legislative Analyst: L. Arasim
The bill would have no fiscal impact on State or local government.
Fiscal Analyst: M. Bain
S9596\S4950SA
This analysis was prepared by nonpartisan Senate staff for use by the Senate in its deliberations and does not constitute an official statement of legislative intent.
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