Mich. Admin. Code R. 436.2009
Current through Vol. 24-21, December 1, 2024
Rule 9. Each retail licensee who deposits cash shall be entitled to payment of interest at the rate of 1% below the average interest rate earned by the state treasurer on short-term investments for each complete month that the cash is held by the commission. Interest payments shall be made quarterly. Any dividends or interest paid upon unencumbered securities and received by the commission shall be immediately transmitted to the licensee or licensee's agent.
Mich. Admin. Code R. 436.2009