Michigan law requires commission merchants and related entities to provide written statements upon demand, detailing the details of commodity transactions. It also criminalizes gambling in stocks, bonds, grain, or produce, with penalties including imprisonment and fines for violations. These provisions aim to promote transparency in commerce and prevent illegal gambling activities.
They must provide a written statement with the names of parties involved, the time, place, and price of the transaction.
Refusal is prima facie evidence that the property was not bought or sold legitimately on the open market.
Gambling violations can result in a felony charge, with imprisonment up to 2 years and fines between $500 and $1,000.
Yes, any penalties imposed are a lien upon the premises where unlawful acts occur.