Michigan Administrative Code
Department - Licensing and Regulatory Affairs
Liquor Control Commission
Licensing Qualifications - SDD License; prohibited issuance or transfer
Section R. 436.1121 - On-premises license; requirements
Universal Citation: MI Admin Code R. 436.1121
Current through Vol. 24-04, March 15, 2024
Rule 21.
(1) An applicant for an on-premises license, except for a special license, shall have a minimum down payment of 10% of the purchase price of the proposed licensed business, excluding the real estate and any alcoholic liquor. The commission may waive the down payment requirement upon a showing of good cause.
(2) All funds used in purchasing the proposed licensed business shall belong to the applicant individually and shall come from any of the following approved sources:
(a) Money accumulated by the applicant from
legitimate and verifiable sources.
(b) Money derived from state or federally
approved lending institutions.
(c)
Gifts or loans, or both, derived from members of the applicant's immediate
family, if the gifts or loans have come from other approved sources and the
family member giving the gift or loan is of good moral character.
(d) Loans derived from the federal veterans
administration.
(e) Any combination
of the sources of funds specified in this subrule.
(f) Any other source approved by the
commission after a showing of good cause by the applicant.
Disclaimer: These regulations may not be the most recent version. Michigan may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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