Sec. 5.
(1) The department shall establish, operate, and administer an industrial hemp licensing and registration program.
(2) The industrial hemp licensing and registration fund is created within the state treasury.
(3) The state treasurer may receive license and registration fees and administrative fines under this act for deposit into the licensing and registration fund. The state treasurer may also receive money or other assets from any other source for deposit into the licensing and registration fund. The state treasurer shall credit to the licensing and registration fund interest and earnings from licensing and registration fund investments.
(4) The department shall expend money from the licensing and registration fund to establish, operate, and enforce the licensing and registration program created under this act.
(5) Money in the licensing and registration fund at the close of the fiscal year shall remain in the licensing and registration fund and shall not lapse to the general fund.
(6) The department shall be the administrator of the licensing and registration fund for auditing purposes.
History: Add. 2018, Act 641, Eff. Jan. 15, 2019