Lets see if I can keep this from being to confusing............
In the dark times, the only way a Michigan resident could have a machine gun was to hold a Federal License such as a C&R, Dealer, or manufacturer. State law required the license in order to posses a machine gun.
C&R holders could have machine guns classified a curios & relics by the ATF. Dealers & manufacturers could have the newer machine guns.
Recently, our State Attorney General issued a new legal opinion that basically states that a form 4 is a license.
We now live in a state of enlightenment. If you are legally able to posses the weapon, and apply for a transfer (form 4), the ATF will approve the transfer providing everything checks out.
In short, you don't even need the C&R license anymore to own a machine gun.