The bill amends Michigan's financial disclosure requirements for public officers, as established in 2023 PA 281, by introducing a new section that outlines the specific format and content of the annual financial disclosure report. This report will require public officers to provide identifying information, spousal details, employment and income data, organizational roles, assets, liabilities, and interactions with lobbyists. The bill also clarifies key definitions, such as "blind trust" and "public officer," to enhance accountability regarding financial dealings and potential conflicts of interest.

Additionally, the bill sets deadlines for filing these reports, mandating that public officers submit their annual disclosures by May 15 each year, with a specific deadline of June 13, 2025, for the reporting period of January 1, 2024, to December 31, 2024. It requires public officers not seeking reelection to disclose any future employment agreements within ten days of entering into such agreements. The Secretary of State is responsible for making these disclosures accessible online and providing the latest financial disclosure report form at least 30 days before the due date. The bill also establishes procedures for handling complaints about violations, including penalties for late filings and inaccurate reports, thereby reinforcing transparency and accountability in public office.

Statutes affected:
Substitute (H-1): 15.703
Senate Introduced Bill: 15.703
As Passed by the Senate: 15.703
As Passed by the House: 15.703
Senate Concurred Bill: 15.703
Public Act: 15.703
Senate Enrolled Bill: 15.703