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 detailed information, including personal identification, spousal details, employment and income sources, organizational roles, assets, liabilities, and interactions with lobbyists. The bill also clarifies key definitions such as "blind trust," "earned income," and "public officer," thereby enhancing 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 ensuring that these disclosures are accessible on their website, along with providing the financial disclosure report form at least 30 days prior to the due date. The bill also establishes procedures for handling complaints regarding violations, including investigation processes and civil fines for noncompliance, with a late filing fee structure and provisions for inflation adjustments every four years. Overall, the legislation aims to enhance transparency and accountability among public officers.

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