The bill amends Michigan's financial disclosure requirements for candidates for state elective office, as established in 2023 PA 282. A significant addition is the introduction of a new section (Sec. 6) that mandates candidates to complete a comprehensive financial disclosure form, which includes personal and spousal information, employment and income details, assets, liabilities, and future employment agreements. Candidates are required to file these reports by May 15 of each election year or within 15 days of filing a statement of organization for their candidate committee if filed after May 15. The bill clarifies that candidates who do not win an election are not obligated to file reports in subsequent years unless they decide to run again.

Additional provisions enhance the role of the Secretary of State, requiring the online accessibility of financial disclosure reports and allowing for electronic submissions. The bill also introduces measures to waive late filing fees under specific circumstances, such as medical emergencies. It establishes penalties for late filings and inaccuracies, including a $25 daily late fee after the first ten days, capped at $1,000, and civil fines up to $2,000 for knowingly submitting incomplete or inaccurate reports. Furthermore, it mandates that any unpaid fees or fines after 180 days be referred to the Department of Treasury for collection and includes provisions for inflation adjustments every four years. The act is designed to improve transparency and accountability among candidates and is set to take immediate effect upon approval.

Statutes affected:
Substitute (H-1): 169.303
Senate Introduced Bill: 169.303
As Passed by the Senate: 169.303
As Passed by the House: 169.303
Senate Concurred Bill: 169.303
Public Act: 169.303
Substitute (H-1), (H-1): 169.303
Senate Enrolled Bill: 169.303