The bill amends Michigan's financial disclosure requirements for candidates for state elective office, as established in 2023 PA 282. It introduces a new section that outlines the specific format and content of the financial disclosure report, which must include personal information, spousal details, employment and income sources, assets, liabilities, and future employment agreements. Candidates who are not elected are not required to file reports in subsequent years unless they run again, and those already reporting under the Public Officers Financial Disclosure Act are exempt from this act. The bill also sets a deadline of June 13, 2025, for reports covering the period from January 1, 2024, to December 31, 2024, and mandates that the Department of State make the report form accessible online at least 30 days before the due date.

Additionally, the bill establishes a framework for filing reports, including provisions for waiving late fees under certain circumstances, such as medical emergencies. It specifies that unique, unintentional factors beyond a candidate's control may excuse temporary filing delays and requires the Secretary of State to make reports publicly available within five business days. The bill imposes penalties for late filings, including a $25 fee for each business day overdue after the initial ten days, capped at $1,000, and a civil fine of up to $2,000 for knowingly submitting incomplete or inaccurate reports. Unpaid fees or fines after 180 days will be referred to the Department of Treasury for collection, with amounts adjusted for inflation every four years, thereby enhancing transparency and accountability in the candidate reporting process.

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