The enrolled Senate 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 detailed financial disclosure form, which includes sections for personal and spousal information, employment, income, organizational roles, assets, liabilities, and state contracts. 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 also clarifies definitions of key terms and specifies the information that must be disclosed, such as liabilities over $10,000 and assets valued over $1,000.

Additionally, the bill enhances the accessibility of financial disclosure reports by requiring the Department of State to make the forms available online at least 30 days prior to the due date. It establishes penalties for late filings, including a $25 fee for each business day overdue after the first ten days, capped at $1,000, and a civil fine of up to $2,000 for knowingly submitting incomplete or inaccurate reports. The Secretary of State is tasked with ensuring public access to reports within five business days and notifying candidates of any errors within nine business days. The bill aims to improve transparency and accountability in the electoral process while providing clear guidelines for compliance and enforcement.

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