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 are required to file their reports by May 15 of election years or within 15 days of filing a statement of organization for their candidate committee. Notably, candidates who are not elected are exempt from filing reports in subsequent years unless they choose to run again.

Additionally, the bill enhances the responsibilities of the Secretary of State in managing the financial disclosure process, including the creation of an electronic filing system and the option for email submissions. It allows for waiving late filing fees under certain circumstances and mandates that reports be made public within five business days. The bill also establishes penalties for late filings, including a $25 fee for each business day overdue, capped at $1,000, and a civil fine of up to $2,000 for knowingly submitting incomplete or inaccurate reports. Unpaid fees after 180 days will be referred to the Department of Treasury for collection, with amounts adjusted for inflation every four years, thereby promoting greater transparency and accountability among candidates.

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