The bill amends the "Candidate for Office Financial Disclosure Act" in Michigan to enhance financial disclosure requirements for candidates. It redefines a "candidate for office" to include those who have received or expended over $1,000 during the election cycle and intend to appear on the ballot. New requirements for financial disclosure reports are introduced, mandating detailed statements of income, assets, liabilities, and future employment agreements. Candidates must also report the origin and address of certain income sources and securities. The bill establishes deadlines for filing these reports, with the first due by May 15, 2024, and allows for corrections to submitted reports. The Secretary of State is responsible for creating a standard financial disclosure form and ensuring its online accessibility, while also permitting email submissions and waiving late fees under certain conditions.

Additionally, the bill outlines procedures for filing and handling complaints related to violations of the act, allowing the Secretary of State to dismiss complaints that are frivolous or lack essential information. Complaints must be signed and include a certification of factual contentions supported by evidence, with penalties for false certifications. The bill sets timelines for the Secretary of State to post determinations of potential violations online and provides for informal resolution through conciliation agreements. If informal methods fail, a hearing may be initiated. It clarifies that there is no private right of action under this act, and remedies provided are the exclusive means of enforcement, while also mandating the preservation of reports for 15 years following a violation determination. Key changes include the insertion of specific timelines for posting determinations and conciliation agreements, along with the deletion of certain phrases for clarity.

Statutes affected:
Senate Introduced Bill: 169.303