The bill amends the 1978 PA 472, which regulates political activity, lobbyists, and lobbying activities in Michigan. Key changes include the definition of "expenditure," which now encompasses a broader range of financial transactions, and the introduction of "fair market value," which must be determined based on specific criteria outlined in the new section 8a. This section establishes guidelines for assessing the fair market value of items or services exchanged, emphasizing the importance of market prices at the time of exchange and requiring lobbyists to provide evidence of this value upon request.

Additionally, the bill modifies the definition of "gift" to include various forms of compensation and clarifies exclusions, such as campaign contributions and certain familial gifts. It also specifies that lobbyists must submit evidence supporting the fair market value of any financial transaction reported under section 8(1)(c) within nine days of receiving the item or service. These amendments aim to enhance transparency and accountability in lobbying practices within the state.

Statutes affected:
Senate Introduced Bill: 4.413, 4.414