The proposed bill aims to restrict public bodies in Michigan from accepting gifts, grants, or entering into agreements with foreign actors, particularly those from designated "foreign countries of concern," which include nations such as China, Russia, and Iran. It establishes specific conditions under which public bodies may not engage with these foreign entities, particularly if such agreements could compromise the public body's autonomy or promote agendas harmful to U.S. safety and security. The bill also mandates that public bodies disclose any gifts or grants valued at $50,000 or more from foreign sources to the Department of Insurance and Financial Services within 30 days of receipt.

Additionally, the bill outlines civil penalties for non-compliance with disclosure requirements, including fines for violations and potential ineligibility for future contracts with public bodies. It requires the establishment of a public database for disclosures and mandates periodic screenings of individuals or entities that have received significant grants or contracts. The bill emphasizes transparency and accountability in dealings with foreign entities to safeguard national interests and ensure that public bodies operate without undue foreign influence.