The proposed bill establishes the "Student Opportunity Scholarship Program" (SOS) in Michigan, designed to enhance educational flexibility for eligible students, particularly those from low-income households, children with disabilities, and those in foster care. The program will facilitate the creation of scholarship accounts managed by certified scholarship-granting organizations (SGOs), which will allocate funds for various educational expenses such as tuition, tutoring, and educational materials. The bill outlines specific funding conditions, including limits on the amount allocated to each student's account based on individual circumstances, and mandates that SGOs adhere to operational requirements, including financial audits and reporting obligations to ensure transparency.

Additionally, the legislation details the responsibilities of SGOs, requiring them to provide annual financial reports and allocate at least 90% of their contributions to SOS accounts. It establishes protocols for fund transfers between SGOs, prioritizing existing SOS accounts, and includes provisions for auditing SGOs suspected of violations. The bill also affirms the independence of education service providers, clarifying that they are not state agents, and allows parents of eligible students to intervene in legal challenges regarding the act's constitutionality. Overall, the bill aims to improve educational opportunities for Michigan students while ensuring proper oversight and accountability within the scholarship program.