The proposed bill, known as the "Economic Development Transparency Act," aims to prohibit public officers in Michigan from entering into nondisclosure agreements related to economic development projects that utilize public funds. The bill defines key terms such as "economic development incentive," which encompasses various forms of financial assistance, and "nondisclosure agreement," which includes any contract that restricts the disclosure of information regarding economic development projects. The act emphasizes transparency by ensuring that information about potential job creation, investment amounts, site locations, and other relevant details cannot be kept confidential under such agreements.

Furthermore, the bill stipulates that any nondisclosure agreement entered into by public officers that violates this act will be considered against public policy, rendering it void and unenforceable. This provision is intended to enhance accountability and public access to information regarding economic development initiatives funded by taxpayer dollars. The act will apply to all agreements or contracts that are entered into, amended, extended, or renewed after its effective date.