The bill amends the "Divestment from Terror Act" by updating definitions and provisions related to business operations with state sponsors of terror. Key changes include the definition of "active business operations," which now explicitly excludes humanitarian aid activities, and the introduction of new terms such as "social development company," which refers to entities providing humanitarian goods or services in state sponsors of terror. Additionally, the bill specifies that the Russian Federation, the Islamic Republic of Iran, and the Democratic People's Republic of Korea are now recognized as state sponsors of terror, with provisions for divestment from these countries taking effect immediately upon the bill's enactment.

Furthermore, the bill modifies the timeline for the application of divestment provisions, allowing the state treasurer to extend these dates under certain conditions. It also mandates the Department of Treasury to provide recommendations to the legislature regarding statutory changes needed to enhance the act's effectiveness and to report on any extensions of the divestment dates. The amendments aim to clarify the scope of the act and ensure that Michigan's investment policies align with federal designations of state sponsors of terror.

Statutes affected:
House Introduced Bill: 129.292